Amendments regarding accounting regulations
Citeste varianta in limba romana

InfoTax no. 43, January 2014

Order no. 2067/2013 published in the Official Journal no. 6/7.01.2014 brings two important amendments to the Accounting regulations pursuant to the CEE IVth Directive provided by Order no. 3055/2009, which are applicable starting with the annual financial statements for the financial year of 2013.

A first change regards the accounting of green certificates. Under the new regulations, renewable energy producers should evidence the right to receive green certificates on a monthly basis, within the subsidies accounts on behalf of (taxable) income, the accounting evaluation of the green certificates being performed based on the trading price as of the date of establishment of the right to receive them. When receiving the green certificates, their value will be reflected in the accounting based on the trading price as of the date of the receipt. The difference in price between the two moments will be reflected in the income and expenses accounts, as case may be.

Also, the green certificates will be evaluated at the end of the financial year based on the trading price published by OPCOM for the last transaction.

Regarding the green certificates whose trading is deferred under Law no. 220/2008, they will be evidenced in the accounting only at the date of establishment of the right to receive them, their evaluation being performed based on the trading price of green certificates. Until the respective date, these certificates are evidenced in a distinct account, delayed green certificates, this case the posting being done on behalf of deferred income.

A second amendment concerns the accounting of the operations of connecting users to the utility networks. For users connecting to the power grid, water, gas or other utility, the counter value of the expenses incurred by the users is to be assessed as intangible asset. The depreciation of the intangible asset will be recorded during the period for which the entity has the right to use those networks, according to the contract concluded between the parties or during the lifetime of the installations used at the consumption place, if the contract has not established a period of entitlement.

Until the entry into force of this Order, the expenses incurred by entities for realizing the installations with a view to ensure the utilities (water, electricity, gas) necessary for their operation were booked as expenses of the period.