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Order no. 2206/30 July 2020 for the approval of the accounting reporting System as of 30 June 2020

In this issue:
  • Accounting reports as at 30 June 2020
  • Updates of the MPFO no. 1802/2014 and of the MPFO no. 2844/2016
 

Order no. 2206/30 July 2020 for the approval of the accounting reporting System as of 30 June 2020 of the business entities as well as for the completion of certain accounting provisions

 

The entities to which apply the accounting regulations regarding the individual annual financial statements and the consolidated financial statements, approved by MPFO no.  1802/2014, as well as the entities to which apply the accounting regulations conformant with the International Financial reporting Standards, approved through the MPFO no. 2844/2016, that exceed the turnover of RON 220,000 in the previous financial year, are obligated to prepare and submit accounting reports as at 30  June 2020.

The accounting reports as at 30 June 2020 shall be submitted to the Territorial Units of the Ministry of Public Finance by 30 September 2020 at the latest.

Failure to submit the accounting reports on 30 June 2020 under the conditions provided by the order shall be sanctioned according to the provisions of art. 42 of the accounting law.

These provisions are applicable for the accounting reporting as of 30 June 2020, including by the entities that have chosen a financial year different from the calendar year.

The order also includes completions to the accounting Regulations regarding the individual annual financial statements and the consolidated financial statements, approved by MPFO no.  1802/2014 in relation with the depreciation of fixed assets.

Completions are also made to the Accounting Regulations compliant with the International Financial Reporting Standards, approved by MPFO no. 2844/2016 in the sense of introducing certain accounts for recording income tax differences resulting from the application of IFRIC 23 and accounts for recording losses and gains from the fair value measurement of assets that meet the definition of an investment property, according to IFRS 16.

These provisions shall apply starting 30 July 2020, the date of publishing in the Official Gazette.

For more information or details on the above you may contact us directly or you may consult the Official Gazette no. 675/30 July 2020.

 
Prepared by:
Diana Lupu – Associate Partner, Global Compliance and Reporting
 
For additional information, please contact:
Alex Milcev – Partner, Tax & Law Leader Romania
 
Ernst & Young SRL
Bucharest Tower Center Building,
22nd Floor, 15-17 Ion Mihalache Blvd.,
Sector 1, 011171, Bucharest, Romania
Tel: (40-21) 402 4000, Fax: (40-21) 310 7124
Email: office@ro.ey.com
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