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All companies with over 500 employees required to disclose non-financial information

All companies with over 500 employees required to...

Order no. 3456/2018 (the “Order”), published in the Official Journal of Romania (no. 942/7 November 2018) makes amendments and additions to the accounting regulations on annual individual and consolidated financial statements, and comes into force on 1 January 2019.

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According to the substantiation note of the Order, since it was made compulsory for public interest entities with over 500 employees to issue non-financial statements (under Order 1802/2014), there has been significant interest in non-financial reporting. The area of applicability of the requirement and the possibility to extend it, to target an increased number of entities at national level, is a subject which has generated considerable interest.

The current Order extends the requirement to disclose non-financial information to all entities (i.e. not only public interest entities) with an average of at least 500 employees, starting from the financial year 2019.

Because of this extension of the reporting requirement, the number of entities required to issue non-financial statements will significantly increase. This measure will consequently improve the level of transparency in companies, at a time when sustainability and social responsibility is increasingly emphasized.

Next steps

Do not hesitate to contact us to find out more and speak with our experts about how to comply with the regulatory requirements in relation to non-financial reporting.

We can assist you across all stages of the reporting process, as follows:

  • determining the materiality of each of the topics to be included in the non-financial statement (environmental, social and employee related aspects, human rights, anti-corruption and anti-bribery);
  • defining strategies, policies, risks and performance indicators on the topics previously mentioned, if the company has not implemented these;
  • development of the non-financial statement (either to be included in the management report, or as a separate report) according to the most commonly used reporting framework worldwide in this field (GRI Standards).

 

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