What has changed in

accounting law no. 82/1991 in

2015?
1)
2)
3)
4)
5)

Accounting for individuals

Organizing accounting process
Micro-entities
Financila year
The audit of consolidated financial
statements
6) Signing report on payments to
governments
7) Multiple sets of financial
statements for the same financial
year
8) The correction of errors

1) Accounting for individuals

According to the previous prevision,
the individuals who perform activities
from which it result incomes, are
required to use simplified accounting
based on single accounting rules
according to the regulations drawn up
for this purpose. The accounting
documents required to be prepared
were: Journal of receipts and payments
and Inventory Register.
According to the new prevision,
individuals engaged in order to achieve
revenues, are required to lead on single
entry accounting rules or, at their
option, based on double entry
accounting
rules,
according
to
accounting regulations issued in this
respect, except that tax law provides
otherwise.

According to the new prevision, the

following are repealed:
Individuals who may opt for simplified
accounting system are those who have
registered in the previous fiscal year
net turnover under the equivalent in
RON of 35.000 EUR and total assets
under the equivalent in RON of 35.000
EUR. This criteria is based on the basis
of indicators determined from the
annual financial statements comprising
the balance sheet and profit and loss
account simplified, signed at the end of
financial year, using the exchange rate
announced by National Bank of
Romania as of the date of concluding
the same financial year. Also, the level
of the indicators may be changed by
Government Decision.
2) Organizing
process

the

accounting

In the previous prevision is stipulated

that accounting is organized and
usually result in distinct departments of
the CFO, chief accountant or another
person authorized to perform this
function. These people should have a
degree in economics.
In the new prevision, is clarified the
notion of authorized person. In this
sense, must be one employed person
under the law and must have
responsabilities in the management
accounting.

3) Micro-entities
According to the new prevision, microentities are entities that, on balance
sheet date do not exceed the limit of
two of these three criteria:

Total assets level of 350.000

EUR
Net turnover level of 700.000
EUR
Average number of employee
during the financial year of 10.

Specifically, from January the first, microentities who will meet at least two of the
above criteria would apply the European
system of simplified financial reporting
which comprises simplified balance sheet
and profit and loss account, including
information to be disclosed under
European rules.
4) Financial year
The financial year is the period for which
annual financial statements must be
prepared and it usually coincides with the
calendar year. Financial year may be
different from the calendar year for
Romania branches belonging to legal
entities and foreign legal entities
established in Romania.
According to the new prevision, is
stipulated the fact that can be used a
different fiscal year from the calendar year,
by all Romanian legal persons who want
this and not only its affiliates of foreign
legal entities. Financial institutions can not
have different exercise than the calendar
year.

The option for a financial year different

from the calendar year will be reported to
the Ministry of Finance, by notice, which
shall be submitted within 30 calendar days
from the date of setting up branches.
Violation of this rule will be fined from 100
to 200 RON.
5) The audit of consolidated
financial statements
New provision stipulates that, if the annual
financial statements of the parent company
are presented for approval with the
consolidated financial statements and the
parent company is required to audit, two
audit reports may be presented as a single
report.
6) Signing report on payments to
governments
Members
of
the
administrative,
management and supervisory legal entities
are required to provide annual financial
statements and management report to be
prepared and published in accordance with
national legislation.
Also, is added the report on payments to
governments and the consolidated report
on payments to governments when their
preparation is required according to
applicable accounting regulations.

7) Multiple
sets
of
financial
statements for the same financial
year
It is prohibited to submit to territorial
units of the Ministry of Finance,
several sets of annual financial

statements for the same financial year.

This failure is considered an
contravention.

prepared
in
accordance
with
accounting
regulations
already
approved.

"By providing that it will avoid

situations where, by deviation from the
law, could electronically submit several
variants annual financial statements,
which were subsequently unlawfully
used to create various advantages"
cited from the note substantiation of
the emergency ordinance. Those who
do not comply with these rules, could
risk fines between 1,000 and 10,000
RON.

8) The correction of errors

Also, is mentioned the fact that

consolidated financial statements for
the group of companies, shall be
submitted within 15 days of their
approval, but no later than 8 months
after the end of the financial year of the
company, and that the financial
statements for the year 2014 will be

Inserted implicitly, the default law

principle of intangibility of the opening
balance sheet. In this regard,
accounting
errors
found
after
submission of annual financial
statements are corrected at the time of
their establishment, according to the
regulations of error correction.