Calendar reporting periods and others. Tax season is... What is included in the financial statements

30.11.2023

The main form of accounting is annual, but there are also interim reporting. It is compiled once a month, quarter, six months or nine months, that is, for a period of less than a year. Interim reporting is not mandatory for all organizations, and it is not necessary to submit it to the tax authorities. In this article we will tell you what interim reporting includes, for whom it is mandatory and what is the procedure for its preparation.

Interim financial statements 2018

From May 7, 2018, the preparation of interim reporting officially ceased to be mandatory for all organizations on the basis of Order of the Ministry of Finance dated April 11, 2018 No. 74n. The order canceled clause 48 of PBU 4/99 and clause 29 of the Regulations on Accounting and Reporting, which obligated everyone without exception to prepare interim reports. It is necessary to compile and submit reports only in cases where this obligation is provided for:

legislation;
regulatory legal acts;
contracts;
constituent documents.

For example, quarterly reporting is required for insurance organizations and securities issuers. If your organization does not fall under these conditions, it is obligatory to prepare only annual reports, but it is possible and useful to prepare interim reports on your own initiative.

Submission of interim reporting to tax authorities and statistical authorities is not required. But interim reporting may be required when concluding agreements with counterparties, obtaining a bank loan, or at the request of the founder. In addition, interim reporting helps to monitor the situation, forecast financial results and verify the reliability of accounting data.

Interim reporting period and submission deadlines

Interim reporting reflects all aspects of the organization's activities and includes summary data on the organization's property and finances and their current state. It is formed on an accrual basis for a reporting period of less than a year, starting from January 1.

The reporting period is not established by law. Experts believe that the optimal period for interim reporting is a quarter. Monthly formation is too labor-intensive, and six months is a long period, and the information may not be timely. But when determining the period, be guided by the needs of owners, management and potential investors.

The deadlines for filing reports at the end of the reporting period are also determined by the owners themselves; they depend on the goals of the company. The decision on the reporting period and filing deadlines should be reflected in the accounting policy.

Composition of accounting records for a period of less than a year

Unlike annual reporting, interim reporting includes fewer forms. It is mandatory to prepare an interim balance sheet and a financial performance report. If necessary, supplement interim reporting with a cash flow statement, explanatory notes and other forms.

The balance sheet contains information about the financial condition of the organization as of the current date. Assets provide information about property and liabilities to the organization. Liabilities reflect own and borrowed funds, allowing you to form an idea of the sources of property formation and the financial stability of the company.

The financial results report gives an idea of the organization's profits and losses for the period, allows you to assess the structure and dynamics of profits and identify problem areas and prospects.

Interim reporting forms are not approved by law; an organization can develop them itself, based on annual reporting forms. The reporting forms and its composition must be reflected in the accounting policies.

Preparation of interim reporting

Like annual reporting, interim reporting must meet the requirements of reliability, timeliness, verifiability, integrity, simplicity and relevance. And the preparation of interim reporting has its own characteristics.

In the interim reporting there is no balance sheet reformation - write-off of profit or loss received for the previous financial year. At the end of a quarter or half a year, profit (loss) remains in account 99 and must be written off to account 84 only at the end of the reporting year.
When preparing interim reporting, inventory is not required.
Income tax is calculated using the tax rate that will be applied to annual earnings.
Planned but not incurred expenses do not need to be recognized, just like income not received. As in the annual accounts, they should only be recognized when the recognition criteria are met.
Assets are valued without the involvement of appraisers by extrapolation of data or independent calculation by the financial department of the organization.
In interim reporting, employee bonuses can only be recognized early if, at the reporting date, the amount of the payment can be reliably measured or if the company has a legal obligation to pay that cannot be avoided.

Preparing for interim reporting

The preparation of interim reporting includes several stages. First of all, you should prepare for its preparation. At the preparation stage, summarize all available data from primary and other documents, study the rules for drawing up forms and prepare the necessary data.

Interim reporting is prepared according to the same rules as annual reporting. It must be compiled in Russian, reflect numerical data in thousands of rubles or millions, negative indicators must be indicated in parentheses. Completed reports must be signed by the manager.

When compiling, the following data is required: full name of documents, name of organization, meters used, positions of persons responsible for accounting and reporting and personal signatures.

Complete accounting transactions at the end of the reporting period, check all entries in the accounting accounts and correct any errors found. Close accounts for cost accounting and formation of product costs on an accrual basis from the beginning of the year. Also, the preparation stage includes the calculation of taxes.

Preparation and submission of an interim report

The second stage is the preparation and submission of an interim report. When drawing up a balance sheet, please note that the data at the beginning of the reporting period must correspond to the data at the end of the previous reporting period. In addition, if necessary, prepare an explanatory note; it will make the reporting more transparent. In the explanatory note, give a brief description of the organization, explain the method of assessing inventories, the company's development strategy, measures to improve the qualifications of employees, and provide accompanying information for the reporting forms.

In addition, prepare an income statement and, if necessary, a statement of cash flows and changes in equity. All this will make it possible to understand how the composition of own funds changed during the period, how funds were spent, and what obligations arose.

In general, interim reporting is not mandatory. but has certain advantages. It helps to maintain documentation correctly, correct errors in a timely manner, keep the financial position of the company under control and provide information to interested parties in a timely manner.

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Law N 129-FZ Law N 402-FZ

────────────────────────────────────────────────────────────────────────────────

Reporting year for all organizations Annual accounting (financial)

is a calendar year - from 1 reporting is prepared for the reporting year

(Clause 1 Article 14) Reporting period for the annual

accounting (financial)

reporting (reporting year) is

December inclusive, excluding

cases of creation, reorganization and

liquidation of a legal entity

(Part 1, Article 15)

The first reporting year for again The first reporting year is

established organizations is considered the period from the date of state

period from the date of their state registration of an economic entity

the corresponding year, and for the year inclusive, unless otherwise

organizations created after 1 stipulated by Law N 402-FZ<*>And

of the year. (Part 2, Article 15).

