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Through Innovation, a High Performance Culture, Integrity and a mission of “Cutting Through Complexity”, KPMG in Romania is ready for what we face in today’s and tomorrow’s world.

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The Romanian IFRS Institute is a resource dedicated to the implementation process of IFRS, providing useful information about the global financial reporting framework for CFOs, members of the Board, leaders and shareholders of companies.
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Advisory Newsflash

Welcome to KPMG in Romania Advisory Newsflashes' page.

This edition of IFRS Newsletter: Leases highlights the key impacts of current lease accounting proposals on lessees and lessors.

Changes to the Accounting Treatment of Greenhouse Gas Emission Certificates

The accounting regulations according to the IV-th Directive of the European Economic Communities, have been further amended by Order 1118/2012.

ANCOM Initiates Consultation Process on Proposed Regulations for MVNOs in Romania

ANCOM has initiated a public consultation process for Mobile Virtual Network Operators (MVNOs).

Changes to legislation on the promotion system for electricity produced from renewable sources

Government Emergency Ordinance no. 88/2011 („GEO 88”) on the promotion system for electricity produced from renewable sources has been published in the Official Journal of Romania.

Anti-bribery Assurance

Embedding appropriate anti-bribery processes throughout your business may reduce the risk of prosecution and other penalties

Capital Requirements Directive IV: Something Old, Something New...

The European Commission published on 20 July 2011 a proposed Regulation and Directive to implement the Basel 3 package of enhanced risk weightings and capital and liquidity standards.

Preparing and submitting annual financial statements and annual reports

On 23 December 2010, the Ministry of Public Finance issued Order 2870 regarding the main aspects related to the preparation and submission of annual financial statements and annual reports to the local offices of the Ministry of Public Finance.

The National Bank of Romania amended the Accounting regulations

Starting 1 January 2012, credit institutions will apply the provisions of NBR’s Order no. 27/2010 approving the Accounting regulations conforming to the International Financial Reporting Standards ("IFRS").

Amendments to the Accounting Regulations

On 23 December 2010, the Ministry of Public Finance issued Order 2869 regarding the amendments of accounting regulations. The order was published in Official Journal no. 882 of 29 December 2010.

NBR has issued the Accounting regulations conforming to IFRS, applicable to credit institutions starting 1 January 2012

NBR Order no. 27/2010 is applicable to all credit institutions in Romania, including Romanian branches of foreign credit institutions and foreign branches of Romanian credit institutions.

Application Norms for the Public-Private Partenership Law

The Norms detail and clarify the legal framework instituted under Law no. 178/2010, specifying a number of procedural-administrative elements.

National Infrastructure Development Programme for the years 2011-2020

The Romanian Government has launched the National Infrastructure Development Programme for the years 2011 -2020 (P.N.D.I.) under Emergency Ordinance 105/ 22.11.2010 (the ”Ordinance”).

Public-Private Partnership Law

Law no. 178/2010 regarding public-private partnerships introduces a number of provisions regarding the initiation and implementation in a variety of industry sectors of public-private partnership projects for public works.

Reminder! Deadline for workbooks submission

Under Government Decision no. 1768/2005, individuals and legal entities that hold or keep workbooks must submit such documents to the territorial pension authorities having jurisdiction over their residence or headquarters.

© 2013 KPMG Romania S.R.L., a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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Romanian IFRS Institute

Advisory Newsflash