Monitorul Oficial al Romaniei No 44 / 21 January 2013 has published Order No 40 / 2013 of the Minister of Public Finance, regarding major aspects related to the preparation and submission of annual financial statements and annual accounting reports by economic operators to the local entities of the Ministry of Public Finance. The new provisions contained in this Order refer to the entities applying International Financial Reporting Standards.
Aspects Related to the Preparation and Submission of Annual Financial Statements and Annual Report and Accounts
The Order contains provisions referring to:
– Annual financial statements of entities the fiscal year of which coincides with the calendar year;
– Annual report and accounts of entities the fiscal year of which differs from the calendar year;
– Entities that have chosen to apply the simplified accounting system;
– Newly established entities;
– Signing and submission of financial statements and reports;
– Penalties applicable for entities’ failure to comply with the legal provisions regarding the filling out and submission of annual statements and annual reports;
– Entities applying the International Financial Reporting Standards (IFRS). Major aspects:
- obligation of companies the securities of which may be traded on a regulated market to prepare and submit individual annual financial statements prepared on the basis of the International Financial Reporting Standards (IFRS), with effect from the beginning of 2012 fiscal year;
- information about the restatement of data contained in accounting records organised in compliance with the Fourth EEC Accounting Directive (transposed by Order 3.055 / 2009 of the Minister of Public Finance) and the trial balance as of 31 December 2012 containing data determined in accordance with IFRS provisions;
- entities’ obligation to file, together with the financial statements, a summary of IFRS-based restatement results in respect to accounting records organised in compliance with the Fourth EEC Accounting Directive (Order 3.055 / 2009 of the Minister of Public Finance).
ACCOUNTING ALERT by Mazars Consulting / MAZARS ROMANIA
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