Accounting procedures regarding the distribution and interim payment of dividends
Series of articles from “The Practice of Gambling”
by Anchidim Zagrean, Rombet Vice-President
In order to put in practice the provisions of the Law nr.163 from 2018, by which it is established the optional regime regarding the interim distribution of dividends to associates or shareholders, MFP adopted the Order nr. 3067 from September 10th 2018, for the completion of the Order of the Ministry of Public Finances nr. 1.802/2014.
By this order, for the completion of the accounting regulations in force, in the general account plan was introduced the account 463 “Receivables representing dividends distributed during the fiscal year, asset account, with whose help it is being kept an evidence of the dividends distributed, pursuant to the law, during the fiscal year and which are to be regulated after the approval of the annual financial situations.
In the debit of the account 463 is registered the sum of the dividends, distributed during the fiscal year, in correspondence with the credit of the account 456, and their payment is performed by debiting the account 456, in correspondence with the credit of the account 512 or 531.
In the credit of the account 463 is registered the sum of the dividends, distributed during the fiscal year and regularized based on the annual dividends, in correspondence with the debit of the account 457, as well as with the amounts received representing returns of dividends owed, according to the law, in correspondence with the debit of the account 512 or 531.
The balance of the account 463 represents the sums distributed as dividends, according to the law, during the fiscal year, representing debts of the associates or of the shareholders, highlighted nominally and which are to be regularized, after the approval of the annual financial situations, or returned.
The entities which opted, pursuant to the law, for the quarterly distribution of the dividends, draw up interim financial situations, made of balance and profit and loss account with the same structure as the one applicable to annual financial situations. The income and the expenses reported in this manner are established cumulated at the beginning of the fiscal year, until the end of the trimester for which the entity opted to distribute the dividends.
The interim financial situations are drawn up using the accounting policies applied by the entity at the date of their elaboration and are accompanied by the significant accounting policies.
The interim financial situations represent financial situations with special purpose, being intended for the distribution of dividends during the fiscal year.
In view of elaborating the interim financial situations, there will be proceeded to the inventory of the elements like assets, debts and own capitals and the evaluation of these elements, according to the applicable accounting regulations.
The results of the inventory and of the evaluation performed on this occasion are registered in the entity’s accountancy, according to the applicable accounting regulations.
The interim financial situations are drawn up based on the trial balance where the results of the inventory are contained.
The interim financial situations are drawn up in Romanian and in the national currency.
The interim financial situations are signed by the entitled persons, comprising:
– name and forename of the person having elaborated them, in print;
– its quality (economic manager, chief accountant or other person designated by written decision by the director, authorized person according to the law, member of the Body of Accountant Experts and Authorized Accountants from Romania);
– the registration number in the professional body, if applicable.
The interim financial situations are submitted to the territorial units of the Ministry of Public Finances, within 30 days from their approval by the General Shareholders’ Meeting.
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