Data on business transactions, If the state

carried out before the state registration of an economic entity,

registration of organizations are included with the exception of credit

in their financial statements for organizations, produced after 30

is, unless otherwise stated

economic entity, period from

dates of state registration according to

next year

state registration,

inclusive (Part 3, Article 15)

Monthly and quarterly reporting Interim accounting

is interim and (financial) statements are prepared

compiled on an accrual basis with less than the reporting period for the reporting period

the beginning of the reporting year (clause 3 of article 14) of the year (part 5 of article 13).

Intermediate accounting

(financial) statements are prepared

an economic entity in cases where

established by law

Russian Federation, regulatory

legal acts of bodies

government regulation

accounting (Part 4, Article 13).

Reporting period for interim

accounting (financial) statements

reporting date of the period for which

an interim

accounting (financial)

reporting, inclusive

(Part 4, Article 15).

The first reporting period for

intermediate accounting

(financial) reporting is

period from the state date

registration of an economic entity

to the reporting date of the period for which

an interim

accounting (financial)

reporting, inclusive

(Part 5, Article 15)

The date on which it is compiled

accounting (financial) statements

(reporting date) is the latest

— calendar day of the reporting period,

except in cases of reorganization

and liquidation of a legal entity

(Part 6, Article 15)

———————————

<*>This norm does not apply when changing the type of state (municipal) institution (Part 3 of Article 30 of Law No. 402-FZ).

A significant difference of the new Law “On Accounting” is the absence in it of norms regulating the frequency of preparation of interim reports, as well as containing the requirement for preparation of interim reports.
According to Law N 402-FZ, interim accounting (financial) statements are prepared for a reporting period less than the reporting year. Cases when economic entities are required to prepare interim reports are established by the legislation of the Russian Federation and regulatory legal acts of state accounting regulatory bodies (Part 4, Article 13 of Law No. 402-FZ).

Let us recall that the Ministry of Finance of Russia is the body for state regulation of accounting (see clause 1 of the Regulations on the Ministry of Finance of the Russian Federation, approved by Decree of the Government of the Russian Federation of June 30, 2004 N 329, clauses 1, 4, 5 of Decree of the Government of the Russian Federation of 07.04 .2004 N 185, Art. 165 of the Budget Code of the Russian Federation). According to Part 1 of Art. 30 of Law N 402-FZ and after January 1, 2013, PBU 4/99 continues to be in force, paragraph 48 of which requires organizations to prepare interim financial statements for the month, quarter on an accrual basis from the beginning of the reporting year, unless otherwise established by the legislation of the Russian Federation. The requirement to prepare interim financial statements is also contained in clause 29 of the Regulations on accounting and financial reporting in the Russian Federation, approved by Order of the Ministry of Finance of Russia dated July 29, 1998 N 34n.

Thus, based on the above norms, organizations and after the entry into force of Law N 402-FZ are obliged make up interim financial statements for the month, quarter on an accrual basis from the beginning of the reporting year.

The new Law “On Accounting” directly establishes that accounting (financial) statements are prepared as of the reporting date, that is, on the last calendar day of the reporting period. This means that as part of the annual financial statements, the balance sheet is presented as of December 31 of the reporting year, and not as of January 1 of the following reporting year. Although there was no similar provision in Law No. 129-FZ, organizations have previously prepared financial statements as of the reporting date, which was considered the last calendar day of the reporting period. This followed from paragraphs 4, 12, 18 of PBU 4/99.

Please note that Law No. 402-FZ includes separate articles devoted to the specifics of preparing accounting (financial) statements during the reorganization and liquidation of legal entities (see Articles 16, 17 of Law No. 402-FZ).

studfiles.net

What are periodic financial statements?

Reporting can be annual or interim. In this case, annual reporting is given a special place in accounting. It is mandatory for all entities conducting accounting. Its submission is mandatory to the Federal Tax Service and Rosstat. Some economic entities are required to submit reports for inspection by an internal audit commission and an independent audit company. Accounting statements are not only signed by the sole executive body (general director or simply director) of the organization, but also approved by the general meeting of shareholders (for joint stock companies) or participants (for limited liability companies) of the company. JSCs and LLCs that issued corporate papers are required to publish reports on the Internet. Financial statements compiled by organizations must be available to participants (shareholders) of companies, their counterparties (suppliers and customers), creditors and other interested parties.

The availability of financial statements to all interested parties and the impossibility of refusing to provide them under the pretext of trade secrets are designed to ensure stability in economic relations. A prudent counterparty will not commit itself to obligations with a company that has an unstable financial position.

Annual financial statements are prepared based on the results of the past calendar year. Reporting period for its compilation: January 1 - December 31. A separate period is established in the following exceptional cases:

company registration,
reorganization (merger, acquisition, accession, division),
termination of activities and liquidation.

For newly created companies, the reporting period can be less than a year (if created before September 30) and more than a year if created after this date. In the first case, the reporting period for financial statements is from the date of registration to December 31 of the same year. In the second - from the date of registration to December 31 of the following year.

The reporting date is the last day of the period for which reporting is prepared. For annual reporting this is December 31st. Exceptions are made for cases of liquidation and reorganization of companies. In case of reorganization, reporting is prepared on the day preceding the day of registration in the Unified State Register of Legal Entities of the last of the companies that emerged. In case of liquidation - on the day preceding the entry into the Unified State Register of Legal Entities about liquidation.

The composition of the annual financial statements is established by the Law “On Accounting”. For most reporting entities, it consists of the following interrelated documents:

balance sheet,
financial results report,
applications.

The reporting data compiled at the end of the calendar year is confirmed by the results of the annual inventory.

