On June 16, 2025, the Romanian Official Gazette (Part I, no. 550) published Order no. 899/2025 of the Ministry of Finance, which regulates how entities that opt for a fiscal year different from the calendar year must report their accounting data.
A financial year normally covers 12 months and coincides with the calendar year. However, branches of foreign companies in Romania and Romanian legal entities can choose a different fiscal year. This does not apply to credit institutions, non-banking financial institutions, payment institutions, and electronic money institutions governed by special legislation.
Obligations for Entities with a Non-Calendar Fiscal Year
According to Accounting Law no. 82/1991:
- Entities must prepare and submit annual accounting reports to ANAF, under article 37;
- Written notification of the chosen fiscal year must be submitted to ANAF at least 30 calendar days before it starts (or within 30 days from incorporation for new entities).
Two Sets of Reports Required
Entities must submit:
- Annual accounting reports as of December 31, separate from the annual financial statements for the chosen fiscal year;
- December 31 reports must be filed with ANAF by May 31 of the following year.
Financial Reporting Rules
For non-calendar years:
- The balance sheet includes amounts as of: January 1 of the prior year, start of the current fiscal year, and end of the current fiscal year.
- The profit and loss account includes turnovers for the two successive periods.
Example for a fiscal year ending March 31, 2025:
- Balance sheet: January 1, 2024; April 1, 2024; March 31, 2025.
- Profit and loss: January 1 – March 31, 2024; April 1, 2024 – March 31, 2025.
This also applies to changes in equity and cash flow statements.
Returning to Calendar Year
If the entity switches back to a calendar fiscal year:
- Balance sheet shows January 1 and December 31,
- Profit and loss shows turnovers for the current and previous years.
Example: If an entity previously reported as of August 31 and returns to a calendar year as of January 1, 2025, it must present:
- Balance sheet as of January 1 and December 31, 2025,
- Profit and loss for January 1 – December 31, 2024 and 2025.
Special Purpose Financial Statements
Prepared in cases of mergers, spin-offs, reorganizations, or liquidation, these reports:
- Do not require comparative data,
- Only include balance sheet values and income statement figures relevant to the period in question.