Abstract: In 2009, the European Comission tabled proposals to reduce burdensome accounting rules for Europe’s smallest companies – so called „micro-entities”. A micro-entity is a company which does not exceed at least two of the following three criteria: total asstes of up to 350.000 Euros, net turnover of up to 700.000 Euros and a maximum of 10 employees. Approximately 75% of EU companies meet these criteria. Starting with this year it will be possible for Member States to simplify the way in which micro-entities prepare their accounts. The reporting needs of micro-entities are in a big way different from those of larger companies. The revised Fourth Directive treats micro-entities as a separate category of companies for the first time. Member states will be able to exempt them from certain accounting requirements, and therefore make their financial reporting simpler. Most micro-entities are local companies – they are not generally operating outside their national borders. For them it is more appropriate to determine how they should present the accounting information at a national level.
I believe there is a good case to be made for exempting very small businesses from the full rigours of the current European financial reporting regime. Micro-entities are a sector in their own right, with particular needs. How will react Romania as member state to this simplification? How will Romanian companies benefit? Will the accountancy profession from Romania lose out from these changes? Our paper seeks to identify potential arguments that led to the simplification of Romanian accounting regulation and to answer to mentioned questions.

Brief Biography of the Speaker:
Neag Ramona, was born in Miercurea Ciuc (Romania) on March 16, 1969. She graduated in 1992 from Academy of Economic Studies, Bucharest, Romania. From 1992 to 2000 she worked at Academy of Economic Studies like Assitant and Associat Professor at the Accounting Department. She is Ph.D. (2000) in "Economy - Accounting", Academy of Economic Studies, Bucarest, Romania. She is now Professor (from 2001) at „Petru Maior” University, Tg Mures, Romania and also vice-dean of the Faculty of Economic Studies, Law and Administrative Sciences. Her area of expertise is the financial accounting and international accounting, IFRS and IFRS for SMEs, European Accounting Directives. She published 3 books and co-authored 6. She authored and co-authored over 29 scientific papers published in reviewed journals or presented at international conferences. She was member of an international project "European Entrepreneurship Education - EEE" (2007 - 2009).
She is member of two professional bodies: Body of Expert and Licensed Accountants of Romania (CECCAR) from 2001 and Romanian Chamber of Auditors (CAFR) from 2008. From 2006 she is president of CECCAR, county Mures, Romania.