semiannual financial statements 2017
With the Decree Law no. 895 of June 16, 2017, the main aspects related to the preparation and filing of the 2017 Half-Year Financial Statements were defined. This newsletter identifies the main points related to the 2017 Semi-Annual Report- Subjects obligated:The 2017 Half-Yearly Financial Statements must be mandatorily prepared and filed by all business operators who exceeded the turnover of 220,000 lei in 2016. Filing Deadline: The Balance Sheet for the first half of 2017 is mandatorily filed August 16, 2017. – Contents of the 2017 Half-Yearly Financial Statements: the half-yearly financial statements, signed by the Governing Body, do not include the Governing Body’s management report, which is mandatory in the annual statement, and (as a purely tax-related document) is not subject to approval by Mr. and Mrs. Shareholders. The Half-Yearly Financial Statements may consist of different schedules depending on the size of the company; in particular, we specify: Micro Entities: for “micro” entities i.e., companies that, as of the date of the financial statements, do not exceed two of the following parameters: total assets 1,500,000 lei; net sales 3,000,000 lei; average number of employees 10, the Financial Statements consist of the abridged Balance Sheet and Income Statement, summary information data, and fixed asset situation; Small Entities: for “small” entities, i.e., companies that, as of the date of the financial statements, do not exceed two of the following parameters: total assets 17,500,000 lei; net sales 35,000,000 lei; average number of employees 50, the Financial Statements consist of the Balance Sheet and Income Statement, information data, and fixed asset situation; Medium and Large Entities: for “medium and large” entities, i.e., companies that, as of the balance sheet date, exceed two of the following parameters: total assets 17,500,000 lei; net sales 35,000,000 lei; average number of employees 50, the Balance Sheet consists of the ordinary Balance Sheet and Income Statement, information data, fixed assets situation, and equity situation; – Mode of Filing: It is still possible for the Financial Statements at the close of business on 06/30/2017 to be filed on magnetic media at the counter or by mailing. Alternatively, the Law allows electronic filing of the Financial Statements (subject to accreditation to ANAF). – Branches: the obligation to file Financial Statements also covers foreign entities that partially or fully conduct their business in Romania by means of a Branch Office (Permanent Establishment).
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