This paper describes and analyzes existing local government accounting standards and practices as the basis for interpreting municipal budgets and financial statements, and it assesses the accuracy and reliability of those documents. It is based on a review of the laws and regulations that determine existing standards. The accounting treatment of depreciation as compared with proper depreciation and the tax treatment of municipal revenues were also reviewed. Finally, the author makes recommendations on accounting, legal, and regulatory reforms to bring current standards and practices into conformity with established international standards to enhance the prospects for establishing a successful municipal credit system in Romania
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