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Law No. 259 Of 19 July 2007 Modifying And Completing The Law On Accountancy No. 82/1991

Original Language Title:  LEGE nr. 259 din 19 iulie 2007 pentru modificarea şi completarea Legii contabilităţii nr. 82/1991

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LEGE no. 259 259 of 19 July 2007 to amend and supplement Accounting Law no. 82/1991
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 506 506 of 27 July 2007



The Romanian Parliament adopts this law + Article I Accounting Law no. 82/1991 , republished in the Official Gazette of Romania, Part I, no. 48 of 14 January 2005, shall be amended and supplemented as follows: 1. In Article 1, paragraph 3 shall be amended and shall read as follows: " (3) Subunits without legal personality, based abroad, belonging to the persons referred to in par. ((1) and (2), with headquarters or domicile in Romania, as well as subunits without legal personality in Romania belonging to legal persons with their headquarters or domicile abroad have the obligation to organize and conduct their own accounting, according to this law. " 2. In Article 4, paragraph 3 shall be amended and shall read as follows: " (3) The rules and accounting regulations for credit institutions, non-banking financial institutions, defined according to the legal regulations, entered in the General Register, the Deposit Guarantee Fund in the banking system, the companies insurance-reinsurance authorized, regulated and supervised by the Insurance Supervisory Commission, authorized entities, regulated and supervised by the Private Pension System Supervisory Commission, as well as for entities authorized, regulated and supervised by the National Securities Commission is elaborated and issued accordingly by the National Bank of Romania, the Insurance Supervisory Commission, the Private Pension System Supervisory Commission and the National Securities Commission, with the opinion of the Ministry of Economy and Finance. " 3. Article 8 is amended and shall read as follows: "" Art. 8. -(1) The assessment of the items held during the inventory and their presentation in the annual financial statements shall be made according to the applicable accounting regulations. ((2) Revaluation of tangible assets shall be made at fair value from the balance sheet date. Fair value is determined on the basis of assessments carried out, as a rule, by assessors authorized according to the legal regulations in force. (3) The assessment of monetary items in foreign currency and those expressed in lei, the settlement of which is based on the course of a currency, shall be carried out according to the accounting and applicable regulations. (4) The value of assets and debts, on the occasion of reorganizations made according to the law, shall be determined, as a rule, by assessors authorized according to the legal regulations in force 4. In Article 10, paragraphs 2, 3 and 4 shall be amended and shall read as follows: " (2) The accounting shall be organized and governed, as a rule, in distinct compartments, led by the economic director, the chief accounting officer or other person empowered to perform this function. These people must have higher economic studies. ((3) Accounting may be organized and conducted on the basis of contracts for the provision of services in the field of accounting, concluded with natural or legal persons, authorized according to the law, members of the Body of Chartered Accountants and Accountants Authorized from Romania. ((4) The liability for the improper application of the accounting regulations lies with the economic director, chief accountant or other person empowered to perform this function, together with the subordinate staff. If the accounting is conducted on the basis of service contract, concluded with natural or legal persons, authorized according to the law, members of the Body of Chartered Accountants and Authorized Accountants of Romania, liability for accounting management returns to them, according to the law and contractual provisions. " 5. Article 18 is amended and shall read as follows: "" Art. 18. -The accounting of public institutions ensures the registration of the rights found, revenues collected, budgetary commitments, legal commitments, house payments and actual expenses, on the subdivisions of the budget classification, according to approved budget and methodological norms developed by the Ministry of Economy and Finance. " 6. In Article 19, paragraphs 4 and 5 shall be amended and shall read as follows: " (4) The retained accounting loss shall be covered by the profit of the financial year and that carried forward, from reserves, capital premiums and social capital, according to the decision of the general meeting of shareholders or associates. (5) At public institutions the result of the budget execution shall be established annually by closing the accounts reflecting the revenue collection and the payment of the expenses related to the budget year 7. in Article 19, after paragraph 5, a new paragraph (6) is inserted, with the following contents: "(6) The surplus or the patrimonial deficit shall be determined by the public institutions in accordance with the methodological norms developed by the Ministry of Economy and Finance." 