As for interim financial statements, its composition, with the exception of some cases, is determined by federal standards. Currently, PBU 4/99 “Accounting statements of an organization” is in force, which includes a balance sheet and a profit and loss statement (also known as a financial performance statement) as part of interim reporting. PBU 4/99 also establishes that a different composition may be established by law or by agreement of the organization’s participants.

According to the law, interim reporting is prepared by a company if it is established:

legal acts of government agencies authorized to regulate accounting (for most legal entities and entrepreneurs this is the Ministry of Finance of the Russian Federation, for credit and insurance organizations - the Central Bank of the Russian Federation);
agreements concluded by participants (shareholders) of a company, for example, a constituent agreement, an agreement on the exercise of the rights of company participants (shareholder agreement);
constituent documents - the charter of the organization;
decisions of the owner of the organization (for example, for government organizations this is the state represented by the Federal Agency for State Property Management).

Periodic interim financial statements are prepared for a period of no more than one year and, according to accounting rules, can be of the following types:

monthly reporting
quarterly financial statements compiled from the beginning of the year on an accrual basis.

The presence of large volumes of accounting and tax information, the variety of media on which this information is recorded - from paper to electronic, led to the need to introduce special coding for all types and forms of reporting. In particular, such encodings were used to identify the periods for which financial statements were submitted. Currently, codes for accounting reporting periods are not provided. Period codes are provided only for filing tax reports - tax returns. Information about the codes that must be entered in tax reporting documents can be found in the instructions of the tax service for filling out certain declarations.

When preparing financial statements, basic forms and appendices to them, the company is obliged to strictly adhere to the methods of displaying financial data (form and content of reports) chosen by it from the beginning of its activities. This is necessary so that users of accounting information can compare the dynamics of indicators from one period to another. As a rule, financial reporting forms display indicators both for the reporting period and for the two previous ones. Exceptions can be made only if the organization changes its type of activity.

Submission of financial statements to the tax office

Submission of financial statements to the tax inspectorate is one of the main responsibilities of an economic entity, provided for by the Law “On Accounting”. Only annual financial statements are submitted to the tax office. The deadline for submission is March 31 of the year following the reporting year. You can submit reports to the inspection either in person or by post. Reports can be submitted electronically via the Internet. In order not to miss the deadline for submitting reports, if you had to “hold out” its preparation until the last days, you need to know the following:

when submitting reports in paper form directly to the Federal Tax Service, the last day of submission of reports is considered to be the actual submission to the authorized inspector employee,
when sending a paper version of financial statements by mail, the delivery date will be the day when the statements are submitted to the post office,
The electronic version of the financial statements should be considered submitted from the date indicated in the automatically generated receipt for acceptance of the financial statements in electronic form.

If the last day for submitting reports is a non-working day or a weekend, then it can be submitted on the first working day after the end of the weekend.

Reporting deadlines must be met, otherwise the company and its officials may be held liable.

In addition to submitting financial statements to tax authorities, the law provides for their submission to state statistics authorities. This procedure is called legal deposit. The deadline for submitting a legal copy to statistics is the same as to the tax office - no later than three months from the end of the tax period. If the statements were subject to a mandatory audit, the auditor's report is attached to them.

ipshnik.com

Reporting period- a time period that is taken as a basis in regulatory documents on accounting and includes all financial events that occurred during the reporting period or aspects of economic activity related to it, reflected in the accounting records or accounting of the enterprise. The most common reporting periods are quarterly and annual. In the first case, the report is generated once a quarter (3-month term), and in the second - once a year.

Reporting period: essence, main frequency

Generating a report is one of the main tasks in tax and accounting. This requirement is directly related to the relevant law of the Russian Federation, according to which all information about the work of the entity and its economic condition for a certain reporting period (reporting date) must be reflected in the accounting records. Drawing up the documents mentioned above for a certain period is an obligation of any enterprise. The duration of the reporting period is established by the Law “On Accounting”.

In the activities of enterprises, two types of reporting are used - interim and annual. More attention is paid to the annual document. It is fundamental for all economic entities conducting accounting. The finished document is submitted to Rosstat and the Federal Tax Service. A number of business entities must submit a report for verification to special auditing companies and audit commissions formed within the company.

The accounting reports generated for the reporting period are signed by the director (general director) of the enterprise, and subsequently approved at a general meeting of shareholders (in the case of a JSC) or participants (for an LLC). Enterprises in the form of LLC or JSC that issue corporate securities generate reports on the Internet for a certain reporting period. At the same time, the accounting report must be available to shareholders (participants), buyers (suppliers, contractors) and other persons interested in the activities of the enterprise.

Accounting final documents for the reporting period, as well as their availability, are aimed at strengthening the stability and transparency of the enterprise in conducting business relations. If reports are not prepared in a timely manner or are hidden from interested parties, it leads potential investors to believe that their financial situation is unstable.

The annual reporting period is counted from the beginning of the year (January 1) until its end (December 31). It is during this period that financial statements are prepared. A different reporting period format may be provided in the following cases:

- during reorganization;
— during division, accession, absorption and merger;
- in case of liquidation or termination of work.

In the situations listed above, the reporting period for which documents are generated may be shortened.

Newly opened enterprises that have just begun their activities may have their own reporting period. It can be less than a year (subject to the start of work before September 30). If the enterprise was formed before this date, then the reporting period may be more than a year.

The result of the reporting period (its last day) is the reporting date by which the necessary documents must be transferred. If the reporting period is 1 year, then the reporting date is December 31. Exceptions are possible for companies undergoing liquidation or reorganization. During reorganization, the reporting period may be shortened, and the reporting day is considered to be the date of registration in the Unified State Register of Legal Entities of the last of the formed enterprises. In case of liquidation, the reporting day of the period is the day preceding the day of recording the liquidation.

Another reason for shortening the reporting period is the preparation of interim reporting. The latter can be formalized if it is stipulated in the main agreements between shareholders (participants) of the enterprise, legal acts of government bodies, constituent papers, or a decision of the owner of the enterprise.

