December 23, 2012
IFAC SMP Quick Poll the 3rd and 4th Trimester of 2012 Now Open!
The Quick Poll is Also Available in Romanian
Are you a practitioner in a small- or medium-sized (SMP) practice? Then take the SMP Quick Poll on: http://ifac.smpquickpoll-romanian.sgizmo.com/s3/?language=Romanian. The poll should take only three minutes to complete and is being conducted semi-annually by IFAC in 2012 to take a snapshot of the key issues confronting SMPs and their SME clients. Polling will close on December 31, 2012. Look for the results in the next issue of the SMP eNews that will be published on the IFAC website.
As your opinion is important for the development of the accountancy profession, we urge you to get involved in this project.
November 29, 2012
How We Can Deal with the Pressure of Downsizing the Professional Fees – Operational Management Advice for SMPs
While the global economy keeps on struggling to take off, SMPs are discovering that the pressure to downsize professional fees for the services they render keeps on representing a significant challenge. This is one of the essential messages underlined during the May – June 2012 edition of the IFAC SMPs Quick Poll, that generated 3,678 answers world-wide. When asked to name the biggest current challenge for their practice, most of the respondents (27%)—especially those in Europe and Asia – have mentioned the pressure to reduce professional fees. This was closely followed by the issue of keeping up with new standards and regulations (26%).
The complete brochure is available here.
November 29, 2012
The SMEs Sector is Waiting for Its Rebirth
Daniela Vulcan, CECCAR: Unity is the only means of creating added value for the local economy
“We have committed to cooperate with CNIPMMR in the view of supporting and developing SMEs activities. Sharing experience and institutional cooperation make the system work. Excessive regulation of the accountancy profession represents a challenge for the business environment as well as for the profession. Supporting and developing the SMEs sphere, stimulating creativity, innovation and competition can be achieved, in our opinion, only with the support of all the stakeholders and that of all the institutional structures trained on developing enterprise culture. We hope to create a similar private-public partnership, as only through unity we can create added-value and wellbeing for our economy and our social environment, namely by supporting enterprisers, by creating new jobs, by stimulating consumption and increasing the interest for work.”
Promoting CECCAR events on the IFAC website (the International Federation of Accountants)
IFAC has included, in the October 2012 edition of its „Global Digest” newsflash, the most recent updates and initiatives that have a global impact on the accountancy profession, under the „News from Member Bodies, Affiliates and Regional Accountancy Organizations” section, a summary of the events held by CECCAR which marked the Romanian accountancy profession in September 2012.
CECCAR Holds SMP, Governance Conferences
The Corpul Expertilor Contabili si Contabililor Autorizati din Romania (the Body of Expert and Licensed Accountants of Romania, or CECCAR) recently held two conferences for its members: Present Challenges and Future Opportunities for SMPs, its third annual national forum for small- and medium-sized practices (SMPs), and Corporate Governance and the Accountancy Profession: Proficiency and Responsibilities, its biennial congress, which had more than 600 Romanian and international participants. Presentations are available on the CECCAR website. Additionally, Romania recently celebrated the National Day of the Romanian Professional Accountant on September 21, 2012.
Amendments to the Fiscal Code following the OG no. 15/2012
Legal persons shall not deduct at source, namely the income tax and mandatory social contributions, if they signed civil agreements with the tax payers who deploy independent trade activities or are liberal professionals and are fiscally registered.
These tax payers shall issue invoices related to the provided services, the invoiced income being the determination base for the income tax and for the contributions due by the tax payer who is authorised to perform independent activities.
In the case of civil services agreements signed with natural uncertified persons, the employers must deduct the income tax, the individual social security contribution and the health insurance contribution related to that tax payer. If the natural person is a retired employee or is an insured person with the public pensions system, the income tax and the health insurance contribution are deducted (with no obligation to deduct the social security contribution).
In the case of copy rights and intellectual property rights of natural uncertified persons, the income tax, the individual social security contribution and the health insurance contribution are deducted. If the natural person is a retired employee or is an insured person with the public pensions, only the income tax is deducted.
November 29, 2012
“Accounting and Auditing Perspectives”, November 29-30, 2012
The Body of Expert and Licensed Accountants of Romania, together with the Oeconomica Timisiensis Foundation – Timişoara Western University – organises the 1st edition of the International Conference “Accounting and Auditing Perspectives”(AAP 2012) that is going to take place in Timişoara – within the Faculty of Economics and Business Administration, on November 29-30, 2012.
The purpose of this conference is to encourage public interest scientific knowledge and to promote the consolidation of inter-academia relations in the field of accountancy and audit, leading to a much stronger connection, both on a scientific and professional level. The sessions will comprise scientific papers based on theoretical, empirical or practical approaches, in fields such as: financial reporting, audit and corporate governance, management accountancy and management control, accountancy versus taxation, accounting informational systems, accountancy, education and research.
