Vous êtes sur la page 1sur 3

Accounting and Auditing

Accounting
The value of reliable accounting information is critical for both private
and state-owned companies, as well as for the regulatory authorities.
The former Accounting Law 82/1991 came into force on 1 January
1992, and the rules for its application were issued in 1993. This law
was mainly inspired from French accounting regulations, but also had
other western countries' accounting influences. This law applied to all
legal entities except for banks and for the operations of the Ministries
of Defense and Internal Affairs. The law stipulated the procedures to be
followed, the chart of accounts to be used, the records to be produced
and maintained the prerogatives of the Ministry of Finance to monitor
the activities of private companies. In 2001, the Ministry of Finance
started a long and important process to implement International
Accounting Standards in Romania. This process was initially
implemented through Order no 94/2001 " for approval of the
Accounting regulations harmonized with the IV-th EEC Directive and the
International Accounting Standards" which is gradually applied by
larger companies so that by 2005 all such companies will report under
the new accounting regulations. In 2002, the accounting law was
amended under Order 306/2001, which introduced the new chart of
accounts and records to be produced and maintained for small
companies as of 1 January 2003. This Order introduced a simplified
version of the International Accounting Standards.

Accounting Records
The main accounting principles are as follows:
the double entry bookkeeping system is applicable;
the financial year is the calendar year;
accounting records are to be kept in Romanian currency and in the
Romanian language (bilingual records are permitted and dual currency
records are required for transactions in other currencies);
a statutory audit must be performed yearly for joint stock companies
that Order 94/2001 is applicable. The results are published yearly;
most records are stored for 10 years.

Financial Statements
The Accounting Law specifies the compulsory preparation of yearly
financial statements. The Ministry of Finance establishes the format of
the financial statements. The financial statements include: the balance
sheet; the profit and loss account; the cash flow statement, the
statement of changes in equity, the notes to the financial statements
and the management report. Statements prepared in nominal terms
must be prepared and submitted to the tax authorities at dates
established by the Ministry of Finance depending on the size of the
company.
A set of financial statements prepared in inflated numbers and
observing the International Financial Reporting Standards may be
prepared by the company and submitted to authorities other than the
Ministry of Finance (e.g. Trade Registry, Romanian Stock Exchange
Commission);
The half-year financial statements prepared in nominal terms, including
a balance sheet, a profit and loss account and explanatory notes must
be submitted to the tax authorities by all companies.

The present accounting reform in Romania


As already mentioned, in 2001, the Ministry of Finance introduced new
accounting regulations under Order 94/2001. This new regulation was
the first step towards harmonization with the 4th Directive of the
European Communities and the implementation of International
Financial Reporting Standards.
For the financial year 2000, this program was applicable only to the
entities listed on the Romanian Stock Exchange, Regies Autonomes
and other entities of a national interest or involved in the capital
markets.
Between 2001 and 2005, companies meeting specific requirements regarding turnover,
total assets and number of employees will come under the scope of the harmonized
accounting regulations. The qualifying criteria are as follows:
Year ended Turnover as Total assets as Average number
per prior year per prior year of employees in
financial financial the prior year
statements statements
(euro) (euro)
31 December 2001 over 9 million over 4,5 million 250
31 December 2002 over 8million over 4,0 million 200
31 December 2003 over 7million over 3,5 million 150
31 December 2004 over 6million over 3,0 million 100
31 December 2005 over 5million over 2,5 million 50

One of the priorities of the Ministry of Finance is to prepare an


accounting system in accordance with European Directives and
International Financial Reporting Standards under the Romanian legal
framework. Order nr. 94/2001 is a major step in this direction, as it
integrates International Financial Reporting Standards into Romanian
accounting regulations (with several exceptions, the most notable of
which is the optional application of IAS 29 Financial Reporting in
Hyperinflationary Economies). The financial statements that are
compulsory for entities applying the new regulations include the
balance sheet, the income statement, the cash flow statement, a
statement of changes in equity, as well as more detailed explanatory
notes. The Order also contains a revised version of the General Chart
of Accounts.
The professional body operating in the field of accountancy is the
National Association of Certified and Chartered Accountants (CECCAR),
a member of the International Federation of Accountants (IFAC).
Specific regulations issued by the Romanian authorities govern the
application of the accounting law adapted to the banking system (i.e.
accounting registers, chart of accounts, main book entries). In 2001,
Order nr 1982/5/2001 was issued "for the approval of the accounting
regulations harmonized with the International Accounting Standards
applicable to credit institutions". Starting with 2002, all credit
institutions in Romania have applied the provisions of this law.
The Romanian authorities have also issued specific accounting
regulations for insurance and reinsurance companies under Order no
2328/2390/2001 "for the approval of the accounting regulations
specific to insurance companies, harmonized with European Directives
and with International Accounting Standards". As of 2001, all insurance
companies in Romania have had to apply the provisions of this law.

Audits
The value of an independent professional examination of the financial
records and underlying information of a company is very useful to
different groups, including shareholders, creditors, joint venture
partners, suppliers and customers.
The financial audit is a complex examination and review of accounting
records requiring an independent professional opinion on: the fairness
of the financial statements; the consistency of the accounting method
used over the years; and whether the financial statements have been
prepared in accordance with Romanian accounting law.
The Romanian Chamber of Financial Auditors, which supervises the
auditing activity in Romania, awards the Financial Auditor qualification
(AF) to legal persons and individuals, which enables them to provide
financial audit services. The National Standards on Auditing are
harmonized with the International Standards on Auditing as
promulgated by the International Federation of Accountants and
adopted by the Chamber of Financial Auditors of Romania.
Companies complying with Order 94/2001 for a full year must have
their accounts audited by a financial auditor and no longer need to
appoint censors.