Order 65/2015 on preparation and submission of annual financial

statements and annual accounting reports of entities to the

Ministry of Public Finance - Summary
Order 65 from 22 January 2015 includes the main aspects related to the preparation and submission of fnancial statements and
accounting reports as at 31 December (Order). The Order is applicable to the entities applying Accounting Regulations in
accordance with the 4th Directive of European Economic Community approved through OMPF 3055/2009 and related
amendments, to entities applying Accounting Regulations in accordance with OMFP 1286/2012 for approval of accounting
regulations in accordance with IFRS, applicable to companies listed on regulated markets and to entities applying the simplifed
accounting system as per OMPF 2239/2011; however references are made within the Order to entities authorized, regulated and
supervised by the National Bank of Romania and the Financial Supervisory Authority respectively, that apply accounting and
reporting regulations issued by the respective relevant bodies and to non-for-proft organizations that apply Order 1969/2007. The
Order 65/2015 replaces the Order 79/2014.
Below is a summary of the Order concerning commercial companies applying OMFP 3055/2009 or OMFP 1286/2012, as
subsequently modifed:
Entities with fnancial year end 31 December
Companies applying OMFP 3055/2009
Subunits (branches) of non EU residents
Listed companies on regulated markets applying IFRS in accordance with
Company OMFP 1286/2012

Entities applying OMFP 3055/2009

Entities with fnancial year end other

than 31
December and other specifc situations
Entities applying OMFP 3055/2009 or
listed entities applying IFRS in
accordance with OMFP 1286/2012
Subunits (branches) of non EU residents

Subunits (branches) of EU residents

Listed companies on regulated markets
Entities with fnancial
year end other than 31 applying IFRS in accordance with OMFP
December and other specifc
situations

What?

Financial statements condensed or full set

depending on the following size criteria:
total assets: 3,650,000 euro;
net turnover: 7,300,000 euro;
average no of employees during the
financial year: 50.
being met (in accordance with the
requirements of OMFP 3055/2009).
Full set of financial statements include:
1.Balance Sheet;
2.Income Statement; 3.Cash flow
Statement;
4.Statement of Changes in Equity; 5. Notes
to the financial statements.
Condensed set of financial statements
include:
1.Condensed Balance Sheet; 2. Income
Statement; 3.Notes to the condensed
financial statements. Optional: Cash flow

Financial statements that

include the statements as
prescribed in IAS1
*The provisions of OMFP
1286/2012 will also apply to
companies listed during
fnancial year 2014

Annual accounting reports:

Statement of assets, liabilities and equity
Statement of revenues and expenses
[templates of these reports are included in
Annex 2 of Order
65/2015 respectively Annex 3 of Order 65/2015
for the listed entities applying IFRS in accordance
with OMFP 1286/2012]

Entities applying OMFP 3055/2009

end other than 31

Listed companies on regulated markets

Code 30 report- Additional information

Code 40 report- Intangible and Tangible
assets
[templates of these reports are included in
Annex 4 of
Order 65/2015]

Addition
al
informati
on to be
submitte
d

When?

How
and
where
?

Statement of the
restatements RAS
to IFRS as per Annex 2 of
Order
1286/2012 (applicable for the
frst year of application of
OMFP 1286/2012)
Annual accounting reports:
Statement of assets,
liabilities and equity
Statement of
revenues and
expenses
Code 30 reportAdditional
information
Code 40 report- Intangible

Entities with fnancial year

Code 30 report- Additional information

Code 40 report- Intangible and Tangible
assets
[templates of these reports are included in
Annex 4 of Order
65/2015 respectively Annex 3 of Order 65/2015
for the listed entities applying IFRS in accordance
with OMFP 1286/2012]

Administrator(s) report;
Auditors report or censors report, as the case may be;
Statement of the administrator assuming the responsibility for preparation
of the financial statements and confirming that:
accounting policies used to prepare the financial statements are in
accordance with applicable accounting regulations;
The financial statements give a true and fair view of the financial
position, financial performance and other information relating to
the activity;
the company is a going concern for the foreseeable future;
Proposal of profit distribution or of covering losses.

General rule - 150 days from the year end

150 days from the year end
Exceptions (Cooperative companies, public institutions, associations and other
Companies in liquidation- 90 days from the year
legal entities with or
end
without
scop
patrimonial)
120
days
from
the
year
end
hard-copy and electronic format at the ofices of Ministry of Public Finance (~ Financial
hard-copy and electronic format
at the ofices of
Administration Offices) or at postal ofices , through letters with declared value; orMinistry of Public Finance (~ Financial
Administration
Ofices) or at postal ofices ,
electronic format only, on the portal http://www.e-guvernare.ro/ having attached an
through letters with extended electronic signature
declared value; or
electronic format only, on the portal
http://www.e- guvernare.ro/ having
attached an extended electronic
Signature
The submission with the territorial units of the Ministry of Public Finances of several sets of annual fnancial statements/annual

Entities applying OMFP 3055/2009

Listed companies on regulated markets
Entities with fnancial year
end other than 31
For the Companies applying OMFP 3055/2009,
For the Companies applying OMFP 3055/2009, as
as exception from the general rules of
exception from the general rules of accounting
accounting for depreciation, at the end of the
for depreciation, at the end of the fnancial
fnancial exercise, any loss in value of the
exercise, any loss in value of the deferred green
deferred green certifcates as identifed
certifcates as identifed according to Law no
Specifc according to Law no 220/2008 will be
220/2008 will be accounted as follows: 472
accountin accounted
as
follows:
472
Deferred
Deferred income/separate analytic account =
g
income/separate analytic account = 266
266 Deferred green certifcates.
requirem
Deferred
green
certifcates.
ents
The depreciation recorded in prior period against
The depreciation recorded in prior period
expense (6863 Impairment losses on fnancial
against expense (6863 Impairment losses on
non-current assets = 296 Impairment of
fnancial
non-current
assets
=
296
fnancial assets) will be reversed against
Impairment of fnancial assets) will be
revenue (7863 Reversal of impairment losses on
reversed against revenue (7863 Reversal of
fnancial non-current assets) as the respective
impairment losses on fnancial non-current
deferred green certifcates are received. New!
assets) as the respective deferred green
certifcates are received. New!

Note: the Order includes requirements for Companies that applied for the simplified method of accounting subject to meeting the
following criteria in the previous financial year net turnover<35 000 euro and total assets<35 000 euro. These Companies will
prepare simplified financial statements in accordance with the requirements of OMFP 2239/2011.
The Companies that have met the above criteria in the previous financial year but have not applied for the simplified method of
accounting, will apply the accounting regulations approved by OMFP 3055/2009 for the preparation of the 2014 financial statements.
Other provisions:
For their frst fnancial year, the newly incorporated companies applying OMFP 3055/2009 can choose to prepare and submit either
a full set of fnancial statements or a condensed set of fnancial statements. Subsequently, for their second fnancial year, the
companies will analyze the criteria from both the prior and current period and will prepare fnancial statements in accordance with
the above mentioned provisions.
The companies that had no activity since incorporation until the end of the fnancial year, will not prepare annual fnancial
statements and/or annual accounting reports. To this end, a statement from the person in charge with the administration of the
Company will be presented at the offices of Ministry of Public Finance within 60 days from the year end.
This provision also applies to the subunits (branches) of foreign companies.
For the foreign companies operating in Romania through several permanent establishments, the annual fnancial statements and/or
annual accounting reports will be prepared by the permanent establishment designated to fulfll the fscal obligations and will
incorporate also the activities of all the other permanent establishments.