Decree of the Ministry of Public Finance no. 65\/2015<\/strong> published on January 27, 2015 set out the rules for the preparation and filing of financial statements and accounting records for the 2014 administrative year (2014 Budget).<\/p>\nThe standards affect:<\/p>\n
– Subjects to which accounting regulations in accordance with the Fourth European Directive apply;<\/p>\n
-subjects adopting the Simplified System of Accounting, approved by MFP Decree no. 2239\/2011;<\/p>\n
– entities that adopt International Accounting Standards;<\/p>\n
– Permanent establishments of foreign entities in Romania.<\/p>\n
Abbreviated financial statements and ordinary financial statements:<\/strong><\/p>\nDecree 65\/2015 stipulates that the degree of analyticity of financial and economic information contained in the 2014 Financial Statements differs depending on the size of the entity. Specifically, the entity will be required to prepare “ordinary” and not “abridged” financial statements if, as of the date to which the financial statements refer, it exceeds 2 of the following 3 parameters:<\/p>\n
1) total assets 3,650,000 euros;<\/p>\n
2)net business figure 7,300,000 euros;<\/p>\n
3) number of employees 50 units.<\/p>\n
Fulfillment:<\/strong><\/p>\nThe preparation and signing of the Financial Statements, both in the ordinary and abbreviated case, is the responsibility of the Administrative Body. The report of the directors (showing the accounting policies applied) and, if required, the report of the Audit Board should also be attached to the Financial Statements.<\/p>\n
The Commercial Law, no. 31\/1990, as amended, attributes to the Shareholders’ Meeting the exclusive competence for the approval<\/span><\/b> of the annual budget<\/span>. If a member is unable to attend the meeting, he or she may delegate a trusted third person.<\/p>\nFinally, it should be remembered that the Financial Statements<\/strong> should give a true and fair view of the financial situation related to the activity carried out.<\/strong><\/p>\nDeposit terms:<\/strong><\/p>\nCurrent regulations require that Financial Statements must be filed within 150 days after the close of the fiscal year to which they relate. Consequently, given the public holidays, the 2014 Annual Report must be mandatorily filed, either electronically or in hard copy, by June 2, 2015<\/strong>.<\/p>\nPenalties:<\/strong><\/p>\nFailure to comply with the provisions on preparing, signing and filing the Financial Statements on time constitutes a violation and is subject to sanctions.<\/p>\n
Specifically, filing late but no later than 15 working days carries a penalty of between 300 and 1,000 lei; late filing within 30 days carries a penalty of between 1,000 and 3,000 lei; and late filing more than that carries a penalty of up to 4,500 lei.<\/p>\n
We remain available for further clarification<\/p>\n
<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Budget 2014 With Decree of the Ministry of Public Finance no. 65\/2015 published on January 27, 2015 set out the rules for the preparation and filing of financial statements and accounting records for the 2014 administrative year (2014 Budget). The standards affect: – Subjects to which accounting regulations in accordance with the Fourth European Directive […]<\/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-4154","post","type-post","status-publish","format-standard","hentry","category-news-en"],"yoast_head":"\n
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