Фото: Financial statements of the enterprise: how to prepare and submit

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Financial statements of the enterprise: how to prepare and submit

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Financial reporting reflects the financial status and results of the enterprise. It provides important information for making management decisions, attracting investments and fulfilling legal requirements. Let's talk about how to prepare and submit financial statements in Ukraine.

What is financial reporting?

Financial statements are accounting statements that contain information about:

  • financial condition of the enterprise
  • performance results
  • cash flow

The purpose, composition and principles of preparation of financial statements are determined by Accounting Regulation (standard) 1 "General requirements for financial statements".

Composition of financial statements

A complete set of financial statements includes:

  • Balance sheet (Statement of financial position) - form No. 1
  • Report on financial results (Report on total income) - form #2
  • Cash flow report - form #3
  • Equity report - form #4
  • Notes to financial statements

Simplified reporting forms are provided for small business entities and representative offices of foreign economic entities.

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Who is obliged to prepare financial statements?

financial reporting

Financial statements must be prepared by:

  • Enterprises of all forms of ownership
  • Budget institutions
  • Banks and other financial institutions
  • Public associations, trade unions, political parties

Preparation of financial statements

Before drawing up financial statements, a number of preparatory measures must be taken:

  1. Checking primary documents - we identify unprocessed documents, if any, and enter all data into accounting registers.
  2. Depreciation for institutions that depreciate quarterly
  3. Generalization of accounting data - summary of sub-accounts, compilation of turnover information, closing of memorial orders and registers of analytical accounting, transfer of data to the "Journal-Main" book.
  4. Determination of the financial result - closing the subaccounts of income and expenses and determining the balance of the subaccount of financial results.
  5. Preparation of budget reporting (for budget institutions).

After that, we draw up the Balance sheet (form No. 1-ds). Here's what you need to know when filling out this form:

  • Show assets if their valuation is reliable and economic benefits are expected
  • Include the costs of acquiring assets that cannot be shown on the balance sheet in the expenses of the period
  • Show liabilities if their assessment is reliable and probable reduction of economic benefits
  • Display equity and financial results simultaneously with assets and liabilities
  • Ensure the identity of the data at the beginning of the period with the data at the end of the previous period
  • Do not show income and expenses (they are debited to the financial result)
  • Do not include data on off-balance sheet accounts

We fill out the Report on financial results (form No. 2-ds).

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Principles of financial reporting

The following principles should be followed when preparing financial statements:

  • Enterprise autonomy
  • Business continuity
  • Periodicity
  • Historical (actual) cost price
  • Accrual and matching of income and expenses
  • Full coverage
  • Sequences
  • Prudence
  • Predominance of content over form
  • A single monetary measure

Deadlines for submitting financial statements

  • Quarterly reporting is submitted no later than the 25th of the month following the reporting quarter
  • The annual report is submitted no later than February 28 of the year following the reporting year
  • For enterprises that prepare consolidated reports, the submission deadline is no later than April 30 of the year following the reporting year

Where are financial statements submitted?

Financial statements are submitted:

  • Bodies to whose sphere of management enterprises belong
  • Labor groups at their request
  • To the owners (founders) in accordance with the founding documents
  • State statistics bodies
  • To the bodies of the State Treasury (regarding the use of budget allocations)

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Features of reporting under IFRS

financial reporting rules of compilation

Some categories of enterprises are required to prepare financial statements according to international standards (IFRS). They include:

  • Public joint-stock companies
  • Banks
  • Insurers
  • Enterprises engaged in the extraction of minerals of national importance

IFRS reporting is based on the taxonomy approved by the Ministry of Finance of Ukraine.

After compiling the report, it is necessary to check its indicators in accordance with the methodological recommendations approved by the Ministry of Finance.

Liability for non-submission or late submission of reports

Penalties are provided for violating the deadlines for submitting financial statements:

  • For tax authorities - a fine of UAH 340 for each non-submission or late submission (UAH 1,020 for repeated violations)
  • For statistical authorities - a fine of UAH 170-255 (UAH 255-425 for repeated violations within a year)

Compiling financial statements is not just a formality, but a responsible process that requires deep knowledge and close attention to detail, especially given the constant changes in legislation. Even a minor mistake, such as a typo or an incorrect number, can have serious consequences, including fines.

"Prykhodko and Partners" offers to undertake the entire range of work on the preparation of financial statements, ensuring accuracy, compliance with regulatory requirements and optimization of the financial processes of your enterprise. For consultation, fill out the form below.

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