Accounting regulations in Romania set by the Ministry of Public Finance and based on the European Union’s accounting standards.
Key accounting regulations in Romania:
The Romanian Accounting Law
This law sets out the basic principles of accounting in Romania, including the requirements for financial statements, bookkeeping, and tax reporting.
The Romanian Tax Code
This code outlines the tax regulations and requirements for businesses and individuals in Romania, including income tax, value-added tax (VAT), and other taxes.
The Romanian National Chart of Accounts
This chart of accounts provides a standard framework for recording financial transactions and preparing financial statements in Romania.
The Romanian Accounting Standards
These standards set out the accounting requirements for specific industries and sectors, and provide guidance on accounting policies, procedures, and practices.
The Romanian International Financial Reporting Standards (IFRS)
IFRS are used by listed companies and other large organizations in Romania, and provide a common global framework for financial reporting.
The Romanian Tax Audit Code
This code outlines the procedures and requirements for tax audits, which are conducted by the tax authorities to ensure compliance with tax regulations.
It’s important for businesses and organizations in Romania to comply with these accounting regulations to avoid penalties and fines, and to ensure that their financial reporting is accurate and reliable.
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