Due to the season of preparation and audit of financial statements, we would like to remind you that in accordance with the changes from 28.11.2018 in Federal Law “On accounting” the new procedure for drawing up and reporting will come into force.
Previously, reporting was considered completed after signing a paper copy of the report by the head of the organization. Now, financial statements can be prepared on paper and (or) in the form of an electronic document signed by electronic signature (p.7.1 article 13 FL #402-FZ).
A mandatory copy of the reporting is submitted by the organization to the State Information Resource of Financial Statements, which is part of the tax authorities. Reporting is provided in the form of an electronic document no later than three months after the end of the reporting period. The audit report statement is also presented in the form of an electronic document together with such statements or within 10 business days from the day following the date of the audit report, but no later than December 31 of the year following the reporting year.
From January 1, 2020, the Federal State Statistics Service ceases to exercise authority to collect mandatory copies of reports, including revised ones, as well as audit reports for the reporting period of 2018 and reporting periods that expired before January 1, 2018.
Also on June 1, 2019, the main provisions of Order No. 66N “On Amendments to the Forms of Financial Statements” entered into force. Starting from 2019, all reporting forms are compiled in thousands of rubles only. The use of OKVED2 (Russian Classification of Types of Economic Activity) codes instead of OKVED is also clarified.
On the balance sheet, a key change is the need to indicate whether the financial statements are subject to statutory audit. If an audit is necessary, the company needs to fill in the data accordingly, in particular, to indicate in the special fields of the balance:
- The name of the audit organization or name of the individual auditor;
- TIN of the audit organization or individual auditor;
- OGRN (Primary State Registration Number) of audit organization or OGRNIP (Primary State Registration Number of the Sole Proprietor) of the individual auditor.
In the statement of financial performance, the changes affected the lines relating to income tax as a result of the new rules for calculating deferred tax in accordance with amendments to PBU 18/02 (Accounting standards). Therefore, instead of the current income tax and changes in deferred tax liabilities and deferred tax assets, it will be necessary to indicate income tax and deferred income tax. In addition, the line “Tax on profit from operations whose result is not included in net profit” has been added. The total financial result of the reporting period must be included. These changes in the Report on Financial Results will become mandatory with the reporting for 2020, as well as the application of the new procedure for calculating deferred taxes. However, organizations have the right to apply them earlier - since 2019, as this it is necessary to make an appropriate decision and make changes to the accounting politics.
Additional information on the reporting and audit preparation can be obtained from EMG specialists.