Romania
Financial Reporting Obligations for Companies in Romania
1. Registry for Financial Statements Submission
In Romania, companies must submit their annual financial statements to the Oficiul Național al Registrului Comerțului (ONRC) ( https://www.onrc.ro ). Financial statements are also filed with the Ministry of Finance (Ministerul Finanțelor) via its online platform ( https://mfinante.gov.ro ).
2. Legal Forms Required to Publish Financial Statements
The following legal forms in Romania are required to submit and publish their financial statements:
- Societate cu Răspundere Limitată (SRL – Limited liability company)
- Societate pe Acțiuni (SA – Joint-stock company)
- Societate în Comandită pe Acțiuni (SCA – Partnership limited by shares)
- Societate în Număre Colectiv (SNC – General partnership)
- Societate în Comandită Simplă (SCS – Limited partnership)
- Cooperativă (COOP – Cooperative)
- Sucursala (Branch of a foreign company)
Legal forms that are generally not obliged to publish include Întreprindere Individuală (II), Întreprindere Familială (IF), and Persoană Fizică Autorizată (PFA), though they must keep accounting records for tax purposes.
3. Companies Required to Audit Financial Statements
The obligation to audit depends on legal form and size criteria (turnover, total assets, employees). The table below summarizes the requirements:
|
Legal Form |
Rule |
Criteria |
|
Societate cu Răspundere Limitată (SRL) |
Audit required if thresholds are exceeded |
Meet at least two: |
|
Societate pe Acțiuni (SA) |
Audit always required |
Not applicable |
|
Societate în Comandită pe Acțiuni (SCA) |
Audit required if thresholds are exceeded |
Same as SRL |
|
Societate în Număre Colectiv (SNC) |
Audit required if thresholds are exceeded |
Same as SRL |
|
Societate în Comandită Simplă (SCS) |
Audit required if thresholds are exceeded |
Same as SRL |
|
Cooperativă (COOP) |
Audit required if thresholds are exceeded |
Same as SRL |
|
Sucursala (Branch) |
Audit depends on parent company obligations |
Follows parent company rules |
4. Financial Statements Submission for Listed Companies
Companies listed on the Romanian market must publish their financial statements on the Bucharest Stock Exchange (Bursa de Valori București, BVB) ( https://www.bvb.ro ).
5. Deadline for Submission of Financial Statements
Typical statutory timelines include:
- Within 150 days after fiscal year-end for most legal forms (filing to the Ministry of Finance and the Trade Register).
- Shorter deadlines may apply for listed companies per BVB/market regulations.
6. Partial Financial Statements Submission
Certain entities (e.g., non-profit organizations and smaller companies under specific thresholds) may submit simplified financial statements, typically below turnover/asset levels such as €700,000.
7. Consequences of Non-Submission
Failure to submit on time can result in fines (commonly RON 2,000–5,000) and potential striking off from the Trade Register for persistent non-compliance.
8. Reporting Requirements for Foreign-Owned Branches
Foreign-owned branches must submit financial statements in line with Romanian law while aligning with the parent company’s reporting obligations, generally within the same 150-day timeframe after fiscal year-end.
Sources
|
Source |
Link |
|
Oficiul Național al Registrului Comerțului (ONRC) |
|
|
Ministerul Finanțelor (Ministry of Finance) |
|
|
Legea nr. 162/2017 privind auditul statutar |
|
|
Bursa de Valori București (BVB) |
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Keywords
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