The Order of the Ministry of Finance (MoF) no.1239 for amending and supplementing the accounting regulations applicable to economic operators was published in the Official Gazette no.1012 of October 22, 2021.
Aspects related to employee benefits:
The Accounting Regulations regarding the individual annual financial statements and the consolidated annual financial statements, approved by OMFP no. 1802/2014, with subsequent amendments and completions, contain provisions regarding the accounting treatment applicable to employee benefits both directly by the reporting entity and by the parent company of the reporting entity or by another company in the group.
The provisions valid until the adoption of Order no. 1239/2021 did not expressly mention the case when the transaction within the group involves repayment commitments by which the reporting entity pays for the equity instruments that employees receive directly from the parent company of the entity. rapporteur or from another group company.
Thus, the new normative act (OMF no. 1239/2021) specifies that if the transaction within the group involves repayment commitments through which the reporting entity pays for the equity instruments granted to employees, it accounts for the granting of equity instruments, in particular distinct from the reimbursement commitment within the group.
Annual financial statements prepared by foreign PJs that have the place of exercising the effective management in Romania and whose financial year coincides with the calendar year:
The accounting regulations applicable to the economic operators include provisions regarding the accounting of the operations carried out by the foreign legal entities that have the place of exercising effective management in Romania.
These were introduced by OMF no. 762/5 July 2021 for the regulation of some accounting aspects.
Under the aspect of the first annual financial statements prepared by these entities, the existing regulations until the adoption of Order no. 1239/2021 included express mentions only regarding the entities that have chosen, according to the law, a financial year different from regarding the entities whose financial year coincides with the calendar year.
The new normative act specifies the date on which the first annual financial statements prepared by the mentioned entities refer, respectively December 31, 2021.
The non-financial statement prepared by the entities according to the requirements contained in the applicable accounting regulations:
According to the Accounting Law no. 82/1991, republished, with subsequent amendments and completions, the parent companies, thus defined in the accounting regulations applicable to groups of companies, prepare and present consolidated annual financial statements, under the conditions provided by the applicable accounting regulations.
By the accounting regulations applicable to economic operators, namely the Accounting Regulations on individual annual financial statements and consolidated annual financial statements, approved by OMFP no. 1802/2014, with subsequent amendments and completions, respectively Accounting Regulations compliant with International Financial Reporting Standards, approved by OMFP no. 2844/2016, with subsequent amendments and completions, the provisions of Directive 2014/95 / EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34 / EU regarding the presentation of non-financial information and information were transposed. on diversity by certain enterprises and large groups.
We mention that an entity is exempted from the obligation to present such information, under the conditions provided by the accounting regulations.
Thus, according to the legal provisions, an entity that is a subsidiary is exempted from the mentioned obligation if the respective entity and its subsidiaries are included in the consolidated report of the directors or in the separate report of another entity, prepared in accordance with the provisions contained in the accounting regulations.
Regarding the entities obliged to present non-financial information, by Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investments and amending Regulation (EU) 2019/2088 were introduced including provisions regarding certain categories of information that must be submitted by those entities.
The new normative act expressly mentions that the exemption of a subsidiary from the obligation to present non-financial information is applied when the respective subsidiary is included in the consolidated annual financial statements prepared by a parent company according to the applicable accounting regulations.
In addition, the information to be reported by entities through the non-financial statement has been supplemented with that provided for in Article 8 of Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on establishing a framework to facilitate sustainable investment. and amending Regulation (EU) 2019/2088. Depending on the nature of the information submitted, it will be reported in accordance with the requirements of Article 27 of the same Regulation.
Legal basis:
MF Order no. 762/2021 for the regulation of some accounting aspects;
MF Order no. 1239/2021 for amending and supplementing the accounting regulations applicable to economic operators.