Regulation of the Romanian Accountancy Profession – 100 Years Celebration. A History Lesson for Today’s Professionals

Abstract

On July 15th 1921, the Official Journal of Romania witnessed the publication of the Law on the organization of the Body of Licensed and Expert Accountants. The longtime wish of higher school of business graduates thus became true, they established their first association in 1888. Since then, until the law was published, the regulation of the accountancy profession was the main topic of various discussions and attitudes, of several pleadings addressed to public authorities and debates held at the meetings of a multitude of institutes representing these graduates’ interests, grouped within the Union of Business Schools Graduates, subsequently the Body of Higher Schools of Business Graduates, which acquired legal personality in 1916. There were also other subjects, directly related to accountants’ activity, that drew the graduates’ attention, both before and after the law was published, such as: censors’ statute, accounting expertise, visas on trade registers; business education reform; the Body’s relations with authorities. A number of public figures linked their faith to asserting the accountancy profession, its regulation and the ongoing representation of its interests. We should mention here, among many other, Nicolae Butculescu, I. St. Rasidescu, Vasile M. Ioachim, Petru Drăgănescu-Brateş, Grigore Trancu-Iaşi, George Alesseanu, Spiridon Iacobescu, Alexandru Sorescu. An important activity of the Body was the organisation of congresses. They began taking place every two years, uninterruptedly, starting 1923 until 1939. The activity of the Body of Expert and Licensed Accountants was influenced by the political and social events of its time, especially since 1935. Beginning with 1940, its activity saw a significant decrease.

The contribution of Grigore L. Trancu-Iasi to the evolution of accounting theory, practice and profession in Romania

“…As reported by Botez (2021: 694), Trancu-Iasi's signature appears in a memorandum dated 1901 and addressed to the President of the Bucharest Chamber of Commerce to regulate the accounting profession in Romania. It was during his Ministry that Grigore Trancu-Iasi's role is considered pivotal for the creation of a National Corpus of Accountants.…”

“…Regarding the first aspect, Trancu-Iasi's commitment is clearly identifiable in his work entitled Absolventii Scoalelor Comerciale si Comercianti Nostri (1911) ( Graduates of the Schools of Commerce and our Merchants [Authors’ translation]), in which he expressed his concern for the future of the graduates of the commercial schools. He widely collaborated with the Revista Generala de Comert si Contabilitate ( General Review of Commerce and Accounting [Authors’ translation]) which was coordinated by the Union of Graduates of the Commercial Schools (Botez, 2021). Furthermore, in 1919 he supported with other colleagues the ‘Circle of Commercial Studies’ that was inaugurated by the Graduates of the Schools of Commerce (Draganescu, 1919: 202).…”

“…Analogously, he was held in high regard by contemporary scholars: ‘During his academic activity of more than 25 years (1913–1939), Grigore Trancu-Iasi contributed to the development of Romanian economic education’ (Botez, 2021: 698).…”

“…The assessment of his fundamental contribution to the development of accounting education cannot be limited to his ability to interpret new trends in the field but must be contextualised in (Botez, 2021). Furthermore, in 1919 he supported with other colleagues the 'Circle of Commercial Studies' that was inaugurated by the Graduates of the Schools of Commerce (Draganescu, 1919: 202).…”