{"id":2262,"date":"2016-03-31T14:24:47","date_gmt":"2016-03-31T11:24:47","guid":{"rendered":"http:\/\/www.contexpert.ro\/?p=2262"},"modified":"2016-04-05T11:57:07","modified_gmt":"2016-04-05T08:57:07","slug":"ce-trebuie-stiut-despre-situatiile-financiare-aferente-anului-2015-criterii-obligatii-de-auditare-termene-sanctiuni","status":"publish","type":"post","link":"http:\/\/www.contexpert.ro\/en\/ultimele-stiri\/ce-trebuie-stiut-despre-situatiile-financiare-aferente-anului-2015-criterii-obligatii-de-auditare-termene-sanctiuni","title":{"rendered":"What to know about financial statements: Criteria, auditing obligations, deadlines, and sanctions"},"content":{"rendered":"<p>The financial statements for 2015 must be submitted abridged or with several components, according to the category that the economic entities belong to. These entities are grouped according to three size criteria (total assets, turnover and average number of employees).<\/p>\n<p>The legal provisions regarding the preparing of the financial statements for 2015 are provided by Order 4160\/2015 and 123\/2016.<\/p>\n<p>Keep in mind that the annual financial statements for fiscal year 2015 must be prepared according to the size criteria set solely on the basis of the trial balance drawn up at December, 31, 2015. The analysis for the past two years is no longer required.<\/p>\n<p><strong>As regards the obligation of auditing the financial statements<\/strong>, the analysis of size criteria will be exclusively based on the trial balance closed at December, 31, 2015. In conclusion, due to that provision, more entities have the risk to be obligated to audit the financial statements.<\/p>\n<p><strong>Which are the categories of economic entities?<\/strong><\/p>\n<p>According to the three size criteria, the economic entities are grouped in three categories:<\/p>\n<p>Micro-entities are the entities\u00a0 which at the date of the balance sheet exceed two out of the three criteria:<\/p>\n<ul>\n<li>total assets: 1,500,000<\/li>\n<li>net turnover: 3,000,000<\/li>\n<li>average number of employees during the financial year: 10.<\/li>\n<\/ul>\n<p>Small entities are entities that which at the date of the balance sheet do not qualify for micro-entities and exceed two out of the three criteria:<\/p>\n<ul>\n<li>total assets: 17 500 000 lei<\/li>\n<li>net turnover: 35 000 000 lei<\/li>\n<li>Average number of employees during the financial year: 50.<\/li>\n<\/ul>\n<p>Medium and large entities are the entities which at the date of the balance sheet exceed two out of the three criteria:<\/p>\n<ul>\n<li>total assets: 17,500,000 lei<\/li>\n<li>net turnover: 35 000 000 lei<\/li>\n<li>average number of employees during the financial year: 50.<\/li>\n<\/ul>\n<p><strong>How to prepare the financial statements for each category?<\/strong><\/p>\n<p>Microentities prepare annual financial statements comprising:<\/p>\n<ul>\n<li>abridged balance sheets<\/li>\n<li>profit and loss abridged account<\/li>\n<\/ul>\n<p>Although, there are not required elaborate explanatory notes, these entities must provide information on:<\/p>\n<ul>\n<li>accounting policies;<\/li>\n<li>the total amount of any financial commitments, guarantees or contingent assets and liabilities included in the balance sheet;<\/li>\n<li>the amount of advances and loans to members of the administrative, management and supervision;<\/li>\n<li>manager report with information on acquisitions of shares.<\/li>\n<\/ul>\n<p>Small entities prepare annual financial statements comprising:<\/p>\n<ul>\n<li>abridged balance sheets<\/li>\n<li>profit and loss account<\/li>\n<li>notes to the annual financial statements<\/li>\n<\/ul>\n<p>Optionally, they can prepare the statement of changes in equity and \/ or cash flows.<\/p>\n<p>Medium and large entities and public interest entities filed financial statements comprising:<\/p>\n<ul>\n<li>balance sheet<\/li>\n<li>profit and loss account<\/li>\n<li>statement of changes in equity<\/li>\n<li>cash flows<\/li>\n<li>notes to the annual financial statements<\/li>\n<\/ul>\n<p><strong><u>When is the auditing of the financial statements mandatory?<\/u><\/strong><\/p>\n<p>The entities which at the date of the balance sheet exceed the limits of at least two of the following three criteria:<\/p>\n<ul>\n<li>total assets: 16,000,000 lei<\/li>\n<li>net turnover: 32,000,000 lei<\/li>\n<li>average number of employees during the financial year: 50.<\/li>\n<\/ul>\n<p><strong>Note:<\/strong> The auditing of the financial statements of large and medium entities and of the entities of public interest is mandatory.<\/p>\n<p>Although the obligation to audit these entities appears when they exceeded those limits in two consecutive financial years, for 2015, the auditing will be mandatory if the criteria have been exceeded in the previous financial year (only 2015, not to be taken into consideration the indicators from 2014).<\/p>\n<p><strong>Warning!!!<\/strong> In case the obligation of auditing the financial statements is not fulfilled, the economic entities are sanctioned by a fine of 30,000 lei to 40,000 lei<\/p>\n<p><strong>Which are the deadlines for submitting financial statements?<\/strong><\/p>\n<ul>\n<li>May 30, 2016 for commercial companies, companies \/ national companies, autonomous administrations, national research and development institutes<\/li>\n<li>April 29, 2016 for public institutions, associations and other legal entities and non-profit<\/li>\n<li>May 30, 2016 for subunits of Romania which belong to legal persons established or residing abroad (except subunits opened in Romania by companies resident in the European Economic Area states)<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p><strong>Warning!! <\/strong>The entities that have chosen for a financial year different from the calendar year are also required to submit the annual accounting reports within 150 days, or 120 days &#8211; depending on the category of the entity &#8211; calculated from the end of 2015.<\/p>\n<p><strong>Sanctions<\/strong><\/p>\n<ul>\n<li>failure to prepare and to sign the financial statements is fined from 2,000 to 3000 lei<\/li>\n<li>failure to submit the financial statements within the legal term is fined:<\/li>\n<li>from 300 lei to 1,000 lei, if the delay period is between 1 and 15 days<\/li>\n<li>from 1000 to 3000 lei, if the delay period is between 16 and 30 days<\/li>\n<li>from 1,500 lei to 4,500 lei, if the period of delay exceeds 30 days.<\/li>\n<\/ul>\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>The financial statements for 2015 must be submitted abridged or with several components, according to the category that the economic entities belong to. These entities are grouped according to three size criteria (total assets, turnover and average number of employees). The legal provisions regarding the preparing of the financial statements for 2015 are provided by [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[569,571,570,572,182],"_links":{"self":[{"href":"http:\/\/www.contexpert.ro\/en\/wp-json\/wp\/v2\/posts\/2262"}],"collection":[{"href":"http:\/\/www.contexpert.ro\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.contexpert.ro\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.contexpert.ro\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.contexpert.ro\/en\/wp-json\/wp\/v2\/comments?post=2262"}],"version-history":[{"count":0,"href":"http:\/\/www.contexpert.ro\/en\/wp-json\/wp\/v2\/posts\/2262\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.contexpert.ro\/en\/wp-json\/wp\/v2\/media?parent=2262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.contexpert.ro\/en\/wp-json\/wp\/v2\/categories?post=2262"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.contexpert.ro\/en\/wp-json\/wp\/v2\/tags?post=2262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}