For further information, please visit the conference website: http://www.aapconference.ro/
The AAP 2012 PROGRAM: http://www.aapconference.ro/files/Conference%20program.pdf
On November 29, 2012 between 10 a.m. and 6 p.m., the ”Prof. Univ. Dr. Marin Toma” Amphitheatre in 4-6 Nestorel Entrance, 4th sector, will host the Round Table: “Monographs and Case Studies on IFRS Application for Trade Companies with Tradable Securities on a Regulated Market” animated by CECCAR IFRS specialists according to the meeting program.
Expert accountants’ attendance is free of charge for the first 200 participants.
CECCAR Publishing House, together with the Bucharest Branch of CECCAR, has the pleasure to inform you that, during November 21-25, 2012 the GAUDEAMUS International Book Fair took place at ROMEXPO.
The complete program including book launching of famous academics, as well as round tables on current professional issues moderated by specialists, can be viewed here.
October 08, 2012
“The National Day of the Romanian Accountant” on September 21, 2012, an event that has reached its 8th edition, was organised this year, according to the provisions of the Standing Bureau Decision no. 281/27th of July 2012, under the theme “Itineraries through the memory of the accounting profession”. Centralised under the patronage of the CECCAR Branches, the event honoured the personality of the man who sacrificed himself for the noble accounting profession and to preparing new generations of professionals, the founding father and President of CECCAR – Prof. Univ. Marin Toma PhD, the man whose ceaseless work has contributed to the definitive and sustainable development of the place earned by CECCAR among the European and international accounting profession.
September 01, 2012
The Body of Expert and Licensed Accountants of Romania (CECCAR) organises once every two years the Congress of the Romanian Accounting Profession, a large-scale event that will be attended by local professionals and guests from international professional institutions. The tradition of this great reunion has imposed itself as a landmark on the global agenda of the accounting profession, as professional authorities from all over the world have been looking forward to the debates proposed by CECCAR for this Congress.
This year, the Congress will take place between the 7th-8th of September, at the International Conference Centre – Sinaia Casino. The theme of this edition is “Corporate Governance and the Accounting Profession; Competence and responsibility” through which we invite our guests to tackle matters of interest regarding the professional perspectives world-wide and in our country within the current economical context.
August 17, 2012
As of September 1, 2012, when Act 76/2012 concerning the application of Law 134/2010 on the Code of Civil Procedure became effective, all the expressions „commercial entity” should be erased from the title of all entities, the implementation of this provision leading to the amendment of the entity’s Bylaws.
According to the legal provisions stipulated by the law in the application of the Code of civil procedure, all entities registered with the Trade Register that contain the expression “commercial entity” in their name, must present themselves, until September 1, 2012, to the Trade Register Office within their headquarters area, in order to replace the title “commercial entity” with “entity”; the deadline for this amendment is September 1, 2014.
Registering this amendment to the entity’s Bylaws and title is free of charge.
August 17, 2012
CECCAR has translated the paper Competent and versatile: How Professional Accountants in Business Drive Sustainable Organizational Success issued by IFAC PAIB Committee. The Romanian version is available here.
July 27, 2012
CECCAR has translated the executive summary of the paper Investor Demand for Environmental, Social, and Governance Disclosures issued by the IFAC PAIB Committee. The Romanian translation can be viewed here.
July 27, 2012
“The Role and Responsibilities of the Professional Associations in Regulating the Accounting Profession”
The 6th edition of the Cross-border Meeting took place in Kishinevon 21-23 June 2012, with the following theme: “The role and responsibilities of the professional associations in regulating the accounting profession“. ACAP RM hosted the representatives of the accounting professional bodies from ten countries in order to discuss the future of audit and accounting profession, in the context of the global crisis and of the challenges faced by this profession.
The Cross-border Meeting has already become a well-known tradition, a good opportunity to exchange information about current issues, experience in the domain of the accounting profession and audit with professional and regulation bodies from more countries.
The objective of this event is to improve the accounting and audit profession and also to establish the importance of the role and responsibilities of the professional bodies in the national, regional, European and, not lastly, in the global context.
ACAP RM was honoured to welcome famous personalities of the accounting profession, not only from the Republic of Moldova but also from the entire world, such as: Mr. Szymon Radziszewicz, International Federation of Accountants (IFAC), Mr. Michel De Wolf, International Federation of Francophone Expert Accountants (FIDEF), Mr. Henri Fortin, World Bank and the Presidents of the accounting professional associations of Romania, Hungary, Poland, Turkey, Ukraine, Russia, Belgium etc.
