For the 2024 financial year, the deadline for submitting annual financial statements is June 2, 2025. This applies to specific types of entities.
Entities that must submit financial statements by June 2, 2025:
- commercial companies;
- national companies or corporations;
- autonomous administrations;
- national research and development institutes;
- foreign legal entities that effectively manage their activity from Romania;
- Romanian branches without legal personality belonging to foreign legal entities, except for those established by companies from the European Economic Area.
Audit obligation
Medium-sized, large, and public interest entities must have their financial statements audited.
This also applies if an entity exceeds two of the following three criteria for two consecutive financial years:
- total assets over 16,000,000 RON;
- net turnover over 32,000,000 RON;
- an average number of at least 50 employees.
Entities below these thresholds for two years in a row are exempt from audit.
Mandatory internal audit
Entities subject to statutory audit must also organize internal audit, in accordance with Law no. 162/2017. Failure to comply may result in fines between 50,000 RON and 100,000 RON.
Who must sign the financial statements:
- the legal representative (administrator or management);
- the chief financial officer, chief accountant, or another authorized and legally employed person.
Approval of financial statements
According to Company Law no. 31/1990, annual financial statements must be approved by the general meeting of shareholders or associates.