{"id":4111,"date":"2017-03-28T15:05:32","date_gmt":"2017-03-28T14:05:32","guid":{"rendered":"https:\/\/dvs-europe.eu\/2017\/03\/28\/budget-2016-preparation-and-filing\/"},"modified":"2017-03-28T15:05:32","modified_gmt":"2017-03-28T14:05:32","slug":"budget-2016-preparation-and-filing","status":"publish","type":"post","link":"https:\/\/dvs-europe.eu\/en\/2017\/03\/28\/budget-2016-preparation-and-filing\/","title":{"rendered":"BUDGET 2016: preparation and filing"},"content":{"rendered":"

BUDGET 2016: preparation and filing<\/strong><\/p>\n

With the Decree Law No. 166 of January 25, 2017, amending the Accounting Regulations (OMFP 1802\/2014) <\/strong>the main aspects related to the preparation and filing of the Annual Report for 2016 were defined.<\/p>\n

This newsletter identifies the main issues related to the 2016 Budget.<\/p>\n

– Filing Deadline:<\/strong><\/span> the Budget for 2016 is mandatorily filed within 150 days after the close of the fiscal year; consequently, for the year 2016, the deadline is May 31, 2017.<\/strong><\/p>\n

– Contents of the 2016 Annual Report:<\/strong> <\/span>in addition to the management report of the Governing Body, the Financial Statements may consist of different schedules depending on the size of the company; in particular, we specify:<\/p>\n

Micro Entities:<\/strong> 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, Disclosure Data, and Statement of Fixed Assets (therefore, the notes are not attached);<\/p>\n

Small Entities:<\/strong> 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 abridged Balance Sheet and Income Statement, Disclosure Data, Statement of Fixed Assets, and Notes to the Financial Statements;<\/p>\n

Medium<\/strong> and Large Entities:<\/strong> for “medium and large” entities, i.e., companies that, as of the date of the financial statements, 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 ordinary Balance Sheet and Income Statement, disclosure data, fixed assets situation, equity situation, and explanatory notes;<\/p>\n

– Deposit mode:<\/strong><\/span><\/p>\n

It is still possible for the Financial Statements at the close of business on Dec. 31, 2016 to be filed on magnetic media at the counter or by mailing. Alternatively, the Law allows electronic filing of the Financial Statements (a mode that will be mandatory from the next 2017 Budget). <\/p>\n

– Approval and signing of the Budget:<\/span><\/strong><\/p>\n

As required by the Companies Law (Law 31\/1990), the approval of the Financial Statements, prepared and signed by the Board of Directors, is a matter reserved for the Shareholders’ Meeting, which will have to decide on any allocation of the Profit. Art. 201 of Law 31 also provides for the allocation of 5 percent of the profit to a statutory reserve until it reaches 20 percent of the share capital. <\/p>\n

–<\/span> Branches:<\/span> 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).<\/strong><\/p>\n

We remain available for any further information.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

BUDGET 2016: preparation and filing With the Decree Law No. 166 of January 25, 2017, amending the Accounting Regulations (OMFP 1802\/2014) the main aspects related to the preparation and filing of the Annual Report for 2016 were defined. This newsletter identifies the main issues related to the 2016 Budget. – Filing Deadline: the Budget for […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":["post-4111","post","type-post","status-publish","format-standard","hentry","category-news-en"],"yoast_head":"\nBUDGET 2016: preparation and filing<\/title>\n<meta name=\"description\" content=\"FINANCIAL STATEMENTS 2016: preparation and filing.With Decree Law No. 166 of January 25, 2017, amending the Accounting Regulations (OMFP 1802\/2014), the main aspects related to the preparation and filing of the Financial Statements for 2016 were defined.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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