Recent modifications of accounting regulations enforced by the Ordinance 773/01.07.2015

The accounting regulations enforced by the Ordinance of the Ministry of Finance no. 1802/2014 shall be changed. On this occasion, businesses are reclassified depending on assets, turnover and number of employees, respectively there have appeared modifications in the manner in which certain bookkeeping accounts are used, from the category of those used in production accounting.

  • The notion of microenterprise, small enterprise and large enterprise or group of enterprises is characterised by value margins expressed in RON as follows:
  • Microenterprises are businesses that as at the balance date do not exceed the limits of at least two of the following criteria:
    • a) Total assets: RON 1,500,000 (equivalent of EUR 338,310);
    • b) Net turnover: RON 3,000,000 (equivalent of EUR 676,620);
    • c) Average number of employees during the business year: 10.
  • Small entities are those that, as at the date of the balance sheet, do not fall into the category of microenterprises and do not exceed the limitations of at least two of the three criteria:
    • a) Total assets: RON 17,500,000 (equivalent of EUR 3,946,953);
    • b) Net turnover: RON 35,000,000 (equivalent of EUR 7,893,906);
    • c) Average number of employees during the business year: 50.
  • Medium-sized businesses and large enterprises are those that, upon balance sheet date exceed the limits of at least two of the following three criteria:
    • a) Total assets: RON 17,500,000 (equivalent of EUR 3,946,953);
    • b) Net turnover: RON 35,000,000 (equivalent of EUR 7,893,906);
    • c) Average number of employees during the business year: 50.
  • Small and middle-sized groups are groups that are made up of parent companies and subsidiaries that are to be included in the consolidation and which, on a consolidated basis, do not exceed the limits of at least two of the following three criteria as at the date of the balance sheet of the parent-company:
    • a) Total assets: RON 105,000,000 (equivalent of EUR 23,681,717);
    • b) Net turnover: RON 210,000,000 (equivalent of EUR 47,363,435);
    • c) Average number of employees during the business year: 250.
  • Large groups are groups made up of parent companies and subsidiaries that are to be included in the consolidation and which, on a consolidated basis, exceed the limits of at least two of the following three criteria as at the date of the balance sheet of the parent company:
    • a) Total assets: RON 105,000,000 (equivalent of EUR 23,681,717);
    • b) Net turnover: RON 210,000,000 (equivalent of EUR 47,363,435);
    • c) Average number of employees during the business year: 250.
  • In order to ascertain the RON value of such amounts, we have used an exchange rate of EUR 1 = RON 4.4338, as published in the Official Gazette of the European Union on July 19th 2013.
  • Among the bookkeeping accounts for which the use is modified, we mention the following:
    • 345 „Finished goods“,
    • 347 „Agricultural goods“,
    • 348 „Price differences on goods“, Recent modifications of accounting regulations enforced by the Ordinance 773/01.07.2015
    • 361 „Biological assets in the form of inventory“,
    • 368 „Price differences on biological assets in the form of inventories“
    • 711 „Revenues associated to the costs of goods inventory“

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