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Romania: Changes to the Romanian Accounting Law

Changes to the Romanian Accounting Law

On 02 June 2015 Law no. 121/2015 (hereinafter „the Law”) on amendments to Accounting Law (no. 82/1991) was published in Official Journal of Romania no. 382/2015.

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The Law is applicable starting from 6 June 2015. The Law does not make significant amendments, but clarifies certain aspects related to: (1) Categories of tax payers for which income tax is determined based on the revenues actually earned and which have the option to perform accounting by using the double-entry bookkeeping system, (2) individuals with power of attorney for the positions of Finance Managers or Chief Accountant and (3) The possibility to submit only one audit report and administrator’s report together with the individual financial statements of the parent company and the consolidated financial statements . 

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