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Vorozhbitova Krystyna

Chief Accountant

Leading specialist with practical experience in economics and accounting

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 The end of the year is not far off, which means it’s time to prepare for the preparation of annual reports. The reporting period for the preparation of financial statements is a calendar year (part 1 of article 13 of Law No. 996).

 Recall: all enterprises, with the exception of microenterprises, non-entrepreneurial companies (except IFRS-obligated) and group-tax payers of group 3, also submit interim financial statements for the first quarter, first half and 9 months. In addition, in accordance with the accounting policies of the enterprise financial reporting may be compiled for other periods.

 For newly created enterprises, the first reporting period may be less than 12 months, but may not be more than 15 months (part 2 of article 13 of Law No. 996). Thus, enterprises that were registered in the period from October 1 to December 31, 2019 may not submit annual financial statements for this period.

 However, this does not apply to income tax payers. After all, they still have to submit financial reporting to the STSU for the period starting from the date on which the start of accounting of the newly formed business entity as a tax payer falls, and ending with the last calendar day of the tax (reporting) period in which the registration took place.
The annual financial statements must be submitted no later than February 28 of the year following the reporting year (first paragraph, paragraph 5 of Procedure No. 419)

 The annual consolidated financial statements of a legal entity with subsidiaries are provided no later than the deadlines stipulated by law for its promulgation (before April 30 or until June 1 of the year following the reporting year). But business associations submit consolidated annual financial statements (if provided for by the constituent documents) no later than April 15 of the year following the reporting year (clause 8 of Order No. 419).

 Note: if the deadline for submitting financial statements falls on a non-working day, this period is postponed to the first working day after the day off (clause 10 of Order No. 419).
Income tax payers submit annual financial statements to the STSU in the time provided for the submission of the tax return (second paragraph of paragraph 5 of Procedure No. 419), i.e., for 2019 – no later than March 2.

 As you can see, the “statistical” and “tax” deadlines for submitting financial statements differ. Moreover, when submitting financial statements in electronic form, they won’t be able to separately report to the tax authorities, since the statistics authorities also “see” the submitted reports. So, you need to submit annual financial statements no later than February 28. At the same time, the tax authorities do not see a problem in the fact that they will receive financial reporting in electronic form as an appendix to the income tax return earlier than the declaration itself.

 The date of presentation of the financial statements is considered the day of its actual transfer to the destination. If it is sent by mail, then such date is considered to be the date of receipt by the addressee, indicated on the stamp of the communications company serving the addressee (first paragraph, paragraph 4 of Order No. 419).

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