Fines for non-compliance with financial and accounting obligations by companies have increased significantly, and in some cases even doubled, after the amendment of Law No. 1000. 82/1991 (Accounting Law) by the Ordinance on Trains (OJ No. 115/2023).
All changes under the Trains Decree apply starting with the annual financial statements for the 2023 financial year.
The changes with the greatest impact relate to the obligations to have a management accounting policy and to carry out inventories, the aim of the authorities is to increase the degree of voluntary compliance while applying sanctions to companies that do not meet their statutory obligations.
It should be noted that the fines detailed in Article 42 of the Accounting Law have not undergone significant changes since 2011, and some even until 2008.
Read the rest of the article on the PwC Romania blog
The article is signed by Miruna Dragoman, senior manager of PwC Romania
Article supported by PwC Romania
Source: Hot News
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.