8. Article 22 is amended and shall read as follows: "" Art. 22. -In order to verify the correct registration in the accounts of the operations carried out, the balance of verification shall be drawn up, at least annually, at the end of the financial year or at the time limits for drawing up law. " 9. Article 25 is amended and shall read as follows: "" Art. 25. -(1) The mandatory accounting records and the supporting documents underlying the records in financial accounting shall be kept in the archive of the persons referred to in art. 1 for 10 years, starting from the date of the end of the financial year during which they were drawn up, with the exception of the states of salaries, which are kept for 50 years. (2) By exception to the provisions of par. ((1) may reasonably be determined by order of the Minister of Economy and Finance, the accounting records and the supporting documents to be kept for 5 years. " 10. The title of Chapter IV is amended and shall read as follows: "" CHAPTER IV Financial statements " 11. In Article 27, paragraph 3 shall be amended and shall read as follows: " (3) The financial year may be different from the calendar year: a) for branches established in Romania, belonging to a foreign legal entity, with the exception of credit institutions, non-banking financial institutions, defined according to the law, entered in the General Register, authorized, regulated entities and supervised by the National Securities Commission, insurance, insurance-reinsurance and reinsurance companies, authorized entities, regulated and supervised by the Private Pension System Supervisory Commission, if the financial year differs for society; b) for the consolidated subsidiaries of the parent company, as well as for subsidiaries of subsidiaries, with the exception of credit institutions, non-banking financial institutions, defined according to the law, entered in the General Register, authorized entities, regulated and supervised by the National Securities Commission, insurance, insurance-reinsurance and reinsurance companies, authorized entities, regulated and supervised by the Private Pension System Supervisory Commission, whether the financial year differs for the parent company. " 12. In Article 28, paragraphs 2, 3, 4 and 5 shall be amended and shall read as follows: " (2) The Ministry of Economy and Finance may establish and submit to the territorial units of the Ministry of Economy and Finance the financial statements or accounting reports and other periods than annually, within the year Financial. (3) For legal entities applying International Financial Reporting Standards (IFRS), financial statements have the components provided by these standards. (4) Legal persons applying the accounting regulations in accordance with the European Directives shall draw up annual financial statements, which have the components provided for by the applicable accounting regulations. ((5) The categories of legal persons applying the accounting regulations in accordance with the European Directives and/or International Financial Reporting Standards (IFRS) shall be established by order of the Minister of Economy and Finance. " 13. Article 29 is amended and shall read as follows: "" Art. 29. -(1) The annual financial statements shall be accompanied by the report of the administrators, the audit report or the report of the censor committee, as the case may be, and the proposal for the distribution of the profit or coverage of the accounting loss. ((2) A parent company must prepare both annual financial statements for its own activity and consolidated annual financial statements, under the conditions laid down in the applicable accounting regulations. " 14. After Article 30, two new articles are inserted, Articles 30 ^ 1 and 30 ^ 2, with the following contents: "" Art. 30 30 ^ 1. -The consolidated annual financial statements shall be accompanied by a written declaration of the parent of the parent undertaking responsible for the preparation of the consolidated annual financial statements and shall confirm that: a) the accounting policies used to prepare the consolidated annual financial statements are in accordance with the applicable accounting regulations; b) the consolidated annual financial statements give a true and fair view of the financial position, financial performance and other information relating to the activity of the group. Article 30 ^ 2. -(1) Members of the administrative, management and supervisory bodies of legal entities shall be required to ensure that the annual financial statements and the management report are drawn up and published in accordance with national law. (2) Members of the management, management and supervisory bodies of the parent company are required to ensure that the consolidated annual financial statements and the consolidated management report are drawn up and published in accordance with national legislation. " 15. Article 31 shall be repealed. 