03 April 2023
Order no. 4291/2022 for the regulation of some accounting aspects comes with a series of changes and accounting regulations regarding individual annual financial statements and consolidated annual financial statements, approved by Order of the Minister of Public Finance no. 1.802/2014
Clarifications are made regarding assets with a long manufacturing cycle, namely: debt costs will not be capitalized during extended periods in which economic operators are not actually working on the realization of the asset with a long manufacturing cycle.
Additions were included regarding the costs incurred and directly attributable to the construction of a tangible asset. In this sense, in order to be capitalized, the design expenses and for obtaining the authorizations should be recorded based on the supporting documents that certify their performance in relation to the asset in question.
Clarifications are made regarding the recognition of amounts received in advance from customers. Thus, the amounts collected before the entity transfers a good or a service to the client, are recorded as a debt to the client, using the << 419 – Clients – creditors>> account. The entity derecognizes that liability and recognizes revenues when it transfers those goods or services and thereby fulfills its contractual obligation.
Moreover, if the entity charges a non-refundable advance from the customer (for example, activation fees from telecommunications contracts, set-up fees from certain service contracts and initial fees from some supply contracts) and the received advance refers to the provision of a service in a future period, it is recorded using the account 472 “Revenues recorded in advance”, following to be as revenues when the respective services will be provided. If the advance does not refer to future services, the amount collected from the customer is recognized against the revenues of the respective period.
Clarifications are introduced regarding the registration method of dividends distributed, received by entities during the financial year, namely: “461 <<Various Debtors>>/separate analytical = 467 <<Debts related to interim dividend distributions>>.” The regularization of the amounts is done on account of the dividends due based on the annual financial statements, approved according to the law, through the accounting note: 461 <<Various debtors>> = 761 <<Revenues from financial assets>>.
Additions are made regarding the recognition of revenues when the entities act or not in their own name, referring to several indicators (such as: the entity is primarily responsible for fulfilling the contract, the entity has a risk related to stocks, the entity has the freedom to establish the price for the specified good or service), without them being limiting;
Additions are introduced regarding the recognition of revenues in the case of the transfer by license contract of the intellectual property.
- A number of new accounts are introduced in the general chart of accounts, such as:
- 467 “Liabilities related to interim dividend distributions”,
- 6053 “Expenses regarding the consumption of natural gas”,
- 6058 “Expenses with other utilities”,
- 694 “Profit tax expenses resulting from settlements within the fiscal group in the field of profit tax” and
- 794 “Profit tax revenues resulting from settlements within the fiscal group in the field of profit tax”.
The name of group 60 is changed as follows: “Expenses regarding stocks and other consumption” and of group 79 as follows: “Profit tax revenues” and the name of account 605 is changed as follows: “Expenses regarding utilities”.
