Telegram 
Viber 
Whatsapp 
Messenger New forms of financial reporting
A document was adopted containing the main changes to the principles of presenting financial statements, which the Ministry of Finance introduced to the public …
By order of the Ministry of Finance a new form of financial reporting was approved
A document was adopted containing the main changes to the principles of presenting financial statements, which the Ministry of Finance introduced to the public back in autumn 2012. According to Order No. 73 of the Ministry of Finance dated 07.02.2013, to replace the old P (S) BU 1, 2, 3, 4 and 5, which defined the procedure for submitting the main reporting forms, a new NP (S) BU 1 was established. The purpose of these changes is to bring the national standards for presenting financial statements and accounting closer to international standards. The new accounting standards establish the principles, composition and objectives of maintaining financial statements, and the requirements for disclosure and recognition of their components. It is important that the new NP (S) BU 1 is now considered “national”, which raises its “status”.
New forms of financial reporting
The effect of Order No. 87 of the Ministry of Finance «On the Approval of Provisions (Standards) of Accounting» dated 31.03.99 is canceled by the new Order, as a result of which the old requirements of P (S) BU regarding:
- “General requirements for financial reporting”;
- “Statement of cash flows”;
- “Statement of changes in equity”;
- “Statement of financial results”;
- “Balance sheet”.
All the main updated financial statement forms are presented in Appendix 1 to NP (S) BU, which contains:
- Statement of changes in equity;
- Statement of cash flows (indirect method);
- Statement of cash flows (direct method);
- Balance sheet (Statement of financial position) ;
- Statement of financial results (statement of comprehensive income).
Forms for consolidated financial statements are contained in Appendix 2 to NP (S) BU 1. Previously there were no changes to the separate forms for consolidated reporting; parent companies used the standard forms with information shown in fill-in lines.
Composition and elements of financial statements
The composition of financial statements, the timing and frequency of their submission have not changed. As before, annual reporting forms are submitted no later than February 9 of the year following the reporting year, and quarterly forms no later than the 25th day of the month following the reporting quarter. The new reporting forms must be applied starting from the report for I quarter 2013.
The form and procedure for submitting financial statements by small business entities have not changed for now. They are and will continue to be defined by P (S) BU 25. According to NP (S) BU 1, P (S) BU 25 also determines the procedure for submitting financial reports for representative offices of foreign business entities.
Regarding the inclusion of additional information not provided for by the approved report forms, NP (S) BU 1 allows adding items while preserving their name and line code from the list of additional financial statement items. Such a list is provided in Appendix 3 to NP (S) BU 1. It is clear that the approval of NP (S) BU 1 requires amendments to most of the existing P (S) BUs. One can only hope that the Ministry of Finance will not delay and that the provisions of the remaining standards will be aligned with the new document.