Interim accounting reporting period, as a rule, does not exceed one year and can have the following types:

— monthly report (size of the reporting period — 30 days);
— a quarterly report is generated from the beginning of each financial year. The reporting period is 3 months.

Reporting period: what does the law say?

The concept of a reporting period is specified in Federal Law No. 402, Article No. 15. The main provisions of the law include the following:

1. For financial (annual) reporting, the reporting period is a calendar year. The start and end date of the reporting period is the first and last day of the year (inclusive). Exceptions include liquidation and reorganization of a legal entity.

2. The first reporting year is the period from the moment of state registration of the enterprise until the last day of the same year (inclusive). The norm works unless otherwise provided in other federal standards and laws.

3. Registration of a subject after September 30 allows you to extend the reporting period. In this case, the countdown is from the moment of registration to the last day of the year following the registration of the enterprise. The exception to the rule is credit organizations. The law regarding the reporting period applies only at the start of work. Subsequently, the reporting period (for the annual period) is brought to the standard - January 1 - December 31.

4. Reporting period for accounting (financial report) - the period starting from the first day of the year and until the reporting date of the time period for which the report is prepared. For example, when preparing a quarterly report, the reporting period is January 1-March 31 (inclusive).

5. The first reporting period for accounting (financial report) is the period from the moment of state registration to the reporting date of the period for which the enterprise’s reporting is generated.

6. Reporting date - the last calendar day in the reporting period for which the enterprise’s reporting is generated. Exceptions to the rule are liquidation or reorganization.

utmagazine.ru

In accounting reporting period- a period of time that includes facts of economic activity that occurred during its duration or related to it, reflected by an economic entity in accounting and financial statements.

The main reporting period is the year, the intermediate ones are the month and quarter.

The reporting period that begins on January 1 and ends on December 31 is called the calendar reporting period.

If the reporting period, having the same duration, begins on any other date, then the reporting period is called a financial year.

The most common are quarterly and annual reporting periods:

Quarterly reporting is generated for a period of time that occurs every quarter (3 months) of the year.

The reporting period for annual accounting (financial) statements (reporting year) is the calendar year - from January 1 to December 31 inclusive, with the exception of cases of creation, reorganization and liquidation of a legal entity.

The first reporting year is the period from the date of state registration of an economic entity to December 31 of the same calendar year, inclusive.

If the state registration of an economic entity was carried out after September 30, the first reporting year is the period from the date of state registration to December 31 of the calendar year following the year of its state registration, inclusive.

Thus, annual statements are prepared for a period of time arising every year.

In tax accounting, a reporting period is a time period after which taxpayers and tax agents are required to provide tax reporting to the tax authority in relation to each individual tax.
Reporting periods are usually recognized as the first quarter, half year and nine months of the calendar year. In some cases, the reporting period may be a month.

For example, the reporting periods for income tax are the first quarter, six months and nine months of the calendar year.

At the same time, reporting periods for taxpayers who calculate monthly advance payments based on actual profits received are one month, two months, three months, and so on until the end of the calendar year.

At the end of each reporting period, advance tax payments must be made.

Since in tax accounting reporting periods are formed quarterly or monthly, it makes sense to establish the same reporting periods in accounting.

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Interim financial statements

Reports compiled for a period of less than a calendar year are called interim (Rї. 5 СЃС‚. 13 Р-Р°РєРѕРЅР° 402-Р¤Р-).

Clause 29 of the Regulations on Accounting and Accounting Reports in the Russian Federation (PVBU) states: the company must prepare interim reports (for the month and for the quarter) on an accrual basis from the beginning of the reporting year, unless otherwise provided by the legislation of the Russian Federation. But paragraph 4 of Article 13 of Law 402-FZ precisely establishes “otherwise”. In accordance with it, interim financial statements need to be prepared only in cases where the company is obliged to present them. Such an obligation can be established by the legislation of the Russian Federation, regulatory legal acts of state accounting regulatory bodies, or at the corporate level - by company contracts, its constituent documents or decisions of owners. Of course, reporting periods and (or) reporting dates must be determined.

For example, by virtue of law, the reporting date for a business company is the day of payment of dividends. The fact is that on this day it is necessary to determine the СЃС‚РѕРеРјРѕСЃС‚СЊ С‡РёСЃС‚С‹С… Р°РєС‚РёРІРѕРІ (Clause 2 of Article 29 of the Federal Law of 02/08/1998 No. 14-FZ “On Limited Companies liability”, clause 4 of article 43 of the Federal Law of December 26, 1995 No. 208-FZ “On Joint-Stock Companies”).

Another example: upon state registration of a securities prospectus, the issuer must submit interim reports for the last completed reporting period, consisting of three, six or nine months (subclause 3, clause 2, article 22 of the Federal Law of April 22, 1996 No. 39-FZ “ On the securities market").

Monthly reporting is not prepared

The norm on the preparation of interim reporting was introduced into Law 402-FZ by Federal Law No. 251-FZ of July 23, 2013 and came into force on September 1, 2013. It freed companies from the need to prepare monthly reports. Therefore, “automatically”, without special grounds, the last day of the calendar month is not considered the reporting date.

As a result, most companies do not prepare interim reports legally. And the reporting period for them by default, by force of law, is the calendar year.

Meanwhile, the term “reporting period” appears in all accounting standards without exception. How should we understand it? Let's think together.

Reporting period - basic concept for PBU

The problem is that accounting standards are not adapted to the innovations of Law 402-FZ. The official accounting methodology, based on the Instructions for the use of РџР»Р°РЅР° СЃС‡РµС‚РѕРІ, is still designed for monthly cyclical procedures. The central place among them is the closure of synthetic accounts 90 “Sales” and 91 “Other income and expenses”. In conditions where the reporting period was increasing monthly, this technique had a regulatory basis - paragraph 79 of the PVBU.

