WHAT ARE THE CHANGES IN ACCOUNTING IN 2023? WHAT NEW RULES ARE PRESCRIBED IN NP(S)BO 25 AND NP(S)BO 8

From the beginning of the year, a number of changes will take place in various spheres of life. Accounting changes will not be missed. In particular, from the beginning of 2023, changes to the Accounting Regulation "Inventories" will come into effect. These changes are primarily aimed at clarifying some points regarding accounting and reporting.

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The main changes that will take effect from the New Year:

• The above-mentioned Regulation clarified that NP(S)BO 9 does not apply to financial instruments, and previously it only applied to financial assets. That is, the definition of "financial assets" is included in the concept of "financial instruments".
• The new term "original cost" is included, which, according to the specified Regulation, means the actual cost of inventories. In other words, concepts and definitions were replaced again.
• The amount of discounts given should not be included in the original cost of the inventory. With this, it is clear that received discounts are not included.
• The regulation also specifies similar stocks, in particular, it is specified that similar stocks are stocks that have a similar purpose or conditions of their use.
• Inventory storage costs should not be included in the original cost, but should be included in the costs for the reporting period.
• The concept of "marketing" expenses was replaced by "sale" expenses.

That is, if we analyze the specified changes in accounting in 2023, then they have a more clarifying nature. There will not be any drastic changes in accounting from the New Year, at least as of now. But the named clarifications also need to be taken into account in the work.

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Rules of NP(S)BO 25

Inventories should be shown at net cost at the time of their realization. Taking into account the changes to the Regulation, which enter into force from the New Year, materials must be reflected at net realizable value if a decrease in market prices for them will lead to the fact that the cost of finished products will be higher than the net realizable value.

Rules of NP(S)BO 8

From the "intangible assets" section, the Regulation, which will enter into force on January 1, 2023, will exclude the "right to rent premises".

So, as can be seen from the above, some changes in 2023 will affect accounting. Of course, they are not very voluminous, but they are still of great importance when submitting reports. And therefore it will not work to ignore them.

If there are doubts or you need a more detailed consultation about the changes that will take place in accounting, it is better to use the help of proven specialists, rather than advice from the Internet.

After all, accounting and reporting is a field that does not forgive mistakes, and incorrect submission of information is subject to legal sanctions and other unpleasant consequences. Therefore, even the smallest change in the regulatory framework must be analyzed in detail and taken into account in everyday work.