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The long expected clarifications on the application of IFRS by listed companies have been published

Monitorul Oficial al Romaniei No 687 / 4 October 2012 has published Order No 1286 / 1 October 2012 of the Minister of Public Finance, approving of accounting regulations harmonised with the International Financial Reporting Standards, applicable by companies the securities of which are traded on a regulated market,  and clarifying the application of IFRS by such companies.

The major provisions of the aforesaid Order refer to the following:

• the scope of accounting regulations compliant with IFRS, applicable by companies the securities of which are traded on a regulated market;

• appointment of the persons in charge of providing the measures required for the appropriate application of accounting regulations in compliance with IFRS;

• details of the manner in which IFRS should apply while preparing the annual financial statements for 2012 financial year;

• clarification on the submission of annual financial statements in accordance with IFRS;

• said companies’ obligation to adjust the accounting system to IFRS provisions, starting 2013.

The accounting regulations harmonised with the International Financial Reporting Standards, approved under this Order, have not yet been published in Monitorul Oficial.

The provisions of this Order shall apply to the annual financial statements of 2012 and of the following fiscal periods.

Pursuant to this Order, starting 2013 financial year, the entities which should apply its provisions shall no longer apply accounting rules in accordance with the European Directives approved under Order No 3055 / 2009 of the Minister of Public Finance.

ACCOUNTING ALERT by Mazars Consulting / MAZARS ROMANIA

* Note: You may find Romanian, German and French versions of the newsletter in Mazars’ archive

*ACCOUNTING ALERT contains a selection of the latest major issues occurred in the Romanian legislative framework, is intended only to provide information and, hence, shall not be deemed to provide professional advice or consultancy.  Therefore, we assume no responsibility in this respect.                                                     

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