It turns out that now it is not necessary to identify the financial result at the end of each month. This must be done on reporting dates. And if they are not specifically established, then closing accounts 90 and 91 is permissible once a year - on December 31.

It would seem that the complexity of accounting is decreasing. But abandoning previous positions will require large-scale restructuring.

There can only be one piece of advice here. If you adhere to the traditional methodology, establish in your accounting policy that for accounting purposes, the reporting date is considered to be the last day of each calendar month. Thus, your reporting periods will be formally preserved in the same sense. At the same time, the accounting policy “automatically” does not oblige you to prepare interim reports.

Advantages of innovation

Let’s assume you are interested in the “reporting period = calendar year” option. What are the pros and cons of this choice? On the one hand, you won’t have to close accounts 90 and 91 every month. However, this solution has a significant drawback: you will lose control over the current financial results of the company.

How often to close accounts 25 “General production expenses”, 26 “General business expenses”, 44 “Sales expenses” - you decide for yourself. But depreciation of fixed assets and intangible assets must be calculated strictly monthly, because this is directly provided for by RџR‘РЈ 6/01 (Rї. 19) and RџР‘РЈ 14/2007 (Rї. 28).

But the clear winners may be companies that use RџРѕРЈ 2/2008 “РЈС‡РµС‚ РїРѕ РґРѕРіРѕРІРѕСЂР°Рј SЃС‚СЂРѕРёС‚РµР” СЊРЅРѕРіРѕ RїРѕР ґСЂСЏРґР°". Accountants “dislike” this standard because of the calculations they have to perform monthly. But if we assume that the only reporting date is December 31, then income and expenses under rolling contracts will have to be distributed only between calendar years. Which certainly makes life easier.

Problems of innovation

For an accountant, solutions that bring together accounting and tax accounting are always relevant. As is known, for profit tax purposes, reporting periods are formed quarterly or monthly. Accordingly, it makes sense to establish reporting periods in accounting.

Another problem is the need for balance sheets for decision-making in business companies. For example, when classifying large transactions or to determine the amount of payments to a retiring LLC member. And to pay RїСЂРѕРјРµР¶СѓС‚РѕС‡РЅС‹С... РґРёРІРёРґРµРЅРґРѕРІ (quarterly or for half a year) you will need an interim report on financial results. After all, these payments are possible only if there is current net profit (clause 1, article 28 of Law 14-FZ, clause 1 and clause 2, article 42 of Law 208-FZ). It is advisable to fix reporting dates for all such situations in advance in the charter. If you have not done this, you will need a decision of the general meeting of participants (shareholders) to determine the reporting date. When the reporting period was considered a month, such a need did not arise.

So, take note: the “reporting period” is under control!

Elena Dirkova, for the magazine "Practical Accounting"

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The accounting methodology is focused on a reporting period equal to a calendar month. But the Accounting Law insists that the reporting period is equal to the calendar year. How to understand this duality of norms, and is it possible to interpret laws to your advantage?

The only reporting period established by Federal Law No. 402-FZ of December 6, 2011 “On Accounting” is the calendar year (Clause 1, Article 15). It is used to compile annual final documents. The reporting period always begins on January 1st. And it lasts until the reporting date inclusive (clause 6 of Law 402-FZ). For documents, the reporting date is December 31. Papers compiled for a period of less than a calendar year are called interim reporting (clause 5, article 13 of Law 402-FZ).

Clause 29 of the Regulations on Accounting and Accounting Reports in the Russian Federation (PVBU) states: the company must prepare interim reports (for the month and for the quarter) on an accrual basis from the beginning of the reporting year, unless otherwise provided by the legislation of the Russian Federation. But paragraph 4 of Article 13 of Law 402-FZ establishes “otherwise”. In accordance with it, interim reporting must be prepared only in cases where the company is obliged to submit it. Such an obligation can be established by the legislation of the Russian Federation, regulations of state accounting regulatory bodies, or at the corporate level - by company contracts, its constituent documents or decisions of owners. Of course, periods and/or dates must be defined.

An example of such a “special” date would be the day of dividend payment. For this number, it is necessary to determine the value of net assets (clause 2, article 29 of the Federal Law of 02/08/1998 No. 14-FZ “On Limited Liability Companies”, clause 4 of Article 43 of the Federal Law of December 26, 1995 No. 208-FZ “On Joint-Stock Companies”).

Another example: upon state registration of a securities prospectus, the issuer must submit interim reports for the last completed reporting period, consisting of three, six or nine months (clause 3, clause 2, article 22 of the Federal Law of April 22, 1996 No. 39- Federal Law “On the Securities Market”).

The norm on the preparation of interim reporting was introduced into Law 402-FZ by Federal Law No. 251-FZ of July 23, 2013 and came into force on September 1, 2013. It freed companies from the need to prepare monthly reports. Therefore, “automatically”, without special reasons, the last day of the calendar month is no longer considered the reporting date.

As a result, most companies do not create such documents legally. And the reporting period for them by default, by force of law, is the calendar year. Meanwhile, the term “reporting period” appears in all accounting standards without exception. How should we understand it? Let's think together.

Basic concepts for PBU

The problem is that accounting standards are not adapted to the innovations of Law 402-FZ. The official accounting methodology, based on the Instructions for the Application of the Chart of Accounts, is still designed for monthly cyclical procedures. The central place among them is the closure of synthetic accounts 90 “Sales” and 91 “Other income and expenses”. In conditions where the reporting period was increasing monthly, this technique had a regulatory basis - paragraph 79 of the PVBU.

It would seem that the labor intensity of an accountant’s work is reduced. But abandoning previous positions will require large-scale restructuring.

There can only be one piece of advice here. If you adhere to the traditional methodology, establish in your accounting policies that for accounting purposes, the reporting date is considered to be the last day of each calendar month. Thus, your reporting periods will be formally preserved in the same sense. At the same time, the accounting policy “automatically” does not oblige you to prepare interim reports. But maybe it’s still worth thinking about reducing the reporting dates to one. What are the pros and cons of this working technology?

