Accounting regulations, amended. The new rules must be implemented starting from the financial statements of 202327 November 2023
The Ministry of Finance supplemented the general accounting regulations, as well as those aimed at non-profit organizations, through a recently published order. Among other things, new accounts are introduced in the general chart of accounts (for all categories of companies, regardless of which accounting standard applies, as well as for non-profit organizations) and the functions of already existing accounts are modified or supplemented. The updates apply starting with the annual financial statements related to the financial year 2023, so they will be reflected even in the reports submitted by companies and NGOs next year.
MF Order 2,649/2023, recently published in the Official Gazette, brings significant changes, effective starting with the financial year of 2023. Entities that do not follow the financial year calendar will apply these changes for the first time in their annual financial statements after January 1, 2024.
These changes are relevant both for the accounting regulations regarding individual and consolidated annual financial statements (in accordance with MF Order 1.802/2014) and for those in accordance with the International Financial Reporting Standards (MF Order 2.844/2016).
Among the most notable changes are the introduction of new accounts in the general chart of accounts. Thus, new accounts are introduced in the general chart of accounts, among which the analytical ones: 1496 for losses from company reorganizations, 6121 – expenses with royalties, 6122 – expenses with management premises, 6123 – expenses with rents, but also separate accounts: 616 – expenses related to intellectual property rights, 617 – management expenses or 618 – consulting expenses.
These accounts are essential for an accurate record of expenses, providing a clearer picture of operational and intellectual property costs.
Important changes have also been made to the functions of some already existing accounts. For example, account 149 now includes merger losses, and account 691 (income tax expense) adds specific details for tax groups. More specifically, there is an addition for the profit tax groups, namely that the responsible legal entity records in the debit of account 691 the total expense with the profit tax owed by the tax group.
An important aspect to note is the removal of the function of account 266, dedicated to deferred green certificates. This change may have a significant long-term impact on the financial reporting of companies involved in areas related to sustainability and renewable energy.
These updates must be carefully considered by companies to remain compliant with national and international accounting requirements. Finance departments must adapt quickly to these changes to ensure transparency and accuracy of annual reporting, so it is essential that professionals in the field review these changes in detail and ensure that their accounting procedures are properly updated to avoid accounting errors , but also to ensure compliance with current standards.
Changes to accounting regulations for NGOs
MF Order 2,649/2023 also contains accounting updates for legal entities without patrimonial purpose, applicable starting with the financial statements related to the financial year 2023. In addition to the changes to accounts similar to those detailed for the general accounting regulations, the Ministry of Finance also introduced other clarifications.
The news covers borrowing costs attributable to assets with a long manufacturing cycle, clarifying what is meant by assets ready for their intended use, but also the date on which borrowing cost capitalizations can start or be suspended. In addition, the provisions regarding the initial assessment of tangible assets are supplemented with the obligation to have supporting documents for design expenses and obtaining authorizations to certify their performance.
Article published in TaxMagazine
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