Financial reporting rules: Commission requests Romania to change accounting rules


On 26 sept. 2013, the European Commission has requested Romania to align its rules on valuation and accounting of purchased debt claims with EU law.

According to EU law, as a general rule, items shown in the annual accounts shall be valued using a method based on the principle of purchase price or production costs.

Under Romanian accounting legislation, transferred debt claims are to be shown using their nominal value in the books and records of the transferee. EU law does not provide for any derogation which permits the use of the nominal value of purchased debt claims for accounting purposes.

Therefore the Commission requests Romania, in the form of a reasoned opinion, to take action to fully comply with EU rules. If the Romanian authorities do not notify measures taken to ensure compliance with EU rules within two months, the Commission may refer the matter to the EU Court of Justice.

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