Among the participants to this event there were also representatives of the regulatory bodies and of the central and local public administration from Republic of Moldova: Ministry of Finance RM, Principal State Tax Inspectorate, National Commission of Financial Market, National Bank of Moldova, as well as national and international profile organizations, professional associations, representatives of profile universities and managers of audit and consulting firms.
By representing the audit and accounting profession from Republic of Moldova, ACAP RM took part to the actions of the international accounting professional bodies in their efforts to contribute significantly to the increase of public confidence in the audit and accounting profession and to ensure a trustworthy and clear financial reporting towards economy, civilization and progress development.
July 27, 2012
On May 25-26, 2012 FIDEF (The International Federation of Francophone Expert Accountants) held its 14th edition of international Conference in Bucharest, in partnership with the two local professional bodies (The Body of Expert and Licences Accountants of Romania and the Chamber of Financial Auditors of Romania). The Conference took place under the following theme:
The Cooperation between the Academic Environment and the Professional Bodies for the Consolidation of Initial and Continuous Training in the Accounting, Auditing and Taxation Field.
Professionals and academics were invited to share views on various topics regarding means of cooperation, including opening new paths in this field of activity.
July 27, 2012
SMP Quick Poll Reveals Accountants and Their Small Business Clients Share Similar Challenges
Complexity and pace of change of regulations, in particular tax requirements, topped the list of challenges faced by small- and medium-sized accountancy practices (SMPs) and their small business clients in the first half of 2012, according to the SMP Quick Poll results released today by IFAC.
Keeping up with new regulations and pressure to lower fees were the top two challenges for practitioners. Their clients face similar challenges, according to the SMPs polled, with burden of regulation topping the list and three economic factors—pressure to lower prices, economic uncertainty, and difficulties accessing finance—nearly tied as the next biggest challenges.
“The results are critical to IFAC and its member bodies gaining a deeper understanding of the challenges and opportunities faced by SMPs globally,” said SMP Committee Chair Giancarlo Attolini. “We were very pleased with the high response rate to this survey, which is testimony to the fact that our member bodies, who heavily promoted the poll, are just as concerned about SMPs as we are.”
The poll also included questions on business drivers and outlook. For nearly half the respondents, business from new clients is the main driver of growth by a wide margin with less than half as many respondents citing increased revenue from existing clients as their main driver of growth. However, when asked about performance expectations, the largest portion of practitioners expect no change in business in the current year compared with 2011.
See the complete report including selected results broken down by size of practice and region in the IFAC SMP Quick Poll: May–June Results.
The mid-year 2012 poll received 3,678 responses, 50% more than the last edition of the poll in December 2011. The poll, intended to take a snapshot of key challenges and trends influencing SMPs globally, was conducted in 15 languages from May 7 to June 14, 2012. IFAC wishes to thank the many member bodies and regional organizations that translated and/or helped promote the poll to their members.
About the SMP Committee
The SMP Committee of the International Federation of Accountants (IFAC) represents the interests of professional accountants operating in small- and medium-sized practices (SMPs). The committee develops guidance and tools and works to ensure the needs of the SMPs are considered by standard setters, regulators, and policy makers. The committee also speaks out on behalf of SMPs to raise awareness of their role and value, especially in supporting SMEs, and the importance of the small business sector overall.
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
April 27, 2012
On March 19 – 20, 2012 in Vienna, IFAC organized the seminar on “The Sovereign Debt, a Matter of Urgency – from Lessons to Reform”, CECCAR being diamond partner of this event.
This global seminar brings together key decision makers, politicians, and public finance management leaders to examine the causes contributing to the international sovereign debt crisis and the steps needed now for meaningful reform.
The problems highlighted by the sovereign debt crisis include, but go much deeper than, the transparency and accountability of governments and poor public finance management and public sector financial reporting. The institutions for fiscal management are deficient in many countries, creating neither the constraints nor the incentives for governments to manage their finances in a manner that protects the public interest and also protects investors.
The debates of the Seminar concluded that, in the past, the assumption was made that governments are risk-free. The ongoing crisis forces us to challenge that assumption—and we must conclude that is it no longer valid. Governments are not risk-free and the failure of fiscal management in the public sector has an economic impact that will far exceed the impact of losses incurred by corporate failures, such as Enron, WorldCom, Parmalat, Lehman Brothers, and Olympus.
The accountancy profession has an important leadership role to play in resolving the current crisis and in building a reformed international financial system. The accountancy profession is in a unique position to inform and support governments, provide a practical and technical understanding of many issues related to the crisis, and to provide assistance in their resolution.
Mr Ian Ball – Chief Executive Officer of the International Federation of Accountants, mentioned in his speech that: “Government financial reporting is at a crossroads. Reducing economic uncertainty and the fallout of unmanageable debt must be priorities for all governments, national leaders, and public officials; it is critical that necessary measures are taken now toward establishing significant change.”
