Finance News by Mazars Romania January 2023

Tue | 31.01.2023

Accounting/audit/tax

Tax inspections - what to expect in the coming period, by Mazars

Although formally, the tax inspections/controls were conducted both online and offline, the topics addressed by the inspection teams remained largely the same.

Mazars’ specialists can explain you the risk factors that may lead to a tax inspection, the main areas of focus for VAT and direct tax inspectors, the risk analysis performed by the authorities on transactions with related persons, the taxpayers' options in case the authorities decide to adjust transfer pricing, and the best practices in terms of interaction with the tax authorities during audits.

Read more info HERE.

Latest tax alerts, by Mazars

Mazars’ professionals are constantly preparing materials to help you stay up to date with the latest legislative measures.

Read more info HERE.

Fresh news on ESEF reporting

For the financial year 2022, the latest taxonomy to be used is Taxonomy 2021 (vs. Taxonomy 2020 for the prior year). The Taxonomy 2021 is an extension of the IFRS taxonomy and every element shall be marked up using the taxonomy element that has the closest accounting meaning or otherwise, users can create an extension and anchor such extension to the core taxonomy that best represents the economic substance of the disclosure.

Key changes for the 2022-year reporting:

As of 2022, reporting published in iXBRL format must now include tagging of notes in addition to the primary financial statements. Notes are tagged in blocks, and this represents a less detailed tagging and should be applied when the information is considered material. There are three different types of block tags: general information, description of accounting policies and disclosure of accounting policies;

ESMA expects that the notes to the IFRS consolidated financial statement (including headers/titles) should be tagged with elements of the annex II of the RTS (ie. mandatory block tags). In case of a disclosure corresponding to more than one element of different granularity (with narrower and wider elements), preparers should use each of them and multi tag the information to the extent that corresponds with the underlying accounting meaning of the information. It is commonly called nested tags, or “hierarchy”. The hierarchy has just been published recently by XBRL Europe and some block tags can have even 4 or 5 anchors.

Read more info HERE.

Mazars in Romania - Best Mid-Market Due Diligence Experts – CEE

Mazars in Romania has won the Acquisition International Magazine’s M&A Award 2022 for ‘Best Mid-Market Due Diligence Experts – CEE’, in recognition of their Deal Advisory team efforts in the last year.

The evaluation process was conducted by the publication’s in-house panel of judges, and the assessment was centred around the analysis of commercial success, client appreciation, and resilience.

Read more info HERE.

Mazars in CEE ranks #5 for M&A Transaction Services by deal count according to ‘Mergermarket Accountant League Table 2022’

For the seventh year running, Mazars is ranked fifth by Mergermarket for the number of successful M&A Transaction Services projects advised in 2022 according to the Accountant League Table for Central & Eastern Europe.

Read more info HERE.

Mazars in Romania announces the appointment of Alina Simion as Audit Director

Mazars in Romania is pleased to further strengthen its Audit business line and announces the appointment of Alina Simion as Audit Director, as of 1 January 2023.

Alina joined Mazars in 2015 and boasts an experience of more than 15 years in auditing, with a focus on the financial services industry.

Having a growth mindset and being open to taking on new challenges, Alina manages a diverse portfolio of clients from the financial services sector such as insurance, pension funds and finance institutions, contributing significantly to various projects, most of them being supervised by the national and international authorities (balance sheet reviews for the insurance sector in Romania and Bulgaria, diagnostic study on banks in Moldavia, etc.). Alina is an expert accountant, being a member of The Body of Expert and Licensed Accountants of Romania (CECCAR).

Read more info HERE.

This article is provided by our Finance Partner, MAZARS Romania

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