OFFICIAL GAZETTE 882/28.12 - Order no. 2869/2010 issued on 23/12/2010 amending and supplementing certain accounting regulations
The changes of the Order 3055/2009 approving the Accounting Regulations Harmonized with EU Directives:
- The conditions of discounts granted after invoicing apply also to the trade discounts related to services. In addition, according to these provision, if the discounts are applied after the date of the balance sheet, they shall be recorded on the balance in account 408 «Suppliers – invoices to be received», respectively account 418 «Clients – invoices to be issued» and shall be reflected in the financial statements for the reported year if the amounts are known on the date of the balance sheet.
- It provides details on the reclassification of fixed assets in the stock accounts. Thus, the transfer from the account of fixed assets into the stock account can be made only if there is a change of use of the fixed asset, revealed by the beginning of modernization, in order to be sold. Therefore, if an entity decides to sell a tangible asset without being modernized, this continues to be treated as a tangible asset until it is written off the records, and not as stock item. The modernization is explained by the subsequent expenditure recognized as a component of the asset.
- At the end of each month, claims and liabilities, respectively, reflected in the accounts 481 «Transactions between units and subunits” and 482 “Transactions between subunits”, payments in advance for tangible and intangible assets (account 232 “Advance payments for tangible assets” and 234 “Advance payments for intangible assets”), payments in advance granted for purchase of stock goods or received for deliveries of goods and services (account 409 “Suppliers – debtors”, respectively account 419 “Client – creditors”); bank deposits in foreign currency (accounts 267 “Receivables Assets” and 508 “Other short-term investments and related receivables”) shall be reevaluated.
- It clarifies that the receivables and liabilities in lei in the section “Information”, whose settlement is made according to the rate of a currency, are treated as assets and liabilities in lei.
- In case of the goods returned by customers in the same year in which they were sold, the accounts 411 “Client”, 707 “Sales of merchandise”, 607 “Purchase of goods” and 371 “Goods” shall be corrected. If the returned goods refers to a sale made in the previous financial year, the correction is recorded on the balance in the account 418 “Client – Invoices to be issued”, or the account 408, respectively “Suppliers – invoices to be received” and are reflected in financial statements for the reporting year if the amounts involved are known on the date of the balance sheet. The same provisions apply in case the finished goods are returned, correcting the appropriate accounts: 701 “Sales of finished products”, 711 “Income stocks of costs” and 345 “Finished products”;
- There is specified the treatment of the negative goodwill for individual financial statement;
- There are introduced two new accounts: the account 1095 “Own shares representing securities held by the acquired company at the acquiring company” and account 2677 “Bonds purchased when issued by a third party”.
- The notions of “related parties” are redefined/ completed.
The amendments and supplements of the Methodological Norms for Preparing and using financial and accounting documents, approved by the Minister of Economy and Finance Order no. 3512/2008
Changes have been made on economic and financial records of the entities with turnover under 35,000 Euros.
Thus, by exception to the general provisions, the entities that during the previous financial year have registered a turnover of less than the equivalent in lei of 35,000 Euros, can record the economic and financial accounting operations on other dates, but not later than the date for which statements on the income tax are prepared, or the date of the annual financial statements or the date of the accounting reports according to the law. As the calculation and declaration of income/wage tax should be made quarterly, it means that these entities are required to perform the accounting records at least quarterly.
In this case, the records may be done on documentary evidence or a summary containing several documents referring to the operations of the same nature occurring at the same time, situation in which the documents are attached to it.
Similarly, the registration in the accounting journal and ledger are performed for the same period.
In order to determine the limit of the 35,000 euro, the exchange rate used is that communicated by the National Bank of Romania, valid at the closing date of the previous financial year.
These provisions come into force from January 1, 2011.
Moreover, starting from January 1st 2011, entities that – in the previous financial year registered a turnover of less than the equivalent in lei of EUR 35,000, do not submit accounting reports to the local units of the Ministry of Finance during the financial year.
In order to determine the limit of the 35,000 euro, the exchange rate used is the one communicated by the National Bank of Romania, valid at the closing date of the previous financial year.
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