April 26, 2012
THE ROLE AND STRUCTURE OF PROFESSIONAL BODIES: CURRENT AND FUTURE CHALLENGES – 26-27 January 2012, Casino Sinaia
The Body of Expert and Licensed Accountants of Romania (CECCAR) and the Institute of Chartered Accountants of England and Wales (ICAEW) co-organised the Regional Conference on „The Role and Structure of Professional Bodies: Current and Future Challenges” which took place in the International Conference Centre of Sinaia Casino, on 26-27 January, 2012.
The Conference was made up of 4 sessions on the following topics: The Structure and strategic, Regulation of the profession, Education and Training, Technical Services and Other Services Provided to Members. Within these sessions, several subjects concerning the role and the structure of professional institutes ware tackled, including the relationship on these institutions with regulators and governments; the profession’s financing, the purpose of the profession’s statutory and non-statutory activity as well as the international cooperation of national institutes. Other regulatory topics included quality insurance, control and review, disciplinary procedures, all in the context of the interaction with the oversight institutes.
The CECCAR – ICAEW Regional Conference brought together an impressive number of participants from 23 local and international institutes and professional organisations. Special guests took the floor, such as representatives of international associations (IFAC, FEE, the World Bank), joined by speakers representing national regional professional organisations.
April 25, 2012
CECCAR was partner of the IFAC Seminar on “Challenges and Opportunities Facing Small and Medium Practices In an Ever-Changing Global Marketplace” Singapore, March 19, 2012
Over 200 delegates from 40 professional accountancy organizations in 36 countries convened in Singapore for the sixth annual IFAC Small and Medium Practices (SMP) Forum. Co-hosted with the Institute of Certified Public Accountants of Singapore (ICPAS), this year’s event featured a keynote address by Ms. Jessica Tan, Chairman of the Government Parliamentary Committee for Finance and Trade & Industry in Singapore, and speakers from the Singapore Business Federation (SBF) and Accounting and Corporate Regulatory Authority (ACRA) of Singapore.
Delegates from IFAC member bodies convened with representatives from the regulatory community, leading regional business associations, and international standard setters to discuss the hot-button challenges facing the SMP sector and to collaborate on the solutions on a global level. Plenary panel session topics included shaping regulations and standards and how SMPs can capitalize on emerging opportunities in an ever-changing marketplace.
CECCAR was represented by its delegate in the IFAC SMP Committee who made a extremely interesting and broad-application presentation in the current context, namely “Supporting SMPs in Dealing with Challenges and Taking Advantage of Future Opportunities””.
This annual event provides a unique, global platform for delegates of IFAC member bodies to learn, debate, and collaborate on the opportunities and challenges facing SMPs and their small- and medium-sized entity clients. This year’s event was made possible by the generous support of its co-host, the Institute of Certified Public Accountants of Singapore, and the sponsorship of the following IFAC member bodies: Association of Chartered Certified Accountants; Body of Expert and Licensed Accountants of Romania (CECCAR); Certified General Accountants Association of Canada; Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili; CPA Australia; Hong Kong Institute of Certified Public Accountants; and Institute of Chartered Accountants in England and Wales.
November 8, 2011 is the birthday of the new CECCAR website, a place where you, the professional accountants can find all the necessary information for the performance of your noble profession at high quality standards.
Looking forward to receiving you daily in this modern agora of the Romanian Accounting Profession!
The Body of Expert and Licensed Accountants of Romania (CECCAR) is the professional body that manages the accounting profession in Romania, having a remarkable development at national level, as it is represented in all Romania’s 42 counties, by its territorial branches.
CECCAR supports and promotes high quality professional practices through a dedicated care for competence, the skills and the ethics of its professionals. Following an old tradition (90years celebrated in 2011) and receiving international and European recognition certified by its quality as member of the International Federation of Accountants – IFAC and of the Federation of European Expert Accountants – FEE, CECCAR seeks to develop an accounting profession capable of satisfying public interest demands and of contributing to the economical progress, through diverse services, integrated services – the best financing packages, the best commercial packages, meaning total and integrated support regarding the economical activity.
Through the activity of its members, CECCAR supports the manifestation of enterprising abilities and ensures a favourable business climate for small and medium entities in Romania.
What are the advantages of working with a CECCAR member?
- Professional ethics and conduct;
- High standards professional competence;
- Ensuring the quality of services;
- High ethical standards;
- The expert accountant=the businessman’s counsellor.
Fundamental objectives of CECCAR:
- Quality assurance for the services provided by its members.
- Professional accountants’ initial education and continuous development.
- Professional accountants’ ethics and deontological conduct.