Today was published in the Official Gazette no.696 of 18 July 2024, OMF no. 3100/2024 for the approval of the Accounting Reporting System as at 30 June 2024 of economic operators. According to the legislative act, the accounting reporting system at 30 June 2024 is applied to economic operators that had a higher net turnover than the equivalent in Lei of 1 million Euro in the previous financial year. For the preparation of the accounting reports as at 30 June 2024, the compliance with the aforementioned criterion shall be made on the basis of the indicators determined from the annual financial statements of the previous financial year, respectively from the trial balance closed at the end of the previous financial year, using the foreign exchange rate communicated by the National Bank of Romania, valid at the closing date of the previous financial year.
Entities that have not carried out any activity from the date of their establishment until 30 June 2024, those that were temporarily inactive during the first half of 2024, those established during 2024, as well as legal entities that are in the process of liquidation, according to the law, do not prepare accounting reports as at 30 June 2024.The information contained in the accounting reports is based on the accounting regulations applicable to each category of economic operators, namely the Accounting Regulations approved by OMFP No 1.802/2014, as amended and supplemented, or the Accounting Regulations approved by OMFP No 2.844/2016, as amended and supplemented. The legislative act is structured in such a way as to result the information content of accounting reporting forms on 30 June 2024, prepared by entities according to the applicable accounting regulations.
According to representatives of the Ministry of Finance, for the accounting reports as at 30 June, certain accounting rules are not applied, like mandatory inventory and assessment of all balance sheet items, and the level of detail of presented information is lower, by comparison with annual financial statements. As the data included in the accounting reports as at 30 June is mainly intended for state institutions, the information proposed to be reported under this Order has been established after consultation with institutions that use Ministry of Finance`s database. In comparison with the information reported for 30 June 2023, the new legislative act sets the distinct reporting of income tax expenses at the level of minimum turnover tax, the related provisions being included in the Fiscal Code by Law No. 296/2023 on certain fiscal-budgetary measures for ensuring Romania’s long-term financial sustainability.
The accounting reports as at 30 June 2024 are to be submitted at the territorial units of the Ministry of Finance by 19 August 2024 at the latest.
