SIVECO Romania proposes an efficient way to align at the international accounting standards | SIVECO Romania

SIVECO Romania proposes an efficient way to align at the international accounting standards

Monday, February 3, 2003

Bucharest, 3rd of February 2003 - SIVECO Romania aims to continue this year the series of SIVECO Applications presentation seminars, meant for our potential clients. The past years experience proved that potential customers are very much interested in getting acquainted with our integrated information system features, and that the direct dialogue established between the company specialists (with an expertise certified by the numerous successful references in Romania and abroad) and the potential clients from all industrial and commercial areas contributes to the development of long and medium term business relationships. 

The theme of the seminar organized in Bucharest today by SIVECO Romania is extremely important for any company which is to adopt the Regulations of the Romanian accounting system (published in the Official Gazette on February 20, 2001) with the Fourth Directive of the European Economic Communities and the International     Accounting Standards - IAS).

The development of the IT capital and of the free market economy, as well as the emphasis on the economic globalization process led to changes and continuous improvements in the Romanian accounting system, the main purpose being to conform it to the regulations of the European Directives and of the Accounting International Standards.

"Adopting IAS both at company and of macro-economic level, will determine a transparent report system, which will reduce capital cost  - both for the company and for the country. Furthermore, it creates the necessary conditions for market stability and economic increase", declared Marius Anghel, Senior Economist at SIVECO Romania.

The IAS module within SIVECO Applications financial - accounting component meets the Romanian financial authorities? requests to align at the international accounting standards. The application is meant both for the companies in transition period from internal accounting regulations to an attempt to apply the International Accounting Standards, and for those which already issue accounting evidences according to international standards.

Among the Advantages of using the International Accounting Standards within SIVECO Applications there can be mentioned:

  • efficient management of the company resources;
  • automation of financial- accounting activities in order to get financial reports in due time;
  • processing the accounting information according to International Accounting standards, with the possibility to emphasize the fiscal influences;
  • flexible definition of the reports (Balance, Losses and Profit Account, the Situation of Cash Flow, Notes and so on) from the level of detail, of report segment point of view, the possibility to define the synthetic indicators, previsions and analyses.

"Taking into account that the adhering process to the European Union involves the improvement of the business environment in order to accelerate the local and international investment process, it is important to mention the role of the accounting system and the financial audit", declared Aurora Crusti, Manager of the SIVECO Applications department in SIVECO Romania.

 "It is important that the system provides relevant accounting information, high quality and comparable reports, especially if such information will encourage international investments. The reference in accordance with the international regulations facilitates the communication with foreign partners, using common references", declared Mihăiţă Ionel, Technical Leader for Siveco Applications.