With the onset of autumn, we are starting to think more and more about the preparation of the Annual Financial Statements for 2018 G., as well as their audit. This is a good sign, as the early organization of this difficult process is a prerequisite for more efficient work, better results and less last minute stress. That is why we would like to give you some tips, which would contribute to the successful conclusion of the financial year.
It is important to remember, that the latest changes in accounting legislation are from 2016 y.. with regard to the preparation of the annual reports, namely:
- enterprise category - see art. 19 from ZSch.;
- categories of enterprise groups - see Art. 21 from ZSch.;
- what parts does the annual financial statements of the respective category of enterprise consist of - see art. 29., which provides guidelines for the preparation of a full or short version of the Annual Financial Statements;
- what should be published from the prepared annual financial statements for the respective category of enterprise - see art. 38 from ZSch.;
- The content of the management report is contained in Chapter Seven of the Law on Management., as additional requirements for joint stock companies are included in the Commercial Law Art. 247 and Art. 187d.
Letters of confirmation
Prepare letters confirming balances and / or turnovers to 31 December to customers, providers, banks and other estimates.
The inventory of the assets and liabilities of the company
Prepare an inventory order, according to the company's policy for conducting annual or other inventories.
Valuations and impairments
Check whether there are conditions for impairment of assets, in accordance with company policy and applicable standards, For example:
- Determining the useful life of YES - NSS / MSS 16;
- Estimation of the recoverable amount of YES relative to their carrying amount and the need for their impairment to 31 December - NSS / MSS 16;
- Valuation of receivables and their need for impairment to 31 December - NSS / MSS 36;
- Valuation of investments in subsidiaries and their need for impairment to 31 December - NSS / MSS 36;
- Estimation of the Ministry of Health in relation to their net realizable value, T. is. to compare their book value with their net realizable value - NSS / IAS 21.
Affiliates
Determine who are the related parties of the company, while preparing information about the relationship with them, which should be disclosed in the AFS.
Time and resources
Finally, our advice is to timely prepare the necessary data and information for the preparation of annual financial statements, providing sufficient time for the technical implementation of this process.
