Financial Statements 2018

In the Official Gazette (Part I) no. 35 from 14. January 2019 has been published the Ordinance of the Finance Ministry (OMFP) no.10 from 3. January 2019 regarding the main aspects regarding the preparation and submission of the annual financial statements and of the annual accounting reports of the economic operators to the territorial units of the Ministry of Public Finance and for the regulation of some accounting aspects.

It is useful to mention that there are no special elements as the background structure.

The financial statements are structured according to the “size” of the reporting entity, the way of organizing the accounting, and the reporting system: the system according to the European directive adopted by the MFP Order no.1802 / 2014 (with subsequent modifications), the financial reporting system IFRS adopted by MFP Order no. 2844/2016 (with subsequent modifications).

The normative act also adopts the criteria by which it is established which reporting entities have the obligation to audit the annual financial statements.

There is considered (kept) the situation already regulated when considering the size criteria existing on December 31, 2018 and December 31, 2017, respectively:

  • Total assets = 16.000.000 lei;
  • Net turnover = 32.000.000 lei;
  • Average number of employees during the financial year = 50.

Important! The statutory audit is mandatory when these criteria are exceeded during two consecutive financial years

The format of the annual financial statements according to the size criteria of the entity – micro entities, small entities, medium entities and large entities:

1. Entities that at the balance sheet date do not exceed the limits of at least two of the following three size criteria, namely:

  • Total assets: 1.500.000 lei;
  • Net turnover: 3.000.000 lei;
  • The average number of employees during the financial year: 10, prepare Financial Statements which comprise: shortened balance sheet (code 10); shortened profit and lost account (code 20).

These will be accompanied by the form „Informative data” (code 30) and the form „Fixed Assets”” (code 40).

2. Entities that at the balance sheet date do not fall within the category of micro-entities and do not exceed the limits of at least two of the following three size criteria, namely:

  • Total assets: 17.500.000 lei;
  • Net turnover: 35.000.000 lei;
  • The average number of employees during the financial year: 50,  prepare Financial Statements which comprise: shortened balance sheet (code 10); profit and lost account (code 20); explanatory notes to the annual financial statements.

Optionally, they may prepare the statement of changes in equity and / or the cash flow statement.

These will be accompanied by the form „Informative data” (code 30) and the form „Fixed Assets” (code 40).

3. Entities that at the balance sheet date exceed the limits of at least two of the following three size criteria, namely:

  • Total assets: 17.500.000 lei;
  • Net turnover: 35.000.000 lei;
  • The average number of employees during the financial year: 50, as well as public interest entities prepare Annual Financial Statementswhich comprise:
  • Balance sheet (code 10);
  • profit and lost account (code 20);
  • the situation of changes of own capital;
  • Treasury cash flow situation;
  • the explanatory notes to the annual financial statements.

These will be accompanied by the form „Informative data” (code 30) and the form „Fixed Assets”” (code 40), respectively a statement on significant accounting policies.

Deadlines for submission:

The deadlines for submitting the annual financial statements to the territorial units of the Ministry of Public Finance are the following:

  • for companies, companies / national companies, autonomous administrations, national research and development institutes, 150 days after the end of the financial year (May 31, 2019);
  • for non-profit-making or liquidated companies registered with the Trade Register, 120 days after the end of the financial year (2 May 2019);
  • entities that have not carried out activity up to the end of the reporting financial year do not prepare Annual Financial Statements, and submit to that effect to the Territorial Units of the Ministry of Public Finance a declaration on the sole responsibility of the person who has the obligation to manage the entity, within 60 days of the end of the financial year (4 March 2019).

We mention that on the website of the National Agency for Fiscal Administration (ANAF) appeared the electronic format of the financial statements, according to OMFP no.10/2019 – version 1.0.0. from 30. January 2019:

https://static.anaf.ro/static/10/Anaf/Declaratii_R/1014_15_2018.html