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On 23rd August 2024, OMF 4164/2024 was published, introducing significant changes to the size criteria for the Romanian reporting entities previously stipulated in OMFP 1802/2014. These changes directly affect the classification of the Romanian entities based on size, applicable for the annual financial statements in Romania starting with the 2024 financial year or for financial years beginning after January 1, 2024, in the case of entities that have chosen a financial year different from the calendar year.
The main changes brought by OMF 4164/2024 involve updating the financial thresholds that define the categories of entities:
These are entities that, as of the balance sheet date, do not exceed the limits of at least two of the following three criteria:
| Criteria Type | Total assests | Net turnover | Average number of employees |
| Old criteria |
1.500.000 lei |
3.000.000 lei |
10 |
| New criteria |
2.250.000 lei |
4.500.000 lei |
10 |
These are entities that, as of the balance sheet date, do not fall under the micro-entity category and do not exceed the limits of at least two of the following three criteria:
| Criteria Type | Total assests | Net turnover | Average number of employees |
| Old criteria |
17,500,000 lei |
35,000,000 lei |
50 |
| New criteria |
25,000,000 lei |
50,000,000 lei |
50 |
These are entities that, as of the balance sheet date, exceed the limits of at least two of the following three criteria:
| Criteria Type | Total assests | Net turnover | Average number of employees |
| Old criteria |
17,500,000 lei |
35,000,000 lei |
50 |
| New criteria |
25,000,000 lei |
50,000,000 lei |
50 |
These groups consist of parent companies and subsidiaries that are to be included in consolidation and do not exceed the limits of at least two of the following three criteria as of the parent company’s balance sheet date:
| Criteria Type | Total assests | Net turnover | Average number of employees |
| Old criteria |
105.000.000 lei |
210.000.000 lei |
250 |
| New criteria |
125.000.000 lei |
250.000.000 lei |
250 |
This term refers to groups consisting of parent companies and subsidiaries that are to be included in consolidation and exceed the limits of at least two of the following three criteria as at the parent company’s balance sheet date:
| Criteria Type | Total assests | Net turnover | Average number of employees |
| Old criteria |
105.000.000 lei |
210.000.000 lei |
250 |
| New criteria |
125.000.000 lei |
250.000.000 lei |
250 |
It should be noted that entities that exceed at least two of the following three criteria for two consecutive financial years—total assets of 16,000,000 lei, net turnover of 32,000,000 lei, and an average number of employees of 50—are subject to mandatory audit.
These updates have been justified by the Ministry of Finance due to the obligation to transpose the European Directive 2.775/2023 into the national legislation, ensuring that the thresholds listed above account for the impact of recent years’ inflation on the size criteria used in financial reporting and more accurately reflect the size and complexity of the economic activities carried out by entities.
Do not hesitate to contact our Romanian specialists who, based on their many years of experience, will help you effectively prepare the annual financial statements in Romania.
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