Department of Statistics in the Ternopil region in the letter dated 01.04.2013 № 05/2-10/55 reminds that starting I quarter 2013 legal entities present their financial statements in the form set forth in the appendices to National Accounting Standard 1 General Requirements to the Financial Accounting approved by Order of the Ministry of Finance dated 07.02.2013 № 73 (hereinafter - NAS 1)
Mandatory form and composition of items of financial statements are determined by NAS 1 and spelled out in Appendices 1 and 2 thereto.
However, entities may not include items containing no information for disclosure (except where such information is reported in the previous reporting period), as well as add items without changing the sequence of their names and codes line from the list of additional items of financial statements presented in appendix 3 to NAS 1, if the item meets the following criteria:
- information is essential;
- the item can be reliably measured.
For the interim (quarterly) reporting in 2013 the following reporting forms apply:
1. Form 1 «Balance Sheet» (Statement of Financial Position).
2. Form 2 «Income Statement» (Statement of comprehensive income).
For small business entities that prepare and present financial statements National Accounting Standard 25 «Financial report of a small business entity» (hereinafter - NAS 25) establishes financial reporting reduced by indices (no change) comprising the following reports:
1. «Financial report of a small business entity» (form No. 1-m).
2. «Profit and Loss Statement» (Form No. 2m).
At the same time, experts at state statistics department draw attention to paragraph 1 of section IV NAS 1, which states: «enterprises that for financial reporting apply International Financial Reporting Standard for Small and Medium Enterprises, shall use forms of reports approved by this national standard. «Thus, all small business entities that choose to apply International Financial Reporting Standards (mandatory for public joint stock companies) shall prepare and present a complete set of financial statements, as per revised NAS 1 rather than NAS 25.
Deadline for submission of quarterly financial statements for companies is 25th day of the month following the reporting quarter.
