Accounting and auditing standards
Legal entities are responsible for keeping financial records, preparing and submitting accounting reports in accordance with the provisions of the Accounting Act, international accounting regulations and International Accounting Standards.
The accounting report must clearly and reliably show the balance sheet's resources, liabilities to other sources and the results of operations.
The legal entity submits a half-yearly (half-yearly profit and loss account) and an annual (annual profit and loss account) accounting report.
The half-yearly report must be submitted by the end of July of the current year, while the annual report is submitted by the end of February of the following year – for the year that has ended.
Legal entities must comply with the law and standards in the process of bookkeeping and filing financial statements.
The standards have been adopted in accordance with International Accounting Standards and relevant EU directives.
Business books are kept in accordance with the principles of double-entry bookkeeping.
Annual and semi-annual financial reports must include the following accounting statements:
balance sheet
statement of profit or loss
Legal entities must properly maintain and preserve accounting documents, business books, and accounting and business reports.
The rules define the periods and methods for maintaining and preserving accounting records, business books, accounting statements and business reports.
The legal entity in the process of preparing financial statements adheres to the general principles of valuation:
principle of continuity
principle of consistency
the prudence principle for balance sheets which contain the closing balance principle and the inequality principle
The principle of the correspondence between income and expenditure
Principle of individual valuation of assets and liabilities in relation to other sources
The principle of the time-bound balance.