16. In Article 32, paragraph 2 shall be amended and shall read as follows: " (2) The consolidated annual financial statements shall constitute a whole unit and shall be drawn up within 8 months of the end of the financial year of the parent company. These include the consolidated balance sheet, the consolidated profit and loss account, as well as the other components, namely information on the group's activity, according to the applicable accounting regulations, and explanatory notes to the consolidated annual financial statements. ' 17. Article 33 is amended and shall read as follows: "" Art. 33. -(1) The annual financial statements of legal persons of public interest shall be subject to financial audit, which shall be carried out by financial auditors, authorized natural or legal persons, under the law. (2) Within the meaning of the present law, legal persons of public interest shall be understood: credit institutions; non-banking financial institutions, defined according to the legal regulations, registered in the General Register; insurance, insurance companies -insurance and reinsurance; authorized entities, regulated and supervised by the Private Pension System Oversight Commission; financial investment services companies, investment management companies and investment firms. collective investment, authorized/endorsed by the National Commission of Values Securities; companies whose securities are admitted to trading on a regulated market; companies and national companies; legal pesons belonging to a group of companies and entering the consolidation perimeter by a parent company applying International Financial Reporting Standards. (3) The financial statements drawn up by the entities having this obligation under their specific legislation shall be audited. (4) The financial statements drawn up in order to carry out the operations of merger, division or termination of the activity of persons who have the obligation to audit the annual financial statements are also subject to financial audit. ((5) Other cases in which the annual financial statements are subject to financial audit may be established by order of the Minister of Economy and Finance. " 18. In Article 34, paragraphs 1 and 3 shall be amended and shall read as follows: "" Art. 34. -(1) The legal entities that organize the accounting in the double party must publish, according to the legal provisions, the annual financial statements. The annual financial statements, the administrators ' report and the audit report or the report of the censor committee, as the case may be. These provisions also apply to branches registered in Romania belonging to legal entities based abroad, as well as to parent companies that draw up consolidated annual financial statements. ............................................................................................... (. The annual financial statements shall be kept for 10 years. " 19. In Article 35, paragraph 1 shall be amended and shall read as follows: "" Art. 35. -(1) The terms for the preparation of annual financial statements are as follows: a) for companies, companies/national companies, autonomous regions, national research and development institutes, 150 days from the end of the financial year; b) for the other persons provided in art. 1 1, 120 days after the end of the financial year. " 20. In Article 35, after paragraph 1, two new paragraphs are inserted, paragraphs 1 ^ 1 and 1 ^ 2, with the following contents: " (1 ^ 1) The terms for the submission of annual financial statements to the territorial units of the Ministry of Economy and Finance are: a) 150 days from the end of the financial year, for the persons referred to in par. ((1) lit. a), with the exception of companies; b) 120 days from the end of the financial year, for the persons referred to in par. ((1) lit. b). (1 ^ 2) Persons who from the establishment have not carried out activity, except for companies, as well as those in liquidation, according to the law, will submit a declaration in this regard, within 60 days from the end of the exercise Financial institutions of the Ministry of Economy and Finance. " 21. After Article 35, a new article is inserted, Article 35 ^ 1, with the following contents: "" Art. 35 35 ^ 1. -(1) For the provision of information intended for the institutional system of the state, the companies shall submit to the territorial units of the Ministry of Economy and Finance an annual reporting, the content of which shall be the economy and finance minister. (2) The annual reporting shall be submitted to the territorial units of the Ministry of Economy and Finance, within 150 days from the end of the financial year, accompanied by proof of delivery of the annual financial statements at the register office trade, for publication. " 22. Article 36 (7) shall be repealed. 23. Article 37 shall be repealed. 24. Article 38 shall be repealed. 25. Article 39 is amended and shall read as follows: "" Art. 39. -(1) At the end of the financial year, in the accounting of the State Treasury, the budget execution shall be concluded according to the methodological norms issued by the Ministry of Economy and Finance, as follows: a) the completion of the execution of the state budget shall be carried out by the territorial units of the b) the conclusion of the execution of the state social insurance budget shall be carried out by the units of the Ministry of Labor, Family and Equal Opportunities; c) the conclusion of the execution of local budgets is carried out by the main authorising officers of the local budgets. (2) The Ministry of Economy and Finance shall draw up quarterly and annually the general balance sheet of the State Treasury, in the structure established by it, which is approved under the law. " 26. Article 40 is amended and shall read as follows: "" Art. 40. -(1) The Ministry of Economy and Finance shall draw up the balance sheet annually. (2) The annual review of public institutions, in the structure established by the Ministry of Economy and Finance, shall be submitted to the Government for adoption with the annual general account of execution of the state budget. " 27. In Article 41, after letter d) of paragraph 2, a new letter, letter d ^ 1) is inserted, with the following contents: "d ^ 1) submission to the territorial units of the Ministry of Economy and Finance of the annual financial statements;". 