Advantages and problems

On the one hand, you won’t have to close accounts 90 and 91 every month. However, this solution has a significant drawback: you will lose control over the current financial results of the company.

How often to close accounts 25 “General production expenses”, 26 “General business expenses”, 44 “Sales expenses” - you decide for yourself. But depreciation of fixed assets and intangible assets must be calculated strictly monthly, since this is directly provided for by PBU 6/01 (clause 19) and PBU 14/2007 (clause 28).

But firms that apply PBU 2/2008 “Accounting for construction contracts” may be a clear winner. Accountants “dislike” this standard because of the calculations they have to perform monthly. But if we assume that the only reporting date is December 31, then income and expenses under rolling contracts will have to be distributed only between calendar years. Which certainly “makes life easier.”

Solutions that bring together accounting and tax accounting are always relevant for specialists. As is known, for profit tax purposes, reporting periods are formed quarterly or monthly. Accordingly, it makes sense to establish reporting periods in accounting.

Another problem is the need for balance sheets for decision-making in business companies. For example, when classifying large transactions or to determine the amount of payments to a retiring LLC member. And to pay interim dividends (quarterly or semi-annually), an interim report on financial results will be required. After all, these payments are possible only if there is current net profit (clause 1, article 28 of Law 14-FZ, clause 1 and clause 2, article 42 of Law 208-FZ). It is advisable to fix reporting dates for all such situations in advance in the charter. If you have not done this, you will need a decision of the general meeting of participants to determine the reporting date. When a month was considered a period, such a need did not arise.

The accounting methodology is focused on a short reporting period (usually a month). However, the legislation does not support this tradition. In this regard, the control dates used during the calendar year must be recorded in the accounting policy.

Balance sheet reporting period

It is fixed by Federal Law No. 402. The main reporting period is a year. This period is used to draw up interim and final documents. It always starts on January 1st. At the end of the reporting period, that is, on December 31, all documentation reflecting the financial and economic activities of the organization is generated. This rule applies to all companies. The exception is liquidated and reorganized companies. A special procedure for determining target dates is established for them. For example, for a business company, the calendar date of dividend payment serves as a control.

Interim documents

They are not drawn up in all cases, but only when such an obligation is provided for the company. During the reporting period, the enterprise draws up monthly and quarterly documents on an accrual basis from the beginning of the year, unless otherwise established in the standards. This wording is present in Federal Law No. 402 (Article 13, paragraph 5). The obligation may arise under law, other regulations, and at the corporate level. In the latter case, in particular, we are talking about company agreements, decisions of owners and constituent documentation. In this case, each intermediate document must have its own target date and reporting period. This is due to the requirements of regulations, as well as PBU. The net asset value is determined at the key date. For example, when registering a securities prospectus, the issuer must submit interim reports for the last completed reporting period. This could be three, six or nine months.

Nuance

The rule regarding the preparation of interim documentation was introduced in Federal Law No. 402 by Law No. 251. It began to operate on September 1, 2013. This norm saved companies from drawing up monthly final documents. Based on it, the last day of the month is not automatically considered a control date. Accordingly, most companies do not generate interim documentation legally. In this case, the general rule is that the reporting period is a year.

Application specifics

In practice, there are many problems associated with the fact that accounting standards are not adapted to the innovations of Federal Law No. 402. As stated above, the official methodology, which is based on the Instructions for using the Chart of Accounts, still provides for monthly cyclical procedures. A key place among them is given to the closure of synthetic accounts 91 ("Other expenses and income of the reporting period") and 90 ("Sales"). For monthly increases, the regulatory basis was in force - clause 79 of the PVBU.

Explanations

It should be noted that the accounting loss/profit is the final result identified for the period based on the accounting of all business transactions of the enterprise and the assessment of balance sheet items. In accordance with current standards, there is no need to determine it at the end of each month. The financial result must be identified as of the reporting dates. If they are not specifically defined, then closing the account. 90 and 91 are allowed once a year - December 31. At first glance, the work of an accountant in this case will be significantly simplified. However, it should be said that the use of such a technique will require a significant restructuring of the accounting system.

To minimize the difficulties that may arise when restructuring the financial and accounting system, it is advisable for companies adhering to the traditional methodology to make appropriate adjustments to the company's policies. In particular, it should be indicated that for accounting purposes the reporting date will be the last day of the month. This way, the organization will formally retain its previous understanding of reporting periods. It is worth saying here that the accounting policy does not oblige the “automatic” generation of interim documentation.

Advantages and disadvantages of the new method

Quite a lot of companies approve accounting policies in accordance with current regulations, indicating that the reporting period is a year. This frees the organization from the need to close accounts 90 and 91 on a monthly basis. However, this decision also has a negative side. The company's management may lose control over the financial results of current operations.

Important point

It should be remembered that PBUs are applied in those parts that do not contradict current legislation (Federal Law No. 402, in particular). The frequency of closing accounts for general business expenses/income, as well as sales costs, is determined by the organization independently. As for the depreciation of intangible assets and fixed assets, it is accrued exclusively on a monthly basis, which is directly provided for in the PBU. As practice shows, companies that use PBU 2/2008 are in an advantageous position. Accountants are not very fond of this standard, since it requires monthly calculations. However, if we take December 31 as the only reporting date, then it will be necessary to distribute expenses/income under rolling contracts only between years. This certainly makes the job easier.

