May 29, 2017
May 30th is the last day of the handover of the annual financial statements. However, the legislature has stipulated since 2016 cases where some errors in the annual financial statements can be corrected.
In the lines below we play from the text ORDIN No. 450/2016 of 31 March 2016 for the approval of the Procedure for correcting errors contained in the annual financial statements and annual accounting reports submitted by economic operators and legal entities with no patrimonial purpose, published in the Official Gazette No. 274 of 12 April 2016.
The procedure for correcting errors contained in the annual financial statements and annual accounting reports submitted by economic operators and legal entities with no patrimonial purpose, as set out in the Annex which forms an integral part of this order, is hereby approved.
The procedure laid down in Article 1 shall apply to entities in the accounting regulatory area of the Ministry of Public Finance, not to those referred to in Article 4 (1). (3) of the Accounting Act No 1/2002 of the European Parliament and of the Council of 22 December 20 82/1991, republished, with subsequent amendments and additions.
PROCEDURE FOR CORRECTING errors contained in annual financial statements and annual accounting reports submitted by economic operators and legal entities with no patrimonial purpose
I. General provisions
1. This procedure shall apply where economic operators and non-heritage legal entities submit to the register of territorial units of the Ministry of Public Finance another set of annual financial statements, i.e. annual accounting reports, for the same reporting period as that corresponding to the initial filing.
2. The submission for the same reporting period of another set of annual financial statements/annual accounting reports may be made only for the correction of errors mentioned in this procedure, not for the correction of accounting errors defined by the applicable accounting regulations.
3. For the purposes of this proceeding, the errors found may be caused by the incorrect completion of:
(a) the name of the reporting entity;
b) CAEN activity (CAEN class name and/or CAEN code);
(c) the form of ownership;
d) the number of employees and/or other indicators reported through the “Information data” form.
4. It is also the object of correction and situations caused by the following types of errors:
a) electronic transmission of annual financial statements/annual accounting reports instead of declaration of inactivity, as well as electronic transmission of the declaration of inactivity instead of annual financial statements/annual accounting reports;
b) electronic transmission of annual financial statements/annual accounting reports using a reporting format contained in the assistance programme, different from that corresponding to the type of entity or the electronic non-transmission of all documents provided by law (administrators’ report, self-responsibility statement, statutory auditor’s report, etc.).
5. Accounting errors, as defined in point 66 of the Accounting Regulations on Individual Annual Financial Statements and Consolidated Annual Financial Statements, approved by the Order of the Minister of Public Finance No. 1.802/2014, with subsequent amendments and additions, respectively in section 55 of the Accounting Regulations for legal entities with no patrimonial purpose, approved by the Order of the Minister of Public Finance No. 1.969/2007, as amended, shall be corrected according to the respective regulations. Entities applying the Accounting Regulations in accordance with the International Financial Reporting Standards applicable to companies whose securities are admitted to trading on a regulated market, approved by the Order of the Deputy Prime Minister, Minister of Public Finance, No. 1.286/2012, with subsequent modifications and additions, corrects accounting errors in accordance with the provisions of section 134 of the respective regulations. As a result, in case of correction, no other set of corrected annual financial statements/reports may be submitted.
The full text of the provisions for the correction procedure can be found here: OMFP_450_2016. Also, for further information and support in this endeavor you can contact us to support your business. We’re the reliable partner for your business.