How to Do Yearly Financial Reporting According to the Type of Company
Small, medium and large companies in Romania need to comply with the requirements of the annual financial statements for 2017 until May this year, in respect to the new business classification. In this sense, it has been published a set of rules in the Official Gazette which observes the criteria for establishing the type of company. Our accountants in Romania can offer information about the requirements in this sense and can help entrepreneurs observe and conform with the annual financial statements' rules.
What types of companies must fill the annual financial statements?
The microenterprises in Romania are the companies which do not exceed turnovers of 3 million lei. Small companies are considered so if they have a maximum of 50 employees and total assets not exceeding 35 million lei. As for medium and large enterprises in Romania, these are considered so if they do exceed the total assets imposed for small companies and have more than 50 employees. Considering the business status on the market, it will be a lot easier for companies to fill in the annual financial statements. The criteria in this sense were recently established by the Romanian financial authorities which impose to enterprises to align with the new applicable rules. As for audits in Romania, we invite you to solicit help from our Romanian accountants.
Do micro-entities need to provide all the financial information?
Taking into consideration the new business classification in Romania and the criteria related which help companies to properly submit the annual financial statements, there have been made certain modifications. Particular types of companies need to provide all the financial information, others don't. In this direction, microenterprises do not need to provide to the authorities certain non-financial information, and furthermore, there is no need for developing descriptive and instructive notes linked to a particular financial data in such a company.
When do I need to submit the annual financial statements?
Companies in Romania, regardless of their registered turnover on the market (microenterprises, small enterprises, medium and large companies) need to respect and bear in mind the date until the annual financial statements are submitted, and that is May 30, 2018.
Foreign companies and entrepreneurs interested in accounting services and complete support when preparing the annual financial statements can contact our accounting firm in Romania and ask for details and support.