Opinion on accounting treatment of trade discounts

摘要

Compliance with the accounting principles represents one of the prerequisites for obtaining a true and fair image by means of the financial statements. Thus, the true and fair image may be affected when accounting principles are not complied with. There was often a wrong approach in respect to trade discounts received after year-end - i.e. impact on financial results and not on operating income, although the Romanian lawgiver has clearly stated this. But there were no special accounts in the chart of accounts, which is yet indicative and not limitary. Starting 1 January 2010 there have been some changes in the chart of accounts, just in order to offer practicing accountants some tools that should lead to improved techniques capable to provide a true and fair image. However, even after these changes, there are still outstanding issues - is it correct to affect the results of the current year with the value of trade discounts received for inventories that have not been put into use as of the balance sheet date? The Romanian lawgiver relied on the short operating cycle of inventories, but the impact on the matching principle is obvious.