Rules of financial reporting

In 2020, the financial statements for 2019 were first provided by the State information resource of accounting (financial) statements (GIR BO), the maintenance of which is entrusted to the Federal Tax Service of the Russian Federation, as we reported in our publication in 2018.

According to the Federal Law of November 28, 2018 No.444-FL “On Amendments to the Federal Law “On financial accounts”, a mandatory copy of the annual financial statements to the tax authorities at the location of the company must be submitted no later than 3 months after the end of the reporting period. In case of any errors are found, the adjusted reporting is submitted no later than 10 working days after the day of making the corrections or the day of approval of the annual reporting.

The following entities are exempted from filing the mandatory copy of the annual financial statements:

• public sector organizations;
• the Central Bank of the RF;
• religious organizations;
• credit and non-credit institutions filing accounting statements to the CB RF;
• organizations that accounting statements are concerned as state secret;
• other organizations – according to the decision of the Government of the RF.

In addition, the latest reports are not submitted by reorganized or dissolved legal entities.

State and municipal authorities submit reports using the system of interdepartmental information interaction.

Financial statements are submitted only to the Federal Tax Service of the Russian Federation. Submission of reports to the bodies of the Federal State Statistics Service is no longer required.

Financial statements must be submitted only in the form of an electronic document. In 2020, small business entities can submit reports both in paper and electronic form.

The Federal Tax Service of the Russian Federation emphasizes that the correct Russian Economic Activities Classification System code (OKVED) must be entered in the accounting forms, reflecting the type of activity that the organization was engaged in for the reporting year. If OKVED code differs from the OKVED codes specified in the Unified State Register of Legal Entities, the organization must declare the appropriate changes to the register.

OKVED code is used in calculating the average industry indicators, as well as indicators of the tax burden, average wages and others. Statistical authorities use OKVED in statistical monitoring.

The subscribers of the Information and Analytical system Globas have access to financial statement of all legal entities of Russia since 1997.