Composition and content of annual financial statements

Timing and composition of submission of financial reporting forms for 2017

A set of financial statements for 2021 must be submitted to the tax inspectorate and statistical authorities no later than April 02, 2021* (clause 5, clause 1, article 23 of the Tax Code of the Russian Federation, article 18 of the Federal Law of December 6, 2011 No. 402-FZ “On Accounting”, hereinafter referred to as Law No. 402-FZ).

*Note.

03/31/2018 falls on a day off, and therefore companies must submit financial statements for 2021 to the Federal Tax Service and statistical authorities no later than 04/02/2018.

How is land tax paid?

If an organization or individual owns a land plot that is recognized as a taxable property and does not fall under preferential conditions, a corresponding declaration is submitted and payments are made.

The deadlines for transferring tax fees and filing a declaration are determined by Art. 397 and art. 398 Tax Code of the Russian Federation.

Filling out the declaration is mandatory for LLCs, as well as for individual entrepreneurs using land for business activities. Information is submitted once a year, before February 1 of the year following the reporting period.

The procedure for paying land tax is determined by local legislation. The final deadline for transferring funds should not be set earlier than February 1. Payments are made at the location of the site.

Important: the land tax declaration is submitted in printed form by organizations whose number of employees does not exceed 100 people. For others, it is mandatory to submit reports in electronic format.

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The composition of the presented financial statements for 2021 is systematized in the table:

Accounting statements can be provided both on paper and in electronic form. At the same time, the signature of the chief accountant on the paper form is not required (Order of the Ministry of Finance of the Russian Federation dated April 6, 2015 No. 57n).

To date, the obligation to submit financial statements in electronic form has not been established (letter of the Federal Tax Service of the Russian Federation dated December 7, 2015 No. SD-4-3/21316, letter of the Ministry of Finance of the Russian Federation dated June 11, 2015 No. 03-02-08/34055).

FEATURES OF PREPARATION AND PRESENTATION OF REPORTING OF MICROFINANCE ORGANIZATIONS (MFOs)

FEATURES OF ACCOUNTING AND REPORTING NOU

Entities of business activity are not only engaged in maintaining accounting records, but then, based on the created current documents, they are required to draw up a reporting package. It is used both for one’s own needs, for internal analysis to make management decisions, and for submission to the relevant government control structures. In this case, the composition of the financial statements plays a special role.

The main composition of the annual financial statements:

1. Form 1 - Balance Sheet. Forms a generalized picture of the situation at the beginning and end of the reporting period. It indicates general figures in the form of a table of two parts, which, in essence, displays what the company has and what it needs to pay, and the equality of these amounts indicates the stability of the situation and the ability of the company to pay off its debts.

2. Form 2 - Statement of financial results (profit and loss). The document helps to clarify the situation regarding the types of activities of this organization, as well as provide summary information about its activities as a whole. This amount is formed incrementally from the beginning of the year and at the end, its result indicates the overall effectiveness of the organization.

Additional forms

Additional documents are not mandatory for all businesses, but are often provided as they provide a more detailed picture. • Form 3 - Statement of Changes in Equity. This document clearly demonstrates how changes occur across all types of capital, their causes and consequences. And also where the retained earnings go. This report is dynamic, as it provides information not only for the reporting period, but also for the period preceding it. • Form 4 – DDS Report. It shows the second section in the balance sheet in more detail. To be specific, this document records what the company’s cash reserves are compared to the previous reporting period. This report also includes those funds that are easily converted into cash, that is, those with a high degree of liquidity. • Form 5 - Appendix to the Balance Sheet. It is an appendix specifically to the balance sheet, as it provides an explanation of its items. • Form 6 - Report on target financing. This is relevant for non-profit organizations. Additional documents also include explanatory notes to the balance sheet, without which you can sometimes get a conclusion that the documentation was provided incompletely.

The legislation imposes requirements on the composition and content of financial reporting forms, which include the relevance of information, its materiality, and the integrity of the formation of the economic picture. But the most important requirement is the reliability of the information.

Functions of the balance sheet

The composition of an organization's financial statements is essentially a systematic presentation based on total indicators, as a result of which it is possible to consider and analyze how effectively the organization operates and whether it fulfills the tasks assigned to it.

The functions of this reporting include: • Informational; • Control. The first function is that this documentation allows you to consider real data both in terms of time indicators and in areas of work. That is, it carries information about all the processes that occur within the organization.

The function of controlling the composition of accounting reports is carried out due to the fact that, by considering it, one can draw conclusions about the past period and draw up plans for changes in work for the next period. This is very important, since timely control of the situation allows you to take control of any state of affairs and direct it in the right direction.

