The Order approves the Accounting Reporting System on June 30, 2020 and establishes the deadline for submitting to the territorial units of the Ministry of Public Finance the date of September 30, 2020.

According to the normative act, the accounting reporting system as of June 30, 2020 is applied by the economic operators that in the previous financial year registered a turnover higher than RON 220,000.

The provisions of this order also apply to the economic operators whose financial year is different from the calendar year.

This order also brings some additional provisions regarding the International Financial Reporting Standards:
• Inter-alia, the accounts: 4413 “Tax differences caused by uncertainties related to tax treatments”, 6565 “Valuation losses at fair value of rights of use assets that meet the definition of a real estate investment”, 693 “Income tax expenses, determined by uncertainties related to tax treatments”.

Regarding the Accounting Regulations, it brings some clarifications on the determination of the depreciation of fixed assets:

• the entities that decide to change the valuation method for tangible assets from the re-evaluation method to the cost method will determine the depreciation expense based on the value of the asset, corrected with the adjustments imposed by the modification of the respective accounting policy;
• the depreciation of fixed assets is neither interrupted, nor diminished during their non-use.