In the Official Gazette of Romania, Part I, no. 382 of the 2nd of June 2015, was published the Law no. 121/2015 on the approval of the Government Emergency Ordinance no. 79/2014 concerning the amendment and completion of the Accountancy Law no. 82/1991.
The quoted Law has entered into force in order to bring amendments and completion to the Accountancy Law no. 82/1991, rephrasing, as well, some of this Law’s provisions.
Thus, the document states the fact that natural persons who carry out income-producing activities, as these activities are defined in the Fiscal Code, and whose gaining is determined after the rules of the real system are bound to keep the accountant statement according to the principles of the single-entry or the double-entry bookkeeping, as they choose, based on the regulations in the accountancy field, except for the case when the fiscal legislation sets other rules. Up to this very moment, Law no. 82/1991 used to require that natural persons who carry out such income-producing activities should organize their accountant statement on the basis of the single-entry or double-entry bookkeeping, if they decide in favor of the latter.
The Law contains regulations regarding the authorized person to keep the accounting records. According to this document, the bookkeeping is usually organized in different departments, run by the Economic Manager, the Chief Accountant or any other person who is authorized to occupy such a function. These people are due to have tertiary education in the economic field. By person entitled to occupy functions as Economic Manager or Chief Accountant, it can be understood an individual who is employed in accordance with the law provisions, who has tertiary education in the economic area and who has attributions on the entity’s bookkeeping.
With respect to groups of societies, the document states that, provided that the annual financial statements of the parent company are presented in order to be approved at the same time with the annual consolidated financial statements, the parent society should present a single audit report on these annual financial statements, on condition that the parent society is submitted to audit. In addition to this, whenever the parent company is bound to keep and file consolidated annual financial statements, the administrator can compile a single report.
:: The Source: JURIDICE.ro