Types of reporting

The composition and content of financial statements determine the type to which it can be classified. These types are annual and intermediate. The names of the subspecies speak for themselves - annual. It is the logical conclusion of the results of the annual period, and the intermediate one can be for a quarter, six months and 9 months, that is, it creates certain results based on the results of a period of less time. We can also say that the composition of financial statements is determined by the type of company for which they are compiled. For example, if this is a merger of enterprises, then the reporting that is generated based on the results of the activities of the subsidiary will be called primary. When it relates to the entire association as a whole, it is consolidated. This principle can also be called the amount of information that has room to be displayed in reporting documents.

It is worth considering that all types of documents that are included in the financial statements can be compiled both for a large annual period and for smaller, intermediate periods. It all depends on the requirements of those to whom this documentation will be provided for review and analysis.

These are the ones that an accountant should be guided by when preparing information in documents.

Where are financial statements submitted?

As a general rule, companies are required no later than three months after the end of 2021 to submit annual financial statements to the tax office at their location (clause 5, clause 1, article 23 of the Tax Code of the Russian Federation).

The annual accounting (financial) statements of a joint-stock company, subject to mandatory audit, are disclosed by publishing its text together with the auditor’s report on the Internet page no later than three days from the date of drawing up the audit report, but no later than three days from the date of expiration of the period established by the legislation of the Russian Federation for the submission of a mandatory a copy of the prepared annual accounting (financial) statements. A mandatory copy of the prepared annual accounting (financial) statements is submitted no later than three months after the end of the reporting period (clause 10, article 13, clause 2, article 18 of Law No. 402-FZ, clause 71.3 and clause 71.4 of Regulation No. 454-P ).

REPORTING OF JOINT STOCK COMPANIES

REPORTS OF JOINT STOCK COMPANIES

Important!

Information on the accounting (financial) statements of the JSC for 2021 must be disclosed no later than 04/03/2018.

In addition, the company is required to submit a legal copy of its annual financial statements to the state statistics body.

And if the reporting is subject to mandatory audit, then the organization is obliged to submit an audit report to the state statistics bodies (clause 2 of Article 18 of Law No. 402-FZ). The audit report is submitted to statistics together with the annual financial statements or no later than 10 business days from the day following the date of the audit report, but no later than December 31 of the year following the reporting year (clause 2 of article 18 of Law No. 402-FZ, Appendix to the Letter of the Ministry of Finance of the Russian Federation dated January 29, 2014 No. 07-04-18/01).

The audit report is not submitted to the tax authorities (Letters of the Ministry of Finance of the Russian Federation dated January 30, 2013 No. 03-02-07/1/1724, Federal Tax Service of the Russian Federation for Moscow dated March 31, 2014 No. 13-11/030545).

CRITERIA FOR MANDATORY AUDIT

In addition, companies are required to submit financial statements to other addresses provided for by the legislation of the Russian Federation, the constituent documents of the organization, decisions of the relevant management bodies of the organization (clause 44 of PBU 4/99, Information of the Ministry of Finance of the Russian Federation No. PZ-10/2012).

AUDIT OF ACCOUNTING REPORTS

Deadlines and composition for submitting reporting forms for taxes and contributions for 2021

Accounting statements of an enterprise: who is obliged to report

For other business entities, the obligation to keep records and submit reports is relevant, but there are a number of relaxations expressed in the possibility of keeping records in a simplified form and drawing up only two simplified reporting forms - a balance sheet and a statement of financial results. This:

• small enterprises, i.e. companies with a share of participation of government agencies or commercial organizations in them of no more than 25%, last year’s turnover of up to 400 million rubles. and a contingent of up to 100 people;
• micro-enterprises – organizations with a staff of up to 14 people and a turnover of up to 60 million rubles;
• non-profit organizations;
• participants of the Skolkovo project.

Thus, the presentation of financial statements does not depend on the scope of business, but on the type of enterprise the organization belongs to. For example, the accounting statements of an LLC will be prepared with a full package of the documents listed above, however, if this LLC has the status of a small enterprise or is registered as a participating partner in the Skolkovo project, then it is possible to keep records, prepare and submit financial statements for it in a simplified version .

Another very important aspect is that Law No. 402-FZ defines a list of companies that are deprived of the opportunity to maintain simplified accounting. These include housing and communal services enterprises, microfinance organizations, government organizations, political parties, notary and law firms, as well as companies subject to mandatory audit, such as joint-stock companies, self-regulatory organizations, securities market participants, etc.