The present order approves the simplified accounting system that can be applied by entities that in the previous fiscal year recorded a net turnover under the equivalent in lei of 35,000 Euros and total assets under in the equivalent in lei of 35,000 Euros.
The provisions of the present order shall be applicable for the annual financial statements for financial year 2011.
In order to verify whether the criteria related to the size are met or not determined indicators under the annual financial statements are taken into consideration, respectively the trial balance, completed at the end the previous financial year, using the currency exchange rate communicated by BNR (the National Bank of Romania), valid at the date of closing the respective financial year.
Newly-established entities may choose in the first financial year either to apply the simplified accounting system, or to apply the accounting regulations compliant with the European directives, approved by OMFP 3055/2009.
If during the second financial reporting year these entities cease to meet the criteria of size, they are required to apply accounting regulations compliant with the European directives, approved by OMFP 3055/2011.
The following can not choose to apply the simplified accounting system:
Application of the simplified accounting system is optional for companies that meet the two criteria of size. The option to apply the simplified accounting regulations for realized via the accounting policy is approved by the administrator.
Legal entities that have chosen to apply the simplified accounting system are required to use in order to highlight the economic and financial operations a simplified chart of accounts as well as accounting treatments that are stipulated under the simplified accounting regulations.
Depending on the needs of information and complexity of economic and financial operations, these entities may also use account from the general chart of accounts as well as the accounting treatments contained in the accounting regulations harmonized with the European Directives, approved by OMFP 3055/2009.
Entities that have chosen the simplified accounting system, including those that have used some accounting treatments contained in the accounting regulations harmonized with the European Directives, approved by OMFP 3055/2009, and/or part or all the accounts in the general chart of accounts included in the same regulations, are required to prepare simplified annual financial statements, which consist of simplified balance sheet and simplified profit and loss account, compliant with the accounting law.
Entities that apply the simplified accounting system can organize and manage the management accounting.
Entities that at the end of the previous financial year exceed the limits of one or both the criteria of size are required to apply accounting regulations compliant with the Fourth Directive of the European Economic Communities, approved by OMFP 3055/2009 starting with the first accounting reporting done during the financial following the year during which the limits of the respective criteria were exceeded.
Thus, if during 2011 simplified accounting regulations were applied and the company obtained by the end of 2011 a turnover of more than 35,000 Euros or total assets of more than 35,000 Euros, starting with 2012 the company is required to apply the accounting regulations compliant with the Fourth Directive IV of the EEC. For 2011, even if the criteria of size were exceeded in that year, the company will file in and submit simplified annual financial statements consisting of simplified balance sheet and simplified profit and loss account.
After finding out that the limits of any of the two criteria of size have been exceeded, entities that have filed in the simplified financial statements and whose accounting operations have been organized and conducted based on contracts/ civil agreements concluded under the Civil Code Civil with individuals who have superior economic studies are required, starting with the first accounting report made during the financial accounting year following the year when it has been found out that the criteria of size were exceeded, to take all the necessary measures in order to organize the accounting operations either internally, by creating a department that is managed by an economic manager, chief accountant or another person empowered to perform this function, either by signing a services provision contract for accounting services with an individual or a legal entity, authorized by law, a member of CECCAR.
The set of annual financial statements which are required to be prepared by entities applying the simplified accounting system consists of:
Thus, entities applying the simplified accounting regulations will not prepare explanatory notes to the annual financial statements, nor will they fill in informative data attached to the balance sheet. However, these companies must prepare accounting policies for the operations performed including procedures to be approved by the administrator.
The simplified regulations generally follow the same accounting principles and provisions for assets and liabilities recognition into the accounting as those of the Accounting Regulations in accordance with Directive IV of the EEC approved by OMFP 3055/2009, with only a few small differences.
The main differences from the accounting regulations approved by OMFP 3055/2009 are:
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