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Romania To Relax Accounting Rules For Cos With Sales Below EUR35000

Any graduate of university economic studies will be allowed to do accounting for Romanian companies with sales and assets below EUR35,000, says a draft emergency ordinance amending the law on accounting, obtained by MEDIAFAX.
Romania To Relax Accounting Rules For Cos With Sales Below EUR35000
Georgiana LupuRadu Bostan
27 mart. 2011, 13:31, English

Firms whose sales and total assets in the last fiscal year amounted to no more than EUR35,000 may opt for a simplified accounting system, approved through an order of the minister of Finance, says the draft.

According to the document, such firms may hand over their books to any individual with a higher education in economics, not only a member of the CECCAR accountants’ organization.

On the other hand, public institutions in which accounting is not organized into separate departments, or which do not employ an accountant, may sign a service contract concerning their accounting and quarterly/yearly financial reports with an authorized individual or legal entity, part of CECCAR. The contract must be signed by observing the rules on public procurement, says the draft.

The document also requires companies, individuals and public institutions to keep the software used to process the accounting data for at least ten years since it was last used.