Annual financial statements are prepared on the basis of maintenance of accounting and tax registers for the year, as well as interim reports.
The composition of the annual financial statements is regulated by the Law “On Accounting” dated 06.12.2011 number 402-FZ. Thus, the annual financial statements consist of a balance sheet, statement of financial performance and applications.
- Statement of changes in equity;
- Cash flow statement;
- Report on the targeted use of funds (for non-profit organizations);
- Other applications (explanations).
The main requirement is the accuracy of the data.
Annual accounting statements are required to be compiled by all organizations and entrepreneurs, except companies who have the opportunity to apply the simplified type of annual financial statements, for example:
- Small business;
- Non-profit enterprises;
- Skolkovo project’s participants.
All organizations are required to submit annual financial statements no later than 31st March of the year following the reporting one. Deadlines for different reports may vary.