Proceedings

CONCLUSIONS
As could be determined from the above, the impact of exchange differences on both
accounting and taxation level is extremely important for an item that cannot be
controlled by the firm. Normally, the activity of a company and its level of taxation
should be influenced only by transactions which it can determine or it can control in
order to obtain profit. Also, information users should have access to clear information
on the impact of exchange differences in business activity. Due to the impact of
exchange differences, financial systems have developed in some countries in order to
prevent or protect against currency risk, which currently in Romania are not available
or not applicable. Therefore, a reconsideration of how to recognize the accounting
definition of profit/ gain realized, as is already the case for revaluation of tangible
assets, but especially when it is taxed such exchange differences could be very useful
in the present economic situation.
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