28. In Article 41, letter e) of paragraph 2 is amended and shall read as follows: "e) the preparation and submission to the territorial units of the Ministry of Economy and Finance of periodic financial statements or accounting reports established according to the law." 29. Article 41, after point 3, insert 3 new points, points 4, 5 and 6, with the following contents: " 4. non-compliance with the provisions regarding the preparation of the declarations 30 30 and 30 ^ 1; 5. non-compliance with the provisions on the obligation of members of the administrative, management and supervisory bodies to prepare and publish the annual financial statements; 6. non-compliance with the provisions on the obligation of members of the administrative, management and supervisory bodies of the parent company to draw up and publish the consolidated annual financial statements. " 30. In Article 42, paragraphs 1, 2 and 4 shall be amended and shall read as follows: "" Art. 42. -(1) The contraventia provided for in art. 41 41 section 2 lit. g) is sanctioned with a fine of 2,000 lei to 30,000 lei, the one provided for in item 1, with a fine of 1,000 lei to 10,000 lei, those provided for in item 2 lit. c), d), d1), pt. 4 and 5, with a fine of 400 lei to 5,000 lei, the one provided for in item 6, with a fine of 10,000 lei to 30,000 lei, those provided for in item 2 lit. a) and b), with a fine of 300 lei to 4,000 lei, the one provided for in item 2 lit. e), with a fine of 500 lei to 1,500 lei, the one provided for in item 3, with a fine of 200 lei per 1,000 lei, and the one provided for in item 2 lit. f), with a fine of 100 lei to 200 lei. The criteria according to which the level of the fine is established shall be correlated with the level of turnover, as the case may be. (2) The fine for not fulfilling the obligation provided in art. 41 41 section 2 lit. e) is from 1,000 lei to 3,000 lei, if the delay period for the preparation and submission of periodic financial statements is between 15 and 30 working days, and from 1,500 lei to 4,500 lei, if the delay period exceeds 30 business days. ............................................................................................... (4) The finding of contraventions and the application of fines shall be made by persons with tax inspection duties and by the commissioners of the Financial Guard. " 31. In Article 42, after paragraph 4, a new paragraph (4 ^ 1) is inserted, with the following contents: " (4 ^ 1) The finding of contraventions and the application of fines in the case of owners ' associations shall be made by the persons with control powers of the local councils of the municipalities, towns, communes and sectors of Bucharest and other persons empowered by the county councils, respectively by the General Council of Bucharest Municipality. " 32. Article 44 (1) shall be repealed. 33. Article 48 is amended and shall read as follows: "" Art. 48. --(1) The development of the institutional framework in the field of accounting and accounting profession is carried out through the Accounting and Financial Reporting Council. The way of organization and operation, its tasks and sources of funding are established by the regulation of organization and functioning of it, which is approved by Government decision. (2) The Director of the Accounting Regulations, as well as the Director-General of the Directorate-General for Public Accounting and the Public Sector Settlement System, shall be members of law of the Accounting and Financial Reporting Council. " + Article II (1) Application of art. 2 2 para. ((2) lit. d) and ale art. 27 27 para. ((3) of the Accounting Law no. 82/1991 , republished, with the amendments and completions brought by this law, shall be suspended until January 1, 2009. (2) The commercial companies will submit a copy of the financial statements related to the financial years 2007 and 2008 to the territorial units of the Ministry of Economy and Finance, within 150 days from the end of the exercises that financial. The companies that from the establishment have not carried out the activity, as well as those in liquidation, according to the law, will submit a declaration in this regard, within 60 days from the end of the financial year. + Article III On the date of entry into force of this Law, it is repealed a) para. ((1) of art. 27 27 and Annex no. 3 3 of the Implementing Rules of the Law no. 142/1998 on the granting of meal tickets, approved by Government Decision no. 5/1999 , published in the Official Gazette of Romania, Part I, no. 26 26 of 25 January 1999; b) lit. D and E of Annex no. 3 to the Methodological Norms on the registration in accounting of goods that make up the public domain of the state and administrative-territorial units, approved Government Decision no. 1.031/1999 , published in the Official Gazette of Romania, Part I, no. 620 620 of 17 December 1999. + Article IV Accounting Law no. 82/1991 , republished in the Official Gazette of Romania, Part I, no. 48 of January 14, 2005, with the amendments and completions brought by this law, will be republished in the Official Gazette of Romania, Part I, giving the texts a new numbering. This law was adopted by the Romanian Parliament, in compliance with the provisions of art. 75 75 and art. 76 76 para. (1) of the Romanian Constitution, republished. CHAMBER OF DEPUTIES PRESIDENT BOGDAN OLTEANU SENATE PRESIDENT NICOLAE VACAROIU Bucharest, July 19, 2007. No. 259. ------