{"id":9922,"date":"2016-11-04T15:27:08","date_gmt":"2016-11-04T12:27:08","guid":{"rendered":"https:\/\/www.kreston.ro\/2020\/06\/04\/major-requirements-to-keeping-the-accounting-books-chart-of-accounts\/"},"modified":"2020-06-04T17:09:35","modified_gmt":"2020-06-04T14:09:35","slug":"major-requirements-to-keeping-the-accounting-books-chart-of-accounts","status":"publish","type":"post","link":"https:\/\/www.kreston.ro\/en\/2016\/11\/04\/major-requirements-to-keeping-the-accounting-books-chart-of-accounts\/","title":{"rendered":"Major requirements to keeping the accounting books, chart of accounts"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]Q<\/strong>: What are the MAJOR requirements established by Romanian law in relation to keeping the accounting books, chart of accounts, preparing and auditing financial statements? Is there a possibility to apply IFRS directly? Is the fiscal year treated as calendar year?<\/p>\n

A<\/strong>: Romanian companies must keep their books following the provisions of Order of Ministry of Finance no. 1802\/2014 for the approval of Accounting regulations complying with the European Directives, which is issued based on the Romanian Accounting Law no. 82\/1991.<\/p>\n

The financial year for accounting purposes is from 1 January to 31 December, except for the first year of activity when it starts at the moment when the company was set up and ends at 31 December. Alternatively, Romanian companies and Permanent establishments in Romania (including branches of foreign companies) may choose different reporting periods. Also, fiscal year is the calendar year, except for entities choosing different financial year calendar.<\/p>\n

Entities who meet two of the following criteria must prepare financial statements which have to be audited by a certified auditor:<\/p>\n