The financial statements for 2015 must be submitted abridged or with several components, according to the category that the economic entities belong to. These entities are grouped according to three size criteria (total assets, turnover and average number of employees).
The legal provisions regarding the preparing of the financial statements for 2015 are provided by Order 4160/2015 and 123/2016.
Keep in mind that the annual financial statements for fiscal year 2015 must be prepared according to the size criteria set solely on the basis of the trial balance drawn up at December, 31, 2015. The analysis for the past two years is no longer required.
As regards the obligation of auditing the financial statements, the analysis of size criteria will be exclusively based on the trial balance closed at December, 31, 2015. In conclusion, due to that provision, more entities have the risk to be obligated to audit the financial statements.
Which are the categories of economic entities?
According to the three size criteria, the economic entities are grouped in three categories:
Micro-entities are the entities which at the date of the balance sheet exceed two out of the three criteria:
Small entities are entities that which at the date of the balance sheet do not qualify for micro-entities and exceed two out of the three criteria:
Medium and large entities are the entities which at the date of the balance sheet exceed two out of the three criteria:
How to prepare the financial statements for each category?
Microentities prepare annual financial statements comprising:
Although, there are not required elaborate explanatory notes, these entities must provide information on:
Small entities prepare annual financial statements comprising:
Optionally, they can prepare the statement of changes in equity and / or cash flows.
Medium and large entities and public interest entities filed financial statements comprising:
When is the auditing of the financial statements mandatory?
The entities which at the date of the balance sheet exceed the limits of at least two of the following three criteria:
Note: The auditing of the financial statements of large and medium entities and of the entities of public interest is mandatory.
Although the obligation to audit these entities appears when they exceeded those limits in two consecutive financial years, for 2015, the auditing will be mandatory if the criteria have been exceeded in the previous financial year (only 2015, not to be taken into consideration the indicators from 2014).
Warning!!! In case the obligation of auditing the financial statements is not fulfilled, the economic entities are sanctioned by a fine of 30,000 lei to 40,000 lei
Which are the deadlines for submitting financial statements?
Warning!! The entities that have chosen for a financial year different from the calendar year are also required to submit the annual accounting reports within 150 days, or 120 days – depending on the category of the entity – calculated from the end of 2015.
Sanctions
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