The Reflections of Risks and Uncertainties within the Enterprise’s Performance –Provisions, Contingent Assets / Debts in Public Institutions

The qualitative characteristics of financial data also entail the limitations of presenting the accounting information, limitations regarding the appropriate presentation that would not result in neither losing the relevance of the information by delaying the presentations nor losing the credibility due to a too expeditious presentation, a cost effectiveness ratio and finding a balance among the qualitative characteristics. Financial reports are not limited to a narrow presentation of the current/previous year data, but they constitute the foundation of the processes and phenomenon analysis that occurred, of the way causes and effects are highlighted, the way measures of controlling the activity are taken, programmes are elaborated and decisions are made. The present paper is based on the legal framework analysis, highlighting the transgression of specific legal norms of recognizing presumptive debts in practice. This action aims at completing the legal framework by bringing the notions of contingent assets/debts to foreground.