Building on Hofstede's (1980) cultural model, Gray (1988) created a framework that explains the interaction between national culture and the accounting subculture. He hypothesised the relationships between societal values and the accounting values that he assumes depict the accounting subculture. In this study, the data is collected at the individual accountant level through a questionnaire that develops measures of Gray's accounting values. After 1990, Romanian accounting went through two major reforms: the first has virtually implemented a translation of the French PCG and the second, enacted in 1999, was meant to achieve, for certain enterprises, harmonisation with EU Directives and IAS/IFRS. The Romanian accounting system has been described as dominated by statutory control, uniformity, conservatism and secrecy. The present study investigates the accounting values of two groups of Bucharest accountants at two points in time (1999 and 2005). The 2005 results are in line with the first three of Gray's hypotheses applied to Romania's scores on Hofstede's indexes (2001). As predicted, the accountants surveyed in 2005 favour statutory control, uniformity and conservatism, but prefer transparency. The paper discusses possible reasons for the differences between the values of the two groups and concludes that values change with time and with exposure to a different accounting culture.