The Ministry of Finance has published, in the Official Gazette, Ordinance 85/2022 on the presentation of annual financial statements for 2021. The document comes with some interesting news on turnover, but also new accounting accounts. The regulatory act appeared in Official Gazette No. 100 of Feb. 1, 2022.
Deadlines for submission of annual budget 2021:
Regarding the deadlines for submitting the annual budget for the year 2021, there is nothing new. These will be submitted as usual, as follows:
– May 30, 2022 for trading companies (150 days from the end of the fiscal year); –
May 2, 2022 for NGOs (120 days from the end of the fiscal year).
Institutions will submit ( electronically), in accordance with the law, to the territorial units of the Ministry of Finance the annual budgets prepared with the help of the assistance program developed by the Ministry of Finance.
Exclusions:
Entities that have not carried out activities from incorporation until the end of the reporting year may not prepare annual financial statements, and in lieu must submit a declaration to the territorial units of the Ministry of Finance under their own responsibility of the person representing the entity that they have not carried out activities.
Annual budget submission 2021: what’s new
what is new with respect to the information reported for 2020, the new regulatory act proposes separate reporting of net sales corresponding to the main activity carried out by the entities, as well as expenses related to energy consumption (unfortunately, effectively backdating the reporting).
The following accounts are proposed to be entered in the chart of accounts applicable to the different categories of entities: 6051 “Energy consumption expenses,” 6052 “Water consumption expenses,” 6461 “Insurance contribution expenses for work corresponding to employees,” and 6462 “Energy consumption expenses. the insurance contribution for work corresponding to other people, as opposed to employees.”
For fiscal year 2021, companies whose securities were admitted to trading during fiscal year 2021 shall prepare individual annual financial statements on the basis of IFRSs by restating the information from accounting organized on the basis of the Accounting Regulations on individual annual financial statements and consolidated annual financial statements.
Beginning in fiscal year 2022, companies whose securities were admitted to trading during fiscal year 2021 maintain accounting under the provisions of IFRS.
Penalties for failure or delay in filing the 2021 Budget
Failure to submit the annual financial statements as of December 31 is punished in accordance with the provisions of Article 42 of Law No. 82/1991, republished, as amended and supplemented, as follows:
Violation of the provisions on drafting and signing shall be punished by a fine of 2,000 lei to 3,000 lei;
Violation of the provision regarding transmission within the legal deadline is punishable by a fine of 300 lei to 1,000 lei, if the delay is between 1 and 15 working days, a fine of 1,000 lei to 3,000 lei, if the delay is between 16 and 30 working days, and a fine of 1,500 lei to 4,500 lei, if the delay period exceeds 30 working days;
Failure to submit annual financial statements, consolidated annual financial statements, interim financial statements, and reporting accounting penalties of 2,000 lei to 5,000 lei.
Submission of financial statements containing incorrect or unrelated data, including identification of the speaker – fine of 200 lei to 1,000 lei.
Failure to comply with the statutory requirement to audit the annual financial statements, annual consolidated financial statements, and interim financial statements – penalty of 30,000 lei to 40,000 lei.
We remain available for further clarification