Additionally

For an accountant, solutions that bring tax and accounting closer together are always relevant. For taxation purposes, as is known, periods are formed monthly or quarterly. According to experts, it is advisable to establish appropriate time periods in accounting. The definitions provided for by PBU 4/99 are still relevant today. The provisions provide an explanation of the reporting period and date. The first is the time period during which the company must draw up the final documentation. The control date is a calendar date as of which the company draws up papers and closes all accounts in order to start the next reporting period with a “clean slate”. It is worth mentioning another problem that accountants face. In the activities of a company, there is a need to draw up balance sheets in order to make management decisions on the basis of the information presented in them by the management of a business company. For example, such documentation is used in differentiating large transactions and determining the amount of payment to a retired participant in the company. The accrual of dividends for a quarter or half a year, in turn, requires interim reporting of the financial result. This is due to the fact that these payments are possible only if there is a net (current) profit.

Conclusion

Experts agree that it is advisable to pre-fix the reporting dates used in the accounting policies. If this is not done, then the control calendar date will be determined by decision of the meeting. It, in turn, must be organized and carried out in strict accordance with established rules. It should be said that previously, when the reporting period was a month, there was no such need.

The article will discuss the main points regarding the deadlines for submitting financial statements.

What you need to know, what are the deadlines for submission to various state inspection bodies, who is responsible - further.

All enterprises maintain financial statements that reveal the process of carrying out a business transaction and its results.

The document makes it possible to evaluate the organization’s activities from all sides – economic, financial and others.

The company submits its reports for audit to the tax service, so it is important to know how to prepare it and what the deadlines for submission are.

What you need to know

Accounting statements are the main source of information about the financial position of an organization. Each enterprise must prepare quarterly and annual reports.

Reporting requirements:

a complete display of all operations carried out at the enterprise;
use of methods and forms approved by the Ministry of Finance;
timely submission of reports to the tax authorities.

Accounting reporting performs the following tasks:

creation of such conditions that are necessary for making decisions on mutual action with the organization;
assessment of the time and volume of payments;
adequate reflection of the design of the financial resources of the enterprise.

This year there have been some changes regarding reporting deadlines. This year, a new form has been developed, and in case of non-compliance with the requirements, entrepreneurs will face sanctions in the form of a fine.

The form of submission depends on the number of employees - if there are many of them, then only the electronic version of reporting is used.

New forms:

In 2019, the chief accountant has the right not to sign the report. Organizations that use are not exempt from record keeping.

Individual entrepreneurs, on the contrary, are not required to maintain it. But they can compose at their own request.

Definitions

Financial statements	A system that characterizes the financial and property status of an institution and its performance results. Compiled on the basis of information from accounting for a certain period of time
Business transaction	An operation carried out in the course of the organization's activities; an action that displays various facts, transactions, financial results, etc.
Tax service	The Presidium of the executive branch of the state, which exercises control over compliance with the rules and requirements of current legislation
simplified tax system	Simplified tax system; regime, the purpose of which is to reduce the burden on business entities and facilitate the maintenance of financial records of the company
Individual entrepreneur	A person of physical type who has been registered and carries out entrepreneurial activities
Reporting date	The date on which an entity is required to prepare financial statements. Usually this is the final day of the past period

List of documents

To properly maintain records, you must know and use the following documents:

balance sheet from accounting;
statement of expenses and income;
balance sheet applications;
reporting forms approved by the Department of Finance;
final part .

Legal regulation

When preparing financial statements, you should follow the following regulations and laws:

Here is a list of details that need to be displayed in this documentation. All documents and reports are subject to storage -.

The period is established by law - at least 5 years.

Table of deadlines for submitting financial statements in 2019

The procedure for submitting declarations this year for various funds:

Type	date
over the past year	Annual report - paper version - until January 20, electronic - until January 25	Over 25 workers
4-FSS for the current year 2019	Quarterly - April 20, July 20 and October 20 (for paper format), for electronic - April 27, July 27 and October 27	More than 25
over the past year	Year – February 15 (for paper version), for electronic – February 22	More than 25 workers
RSV-1 for 2019	Every 3 months – May 16, August 15, November 15 (paper format), Electronic – May 20, August 22, November 21	From 25 employees

For the tax service:

Type	date	Required electronic reporting
VAT declaration	Quarterly – January 25, April 25, July 25, October 25	Any number of workers
for 2019	Once a year - January 20	Over 100 employees
By and	Once a year – February 1	From 100 employees
Declaration on the use of the simplified tax system	Once a year. For enterprises - March 31, for businessmen - May 3	More than 100 people
According to UTII	Every quarter – January 20, April 20, July 20, October 20	Over 100
Personal income tax	Every quarter – May 3, August 1, October 31	More than 25 employees

Table for individual entrepreneurs about delivery periods:

Reporting period

Reporting period is the time period for which reports are prepared and taxes are collected.

For the preparation of financial statements, the reporting date is considered to be the period between January 1 and the date on which the report is prepared. The main reporting period is a year, the intermediate one is a quarter.

There is such a thing as “accounting reporting period code” - a two-digit number that is given a separate place in the report.

The code is different for each reporting period:

Coding is necessary for quick reference in reporting information.

Annual reports

Compiled at the end of the reporting year. How to properly prepare annual reports? First, the accountant must check whether the transactions carried out in the organization are correctly reflected.

To do this, an inventory is carried out, possible errors are corrected, and actions for the next year are displayed. After a complete check, taxes need to be calculated.

Annual reports are submitted 3 months from the beginning of the new year. If the last reporting date falls on a weekend, it is postponed until the next working day.

Compilation requirements:

information must be neutral, that is, exclude the satisfaction of requests of one category over others;
it is necessary to indicate the indicators of all divisions of the organization;
facts and performance results for the year must be reliable;
sequencing.

The annual declaration is submitted by all individuals and legal entities. It is not provided if the taxpayer received the following income:

from agents who have already withheld tax at the time of payment;
from one tax agent;
in case of sale or exchange of property when the tax has already been paid;
in case of receiving an inheritance;
if the amount of taxes for the year does not exceed 120 times the minimum wage.

Entrepreneurs submit an annual declaration, even if there was no activity for a certain period.

Individuals submit a report before May 1 of the year following the reporting year, entrepreneurs - before February 9.

