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Messenger Deadline for submitting annual financial statements extended by 20 days
By Resolution No. 820 of 07.11.2013 the Cabinet of Ministers of Ukraine amended the Procedure for submitting financial statements, approved by CMU Resolution No. 419 of 28.02.2000.
By Resolution No. 820 of 07.11.2013 the Cabinet of Ministers of Ukraine amended the Procedure for submitting financial statements, approved by CMU Resolution No. 419 of 28.02.2000.
Changes concern the deadline for submitting annual financial statements, including those prepared under IFRS, which has been moved from February 9 to February 28 of the year following the reporting year, in order to improve the procedure for submitting financial statements (information on the financial position, results of operations and cash flows of the enterprise for the reporting period).
Submission of financial statements to the Ministry of Revenues is carried out within the deadlines provided for filing the profit tax return. This will enable coordination of report submission to the revenue and statistics authorities.
A one-year deferral, until January 1, 2015, of the start of preparing the specified information (including consolidated statements) under IFRS by credit unions and enterprises engaged in asset management activities is also provided by the new changes. At the same time, enterprises operating in the field of financial services and insurance will nevertheless prepare reports starting from January 1, 2014.
Changes also apply to the Strategy for the Application of International Financial Reporting Standards in Ukraine (approved by CMU order No. 911 of 24.10.2007) in terms of establishing electronic reporting submission and improving legislation in line with international standards.