A Fresco of the First Financial Reporting Attempts in Romania: The Period 1837-1920

Researches on accounting history in Romania are sparse and generally overshadowed. The focus of this paper is to show a fresco of the first financial reporting attempts in Romania and also of the challenges that the drawing up of the first balance sheets brought about. The main conclusion of this study is that in Romania – same as in other European countries - during 1837-1920, commercial law enforced the drawing up and publishing of balance sheets; secondly, that evaluation issues were tackled superficially, and last but not least, there were no solutions readily available for drawing up balance sheets. More of the point, profit and loss account was seen as an extension of the balance sheet and was not reglemented at all, since all specialists focused on the theory and methodology of balance sheets.