In the context of the issues that the global economy is facing, one of the main concerns of the regulative authorities, of the professional organizations, and of entities was and still is identifying the risk factors that affect the systems of corporative governance and the systems and processes through which the supply of reliable information in the decision-making process is insured. Another concern is identifying reliable solutions for insuring the implementation of a proactive and prospective risk management that makes a mark on the utility of the information presented and communicated to the targeted users, especially through accounting reporting. Hence, through the necessity of insuring the transparency and the utility of accounting information, in this chapter, the role of corporate governance, in improving the process of accounting reporting and as a consequence of the value of accounting information, will be synthetically presented.
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In the relevant published literature as well as in the norms specific to the functioning, leadership and the control of an entity as well as in the accounting ones, corporate governance has several connotations.
Among the most renowned and promoted valances of corporate governance is the one of “a system of leading and controlling” (Cadbury Report, 1992), through which the adequate controlling of the carried activities by an entity in the frame of its business line is targeted. In essence, the system is grounded on an of rules, principles, models, methods, practices and traditions that target the strategic leadership of the entities in which it is implemented, targeting in this way, the protection of the interests of all the involved parties.
In this sense, the most relevant are the works of: Cadbury (1992), Turnbull (1997), Black (2001), Klapper and Love (2004), Black et al (2006, 2007), Love and Rachinsky (2007), Ghiţă (2008, 2009), Talaulicar (2010), Feleagă (2008, 2011), Crowthe (2011), Malin (2013), Dănescu et al (2008, 2014, 2015), Bunea and Ţurlea (2016), Dumitraşcu, Feleagă and Feleagă (2016) etc.