Gruia Dufaut



Last updated: 12 February 2014

2013 has just finished and companies have to close their accounts, unless they have chosen a fiscal year different from the calendar year.
In order to validate the 2013 results, the Shareholders’ General Meeting must meet within 5 months from the end of the financial year in order to approve the financial statements and the result and, if the latter is positive, to decide its assignment in dividends or investments, depending on the company’s business plan for 2014 and for the years to come.
As regards the 2013 financial statements, the Ministry of Public Finance has issued the Order no. 79/2014 on the submission of these financial statements; the Order entered into force when published in the Official Journal, i.e. on January 29th 2014. The Order provides the delay for the submission of the statements, the content thereof, as well as the sanctions for failing to submit the statements within the legal delay. Hereinafter you may find a brief reminder of the main rules.


For companies, including State companies, government business enterprises and national research institutes the delay for submitting the 2013 financial statements is 150 days from the end of the financial year, i.e. May 30th 2014 at the latest (taking into account the fact that this year February has only 28 days).
A shorter delay, of only 120 days, i.e. until April 30th 2014, is granted to other entities, such as associations, collective investment entities, public institutions (provided by article 1 of the Accounting Law no. 82/1991).


Financial documents to be submitted by companies differ depending on the size of the company, which is determined in accordance with the following criteria:

  • if the total value of assets exceeds 3.65 million Euros ;

  • if the net turnover is superior to 7.3 million Euros ;

  • if the medium number of employees exceeds 50.

Companies exceeding at least two of the criteria mentioned above must draft their annual financial statements comprising 5 elements: (1) the balance sheet, (2) the profit and loss account, (3) a report of the changes in equity, (4) a report on cash flows and (5) explanatory notes to the annual financial statements.

The other companies may submit their summarized annual financial statements, comprising 3 elements: (i) the summarized balance sheet, (ii) the profit and loss account and (iii) explanatory notes.

Moreover, companies whose 2013 turnover was inferior to 35,000 Euros and the total value of their assets is inferior to 35,000 Euros may opt for simplified financial statements, comprising 2 elements: (i) the simplified balance sheet and (ii) the simplified profit and loss account.


Just as during the previous year, financial statements may be submitted directly with the competent tax authorities or by post, by insured letter (on paper and electronically), but also exclusively online, by using an extended electronic signature, on

In all cases hereinabove, the financial statements must be accompanied by (i) the directors’ report, (ii) the proposal for the distribution of profit or for covering losses, (iii) the auditors’ report and (iv) a declaration given by the legal representative certifying the fact that the company carries out its activity in a continuous manner, that the financial statements are correct given the company’s situation and that they are drafted in accordance with the legal provisions.

Failing to fulfil the obligation to submit the annual financial statements is sanctioned by a fine between 2,000 RON and 5,000 RON.

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