Companies in Romania to Conduct the Annual Inventory of Assets
Since 1991 when the Accounting Law was enforced in Romania, all companies with establishments in the country, alongside with sole proprietors must make an inventory of the assets, liabilities, and equities. This mandatory rule must be considered in cases of company liquidation, at the beginning of the activities, and any other situation stipulated by the law. The entire procedure can be entirely explained by our accountants in Romania who can also provide you with accounting services for your business.
What kind of entities must conduct the annual inventory in Romania?
In a financial year, enterprises in Romania must perform the inventory of assets as stipulated by the law. This situation is imposed to national companies, cooperative societies, corporations and juridical persons with residency in Romania. Even the public institutions and non-profit legal entities should pay attention and respect the requirements of the Accounting Law which refers to the annual inventory of the assets. The sole proprietors in Romania should also consider the annual inventory of possessions in the chosen field of activity.
For an accurate information about the financial status of a company, audits in Romania can be performed by our advisors on request and in compliance with the current law.
When is the annual inventory of assets necessary?
Companies in Romania may face varied situations in which the assets and the overall finances must be inventoried. Related to this, each enterprise or sole proprietorship must provide information to the authorities in charge, if a request has been made. Furthermore, when a company is sold or closed, the management of the firm must prepare the inventory of the assets. The administration of a company needs to be offered with complete information about the properties and resources registered. Please keep in mind that enterprises should perform the inventory in the current financial year or at the end of it. The manager or the representative of a business with activities in Romania is in charge of conducting the registration of possessions of the firm.
If you want to know more details about how an annual inventory should be directed, or if you need accounting services for your company, please feel free to contact our team of Romanian accountants.