Challenges of the Accounting Profession in Accounting Systems Connected to Taxation: Business Taxation in Romania Compared to Hungary

Abstract It is known that two accounting models/systems have emerged worldwide, each based on one of the two accounting currents: the continental accounting model resulting from the conceptual or deductive current and the Anglo-Saxon accounting model resulting from the pragmatic or inductive current. Each country has its own accounting system that reflects the legal, social and cultural influences specific to that country. Still, the different national accounting systems with their particularities can be grouped more or less faithfully and integrated into one of two models. Romania and Hungary adopted the continental accounting system, whose characteristic is the connection of accounting to taxation. Through a comparative study between Romania and Hungary in terms of business taxation, we aim to highlight the challenging journey of accounting professionals from the accounting rules common to all activities and constant over time to the different tax processing and adjustments from one period to another and even from one field of activity to another.