Registration procedure:

Carrying out an inventory approved by the commission.
Reconciliation of mutual settlements with creditors, budget, and other enterprises.
Registration of postings.
Closing those accounts that play a minor role in collecting data for the report.
Entering information into the declaration.
Reporting.

Since the reporting is annual, the listed items should be as close as possible to the reporting date. If the organization has recently opened, then reporting is completed from the moment of registration.

Deadlines for quarterly

Organizations and entrepreneurs are required to submit reports to the tax service and extra-budgetary funds in a timely manner. Otherwise, they are subject to liability in the form of a fine.

An individual entrepreneur (when using a simplified tax regime) must submit the following quarterly documents:

The quarterly report may be submitted in person or through a representative (a power of attorney is issued to him), by regular mail or by email. The submission date is considered to be the date when the report was sent.

An individual entrepreneur submits a report depending on the regime he uses in his activities. In the first quarter of this year, reporting is provided only on UTII

If an individual entrepreneur has employees, he provides the following documents:

Destination

All enterprises and entrepreneurs are required to report to government authorities on the progress of their activities. They submit reports to the Pension Fund, tax office and other extra-budgetary funds.

To the tax authorities

The provision of reporting is clearly regulated by the code. If the organization employs more than 100 people, then the documentation is submitted exclusively in electronic format.

However, the VAT return is submitted electronically, regardless of the number of employees.

In 2019, employers submit a new reporting form - 6-NDFL. It does not replace the old form (), but complements it.

This form of report contains general information about individuals. Provided at the place of registration of the organization every quarter until the last day of the month following the reporting month.

To statistics

Each organization must submit financial statements to statistical authorities. A statistical declaration is another type of reporting, which is provided along with accounting and tax reporting.

Submission is required; reporting forms can be in paper or electronic form. Observation of statistics can be continuous or selective.

The first is one whose results must be reported on a regular basis within a specified time frame.

Sample observation is carried out by statistical authorities, so an organization or individual entrepreneur has a chance to be included in the sample. Observations are carried out once every 5 years.

Video: financial statements in 1C Accounting 8

Persons who are required to report to statistics are called “respondents”. They are organizations, individual entrepreneurs and small businesses.

The latter report according to a simplified procedure. Such entities are considered individual entrepreneurs whose number of employees does not exceed 100 people.

If an organization is a small business, then it submits reports to statistics if it is included in the sample.

The statistical declaration forms are as follows:

information about the activities of the institution;

data on the availability of fixed assets and assets, their movement;

information about the financial condition of the organization;

data on the number and salary of the enterprise’s employees;

information about part-time employment.

If reporting to statistics is not submitted on time or is not submitted at all, a fine is provided. Its size for individuals is 10,000 - 20,000 rubles, for legal entities - from 20 thousand to 70 thousand rubles.

The terms of provision depend on the type of organization. Can be submitted every month, once a quarter, every year and once every 5 years.

Shelf life at the enterprise

Organizations must retain documentation for at least 5 years. Annual reports are kept for 10 years, quarterly reports for 3 years.

The period begins to be calculated not from the date of reporting, but from January 1 of the year following the reporting one.

It is allowed to save financial documentation both in paper and electronic format. In the second case, an electronic signature is required.

If the reporting is saved in paper form, the documents must have a mark indicating that this documentation was submitted to the tax office.

Thus, financial reporting must be present in the organization without fail.

Its presence makes it possible to assess the position of the enterprise and its financial capabilities. It is necessary to adhere to the deadlines for submitting documents, otherwise the organization will have to pay a fine.

It is generally accepted that earnings season begins two weeks after the end of the last month of the quarter and lasts four to six weeks. Thus, there are four reporting periods in a year, and they last from mid-January to the end of February, from mid-April to the end of May, from mid-July to the end of August and from mid-October to the end of November.

There is no official end date for earnings season, but it is considered to end when most major companies report. This usually takes no more than six weeks. However, not all companies fit into this period of time, because the release date of the report is determined by when a particular organization considers the quarter to end. Therefore, the release of reports during the inter-reporting period is also not uncommon.

Typically, most US companies release their quarterly earnings data before the market opens or after the market closes. In theory, this should give as many investors as possible the opportunity to consider their reaction to the published data and take appropriate action before trading begins.

Iconic players

The unofficial start of the earnings season is considered to be the publication of a report by Alcoa (AA), a major aluminum producer that is part of the Dow Jones Industrial Average. This company is the first of the major market players to report.

After this, reports begin to come out one after another. Banking giant JPMorgan Chase (JPM), insurance giant UnitedHealthGroup (UNH) and leading semiconductor device maker Intel (INTC) are also among the first to report. These three brands are not just part of the DJIA, but are leaders in their respective sectors - financial, insurance and technology, respectively, and therefore one can immediately judge the state of affairs in the entire industry. In addition, their reports influence expectations about the financial performance of other companies. Therefore, their influence on the market as a whole is very large. If any of these three companies report better than expected (a so-called positive surprise), other stocks in the industry could jump in price sharply; Conversely, if earnings or revenue are unexpectedly weak (negative surprise), prices of other stocks in the same industry may collapse.

Also reporting early are giants such as Microsoft (MSFT) and International Business Machines (IBM), which are also members of the Dow 30.

Features of the reporting season

This period is the most active time in the market, since all market participants (investors, traders and analysts) take into account both the fact of the company’s report and specific financial indicators in order to adjust their positions. In most cases, the price of a company's shares actively reacts to the release of its report. A price rise or fall of 20% on such days is not unusual.

During earnings season, news media activity spikes. Experts readily comment on report data, comparing them with expectations, trying to get to the bottom of the reasons for success or failure, and making forecasts for the future. This, of course, also affects the actions of traders.

Most large companies hold a public conference call the day after the report is released, during which management explains why the financial results turned out the way they did. During answers to questions from shareholders, interesting details may be revealed, which can also lead to sharp price movements.