According to Law 82/1991 and OMFP 2861/20009, companies are required to conduct a general inventory of assets (tangible and intangible) at least once a year, usually at the end of the year (12/31/2023).
The purpose of the inventory is:
– Establish the true situation of all elements of the nature of assets, liabilities and equity
– Establish the actual situation of assets and valuables held in any capacity, belonging to other natural or legal persons
– in order to prepare the annual financial statements in a way that gives a true and fair view of the financial position.
The inventory of corporate assets is carried out as follows(PROCEDURE):
– the administrator appoints by written decision, the inventory committee, which must consist of at least two persons, but may be carried out only by the administrator,
– the inventory committee may not include the manager and manager of warehouses subject to inventory,
– the administrator approves written procedures, appropriate to the specifics of the business, which he or she submits to the inventory committees;
Before starting the inventory operation, each inventory manager must make a written statement regarding the assets managed.
All inventoried goods are recorded in inventory lists, which must be signed by the inventory committee members and warehouse managers on each card.
The deadline for inventory is Dec. 31, 2023, but can be extended until Jan. 31, 2024 with verification date always referring to Dec. 31, 23.
Failure to do so constitutes an infraction and is punishable by a SANCTION of 400 lei to 5,000 lei (Art. 41 – 42 Accounting Law No. 82/1991).
Intangible assets are inventoried by ascertaining their existence at the entity that holds the ownership rights. The results of the inventory are recorded in an inventory results report.
Responsibility for the proper organization of the inventory lies with the administrator(s). Inventory and evaluation of elements of the nature of assets, debts and equity can be carried out either with own employees or on the basis of service contracts concluded with PFs or PJs with technical or economic training.
Buildings and land are inventoried by identifying them on the basis of ownership titles and their data sheet.
Tangible fixed assets that are external to the entity during the inventory period are inventoried by written confirmation received from the entity in which it is located.
The inventory of actual stock/remainders is done by counting, weighing, measuring etc. as appropriate.
Assets belonging to other entities (rent, lease, custody, etc.) Are entered in separate inventory lists and must be confirmed by the persons to whom they belong.
Receivables and payables are inventoried on the basis of balance confirmations.
Holdings in bank accounts are inventoried by confirming balances on bank statements and balances in cash on a last business day money basis.
It is recalled here that entities may resort to revaluation of tangible fixed assets existing in the assets at the end of the fiscal year so that they are presented in fair value accounting in accordance with the provisions of OMFP 1802/2014.Revaluation may only be performed by professionals qualified in valuation.
We specify the fact that the realization of the annual inventory is not within the attributions of DVS EUROPE SRL, but in order to assist our clients we will provide you with a draft with the documents that an inventory file must contain regarding customer/supplier balances and inventory procedure. Excluded from this is the reporting (and management) of inventory as of 12/31/23, which is entirely your responsibility and for which the taxpayer assumes responsibility to the Tax Authorities.
For the preparation of the annual financial statements, it is necessary to report to DVS EUROPE SRL the results of the physical inventory of inventories and uncompleted work in progress as of 12/31/23, no later than 01/31/2023. In the absence of the inventory report, DVS EUROPE SRL will not assume responsibility for the preparation of the annual financial statements.
We remain at your disposal for any further clarification needs.
