Groups of firms may be exempted, starting next year, from the obligation to draw up consolidated financial statements, if they have a total turnover worth less than 35 million euros and have less than 250 employees, according to an order from the Public Finances Minister.
The order is linked to the approval of accounting regulations that are aligned to European directives and implements all the relevant European Union norms in the domain. The current Romanian legislation is 80-90 percent harmonised with European regulations.
"These regulations are not revolutionising the accounting domain. While under the previous formula of the Romanian legislation, European directives had been harmonised, having been 80-90 percent adopted, through this order accounting regulations will be brought in line with directives IV and VII of the European Union. There shouldn''t be any compulsory stipulations in EU directives that are not transferred into our legislation. At the moment of EU integration, legislation has to be completely aligned," stated the representatives of the Public Finances Ministry.
The order says that parent companies of groups of firms will be freed from the obligation to draw up annual consolidated financial statements should the companies within the group not jointly exceed, at the date the balance sheet is drawn up, the established limits for at least two of the following indicators, namely assets, turnover and number of employees.
The order sets a limit of 17.52 million euros for total assets, 35.04 million euros for net turnover and an average number of employees of 250 during the fiscal year.
The above-mentioned exemption will not be applied if the securities of a branch that is undergoing consolidation are accepted for trading on a regulated market.
Annual consolidated statements will be drawn up, in line with accounting rules aligned to Directive VII of the European Union, by the parent company that is part of a group of companies.
The recent order annuls Order 772/2000 issued by the Ministry of Public Finances approving norms related to the consolidation of accounts, and also overrules all previous stipulations to the contrary.
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