Tax Flash No. 23/2012
Order 1286/2012 approving the Accounting Regulations in accordance with the International Financial Reporting Standards applicable to companies whose securities are traded on a regulated market was published in Official Gazette 687/2012
The Order provides that the IFRS statements for the year 2012 shall be prepared through the restatement of the accounting books prepared based on Order 3055/2009 on the approval of the accounting regulations in accordance with Directive IV of the European Economic Communities.
The annual financial statements shall include the items specified in IAS 1 and also a document containing the results of the restatement.
Starting 2013 financial year, entities preparing financial statements under IFRS shall no longer apply Order 3055/2009 on the approval of the accounting regulations in accordance with Directive IV of the European Economic Communities.
For the purposes of this Order, the regulated market has the meaning provided by article 125 of Law 297/2004 regarding the capital market.
Order no. 1400/2012 regarding the registration procedure for the agreements / documents concluded between the Romanian companies, Romanian individuals, Romanian permanent establishments of foreign companies with foreign companies or non-resident individuals was published in Official Gazette 695/2012
The Order brings the registration procedure of the agreements concluded with foreign companies or non-resident individuals in line with the provisions of the Fiscal Code applicable starting 1 January 2012, according to which the obligation to register such agreements (previously applicable soley to Romanian companies) is extended to resident individuals and to the Romanian permanent establishments of the foreign companies, as well.
The Order also provides that in the absence of a written agreement, the above mentioned taxpayers shall register the documents justifying the effective provision of services in Romania, such as: work statements, records of service, work reports, market studies, feasibility studies.
