Plenary Lecture

Quality and Compliance of Information Disclosure from Financial Statements

Professor Tatiana Danescu
Faculty of Economics
Juridical and Administrative Sciences
"Petru Maior" University

Abstract: Present economic vulnerabilities have called in question the quality of financial information produced by accountancy, their usability underwritten by the requirements of quality attributes claimed to published information. The intercessions of accounting setters led to the repositioning and completion of qualitative requirements regarding information disclosure; but these ones point out a new dilemma under the impact they had on the dimension and complexity of financial statements: Complexity or usability of financial presentations?The complexity of present presentations is eloquent especially for the disclosures of financial instruments, of new business models, of risks and uncertainties. But to what extent: Does usability mean quality or compliance? Therefore, one can take into consideration the extent to which users of financial statements’ expectations receive the expected answers regarding the quality of information from financial statements; this extent depends both on how financial information producers accomplish their mission broadly, and on financial auditors who must have the nerve to contest the presentations of information published under the responsibility of the management of the entity, presentations considered not to be adequate from the point of view of users’ expectations. Accountants and auditors denote their role also by choosing the perspective of a fair presentation of the financial statement and of the performance, namely if this one is in size of “a correct presentation” or “a compliant presentation”.

Brief Biography of the Speaker: Tatiana Danescu is an Professor Ph.D. of Financial Audit and Accounting at Faculty of Economic, Juridical and Administrative Sciences and vicerector of "PETRU MAIOR" University of Targu-Mures, Romania. She isPh.D coordinator within "1 December 1918" University of AlbaIulia. Shies area of expertise is financial audit and accounting. She authored 6 books and co-authored 17 books, monographs, materials for study. She wrote over 160 articles, papers presented at national or international conferencesandpapers publishedininternational database indexed journals. Also she evaluated over 50 academic studies programs and she had the opportunity to be research fellow in over 23 projects under contract /grant.Tatiana Danescu won 2 prices and 1 medal for shies professional activity in accounting and financial audit.
Moreover, she has more professional certificates, for example: Internal auditor for public institutions, Practitioner in reorganization and liquidation Financial auditor, Chartered Accountant, Financial audit of the entities from the capital market , Investment Consultant, Fiscal consultant, Assessor of the quality of the higher education in Romania, Trainer CAFR financial audit, Member Scientific Board of the journal (ApulensisUniversitatis, Series Oeconomica, University "1 December 1918" Alba Iulia, Universities study PetruMaior "series Oeconomica, Annals of the University of Petrosani, Economics Series). She is a memberof the National Councilof the Romanian Financial Auditors’ Chamber.