Accounting law amended - Finance: More control for large companies, transparency is aimed
The Ministry of Finance has proposed several amendments to the law "On Accounting and Financial Statements", with the aim of improving the quality of financial reporting and further aligning it with European Union standards.
One of the changes is the formalization of sustainability reporting. This obligation applies only to very large entities, exceeding on average 1,000 employees and net revenues of 450 million euros, setting a filter for companies that have a significant economic and social impact. Therefore, large companies will have to report not only on financial performance, but also on their environmental, social and governance impacts. The draft law sets limits on information requirements in the value chain, to protect smaller entities from disproportionate demands.
Another change is related to the signing of financial statements. Currently, they are signed by the legal representative of the economic entity and the person responsible for their preparation. According to the new proposal, the latter will also have to prepare a statement of responsibility, which will be published together with the annual financial statements. The form and content of this statement will be approved by order of the minister responsible for finance, upon proposal of the National Accounting Council.
According to the explanatory report of the draft law for public consultation, the aim is to improve the quality of financial reports. The report notes that the country has been aligning its legislation with International Financial Reporting Standards since 2008, applying them to small and medium-sized enterprises.
Another important element is the improvement of the rules for public interest entities, as well as the strengthening of accounting standards. These changes aim to increase the comparability and accuracy of financial statements.
The draft law also provides for a number of technical changes aimed at facilitating the implementation of the law in practice. These include clarifying terminology, improving the rules for consolidating financial statements, and reducing unnecessary obligations for businesses.
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