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Comptabilitat a Romania

Accounting Rules

Tax Year
The fiscal year begins on 1 January and ends on 31 December, although taxpayers can opt for a fiscal year corresponding to a financial accounting year. Romanian subsidiaries of foreign companies, which have a modified financial accounting year, can modify the date set for the completion of their financial statements only if the parent company adjusts its reporting date or is subject to reorganization procedures.
Accounting Standards
Romanian accounting standards follow the Fourth and Seventh EC directives and the IFRS.

Several laws are governing accounting principles and standards in Romania:
- The Ministry of Economy and Finance: Order No. 907/2005; Order No. 1752/2005; Order No. 1121/2006; Order No. 2001/2006, Order No. 3055/2009, Orders No .1286/2012 and No. 881/2012 on the Application of the IFRS
- National Ethics Code for the accounting profession
- Regulation No. 1606/2002 by the European Parliament Assembly of 19 June 2002 on the Application of International Accounting Standards
- The National Bank of Romania : Order 27/2010 on the Application of the IFRS

All domestic companies whose securities trade in a regulated market are required to use IFRS standards as adopted by the EU in their consolidated financial statements.
In case of listings by foreign companies, IFRS Standards are required in the consolidated financial statements, but if the standards of the foreign company's home jurisdiction are deemed by the EU to be equivalent to IFRS Standards, the company may use its home standards.
IFRS Standards as adopted by the EU are required for all credit institutions (National Bank of Romania Order no. 27/2010) and all insurance companies (CSA Bulletin no. 202/2012), including those whose securities do not trade in public markets.

Accounting Regulation Bodies
The Body of Expert and Licensed Accountants of Romania
Accounting Reports
Bookkeeping records are divided into credit and debt, the latter being broken up into long-term and short-term debts.

The results give emphasis to the overall production and classifies expenses by type.

SMEs have to prepare a simplified balance sheet, income statement and notes explaining the details of the financial report.
Companies which have exceeded the criteria included in law no. 1752/2005 over two consecutive years or more must prepare a comprehensive annual financial report (balance chart, income statement, account statements, changes in shareholders, explanatory notes to accompany the financial report).

Publication Requirements
Romanian businesses are asked, as well as foreign companies with corporate names registered in Romania, to organise and conduct their own accounts including the preparation of annual and periodic financial reports. The Romanian Ministry of Public Finance law No. 1752/2005 stipulates that all companies prepare simplified financial statements (simplified balance sheet, income statement and notes explaining the details of the financial report) and that only companies which have exceeded the following criteria over two consecutive years or more must prepare a comprehensive annual financial report (balance chart, income statement, account statements, changes in shareholders, explanatory notes to accompany the financial report):
- Total balance: EUR 3,650,000
- Net annual sales figures: EUR 7,300,000
- Average number of employees during the accounting year: 50  

The parent company is exempt from consolidating financial reports if, on the date of the financial statement, the entities that must be consolidated do not exceed two of the three following criteria:
- Total balance: EUR 17,250,000
- Sales figures: EUR 35,040,000
- Average number of employees during the accounting year: 250

Professional Accountancy Bodies
CECCAR , The Body of Expert and Licensed Accountants of Romania
CAFR , Chamber of Financial Auditors of Romania
Certification and Auditing
Audits must be conducted by financial auditors, who are legal persons or entities authorised by the Romanian Chamber of Financial Auditors. They must be conducted under the Standards of Auditing adopted by the Romanian Chamber of Financial Auditors, which are similar to international auditing standards. A few cases of exemption from audit requirements are subject to the audit carried out by financial censors:
- the annual financial reports prepared by businesses under the OMF law 1752/2005
- the annual financial reports prepared by insurance and reinsurance brokers who on the balance sheets do not exceed the limit of two of the criteria mentioned in the OMF law 1752/2005 (total balance: EUR 3,650,000; net annual sales figures: EUR 7,300,000; average number of employees during the accounting year: 50).

You can contact an external auditor: KPMG, Deloitte, Ernst & Young and PricewaterhouseCoopers.
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Actualitzacions: April 2022

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