Government Emergency Ordinance no. 79/2014 for amending Accounting Law no 82/1991, was published into Official Gazette no 902/11.12.2014

The main ammendments are:

Individuals who carry out activities in order to achieve revenues (PFA, liberal professions, freelancers) may choose to use double-entry accounting, complying with accounting and tax legislation.

Accounting is organized and managed, usually in separate compartments, managed by an economic director, chief accountant or another person empowered to perform this function.

Empowered person it is defined as a person employed according to the the law and to have responsabilities in managing the accounting of the entity.

Financial year may be different from the calendar year both for Romania branches of foreign legal entities but also for Romanian legal entities.

Newly set-up legal entities may opt for a financial year different from the calendar year from the date of their establishment.

If a company has to prepare consolidated annual financial statements and, in addition to the individual financial statements, audit reports for the two financial statements can be presented as a single report.

Also, if a company is required to prepare a consolidated management report, in addition to the management report prepared for the annual individual financial statements, the two reports may be presented as a single report.

Annual financial statements for the financial year 2014 should be prepared according to the current accounting regulations in force until the effective date of entry into force of this ordinance, ie on 1 January 2015.

It expressly forbidden to submit to the territorial units of the Ministry of Finance, several sets of annual financial statements for the same exercise.

Errors found after submission of annual financial statements are corrected at the time of their finding.