This chapter presents a comprehensive overview of the organization of the country, its territorial structure and central, regional and local government financing, to be proceeded with concise insights on the processes referring to formulation and execution of central government and local and regional self-government budgets in Romania. Special attention is given to an up-to-date description of accounting and financial reporting methodology and on audit and other oversight (supervision) practice. Recent developments highlighted include the implementation of the national financial management information system, strengthened internal control and preventive financial control frameworks, and reforms enhancing transparency and accountability. The chapter also presents insights into non-financial reporting initiatives and frameworks, including the challenges in implementing them. The authors also discuss Romania’s current challenges—such as improving the governance of state-owned enterprises, integrating SDGs into budgeting, and aligning with OECD and EU standards.