According to the Order of the Ministry of Public Finance 2861/2009 for the approval of the Norms regarding the organization and performance of the inventory of the assets, liabilities and equity and the Accounting Law 82/1991, the administrator, the credit officer or other authorized person to manage the entity has the obligation to organize the inventory of the entity’s patrimony.
The scope of the inventory is to establish the existence of the assets, liabilities, and equity of the company, either quantitative-value or exclusively value. Also, by performing the inventory, the entity gets the information about the assets and values held under any title, belonging to other legal or natural persons.
The patrimony inventory is mandatory to be carried out at least once during the financial year, as a rule at the end of the financial year for the purpose of statutory financial reporting closing processes. The results of the inventory are reflected in the Entity’s financial statements, being key to the fair presentation of the financial position and the performance of the respective financial exercise.
Entities that opted for a different financial year from the calendar year, organize and carry out the annual inventory at the end of the set up financial year so that its results are recognized in the financial statements prepared for the related financial year.
The patrimony inventory is also required to be performed in case of merger or cessation of the activities, at the request of the fiscal or other state bodies, when there are indications of minuses or surpluses in inventories management, changes in management, national disasters or cases of force major.
Non-compliance with the regulations issued by the Ministry of Public Finance, regarding the performance of the inventory, the approval of the accounting procedures provided by the legislation, represents the contravention, and is sanctioned with a fine between RON 2,000 to RON 20,000 as modified by the Government Ordinance Emergency 115/2023.
Non-compliance means that:
⮚ the stock count is not carried out,
⮚ inventory procedures are missing,
⮚ the inventory decision is not drawn up,
⮚ the inventory manager does not submit his inventory statement,
⮚ the documents related to the inventory process are not drawn up,
⮚ the company refuses to confirm the receivables and payables.
What are the main actions taken by the responsible persons with the inventory?
How to perform the stock count?
How to document the inventory outcome?
What are the accounting and fiscal implications of the inventory and how are these reflected in the company’s books?
For more details and clarifications, we are at your disposal at the following e-mail addresses:
Mihaela Rosu, Partner BPO & Tax TGS Romania m.rosu@tgs-romania.com
Cristian Faica, Senior Tax Manager TGS Romania c.faica@tgs-romania.com
