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Vorozhbitova Krystyna

Chief Accountant

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Management report

This is the new Report, which is for the first time to be filed with 2016 financial statements. Management report – a document containing financial and non-financial information that characterizes the state and prospects of enterprise development and reveals the main risks and uncertainties in its activities.

Who and how should he submit, establishes Part 7 of Art. 11 of the Law on Accounting.
In case of providing consolidated financial reporting to the company, consolidated Management Report is submitted.
Now let’s briefly review the key points associated with this Report:
1. The form of the Management Report is developed independently (no form). But there is a Recommendation of the Ministry of Finance on the preparation of this Report (approved by the Ministry of Finance Order No. 982 of 07.12.2018).
2. A report shall be submitted together with annual financial statements, and, as provided for in Part 7 of Art. 11 of the Law on Accounting, are submitted in the order and terms established for annual reporting. That is, it is formally required to be submitted to the same users who are given financial statements, and in the same terms.
But! It is worth noting that there is no electronic form of this report. It is not included in the list of tax forms, nor in the list of statistical reporting forms that can be submitted electronically. You can not submit the Management Report electronically.
At the same time, this report is by no means required for tax officers. And it is important to consider that this Report alone is not an integral part of financial statements (this is a separate report that is submitted in conjunction with financial reporting). And once this is not fiction, it means, and not an addition to the tax return. Accordingly, there will be no problem with the adoption of a tax return on the fact that the Management Report will not be submitted to the tax authorities.
With regard to statistics – to formally submit this report to statistics is required. But again, there is no electronic form of this Report, and it also does not appear in the list of statistical forms of reports. Therefore, in principle, it is necessary to submit it to the statistics, if it needs it.
But there is an important point for those enterprises whose financial statements for 2018 are subject to disclosure. Order number 419 orders to publish on the website to such enterprises not only financial statements, but also the management report. At the same time, for a violation of the order of disclosure of financial statements, a substantial administrative fee is provided. The question here is: can the violation of the order of disclosure of financial disclosure be without a Management Report? There are reasons to believe that. Therefore, companies that are obliged to publish financial statements for 2018, it is better not to risk and publish the Management Report along with annual financial statements on its official website.

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