Razvan V. Mustata, Ph.D., Department of Accounting, Babes-Bolyai University Cluj Napoca, 58-60 Teodor Mihali Street, Cluj Napoca, 400591, Romania
Financial reporting represents the field where diversity manifests itself the most, on one hand because of national accounting regulations, and on the other as a result of the typology existent in the case of the users of financial accounting information, considering a number of countries to be analyzed at one moment. Even though differences at the level of financial reporting have existed in the past, they continue to do so in present times and most certainly won’t disappear in the future (Nobes and Parker, 2006, p. 5). Still, the number of existent differences will be seriously and systematically diminished in the future period, this contributing to reducing the distances between accounting referential, therefore generating a raise of the degree of unity at the level of national accounting systems, but their diversity character won’t disappear. These considerations or reasoning characterize the actual state of facts and the tendencies previous to the confirmation of the current global financial crisis. We therefore wonder if the diversity of financial reporting is still sustainable considering the context of the actual crisis, when it was exactly the elements from this area that contributed to the current situation. Our paper represents one more proof for the fact that international accounting diversity, including financial reporting’s diversity, considering certain limits of variation, play an important role in ensuring the stability at a regional and international level.