Law no. 163/2018 (the Law) amending Article 19(3) of the Accounting Law (no. 82/1991), amending and supplementing the Companies Law (no. 31/1990), and amending Law no. 1/2005 on the organization and functioning of cooperatives was published in the Official Journal of Romania, Part I, no. 595 of 12 July 2018.
The law allows for the distribution of dividends quarterly, as compared to the previous regulation under which dividends could only be distributed once a year, after approval of the annual financial statements.
If the company opts for the quarterly distribution of dividends, it will be required to prepare interim financial statements in accordance with the legislation in force. The interim financial statements are subject to audit, if the entities preparing them are required to have a statutory audit of their annual financial statements, or if they opt to have their annual financial statements audited, in accordance with the law
Interim financial statements are subject to audit if the entities preparing them are required to have statutory audits of their annual financial statements or they opt to have their annual financial statements audited, in accordance with the law, and are subject to verification by censors if the annual financial statements are required to be verified by censors, according to the law.