Reporting period month. Reporting period
The accounting methodology is focused on a reporting period equal to a calendar month. But the Accounting Law does not support this tradition. Therefore, the reporting dates used throughout the calendar year should be fixed in the accounting policy.
The only reporting period fixed is the calendar year (clause 1, article 15). It is used for compiling .
The reporting period always starts on January 1st. And it lasts until the reporting date inclusive (). For annual reporting, the reporting date is 31 December.
A special procedure for determining reporting periods is for firms created, reorganized or liquidated in the reporting year. But we will not dwell on them.
Interim financial statements
Reporting prepared for a period of less than a calendar year is called intermediate ().
Clause 29 of the Regulations on Accounting and Accounting in the Russian Federation (RWBU) states: the company must prepare interim reports (for the month and for the quarter) on an accrual basis from the beginning of the reporting year, unless otherwise provided by the legislation of the Russian Federation. But paragraph 4 of Article 13 of Law 402-FZ just establishes “other”. In accordance with it, interim financial statements need to be prepared only in cases where the company is obliged to submit them. Such an obligation can be established by the legislation of the Russian Federation, regulatory legal acts of state accounting regulation bodies, or at the corporate level - by company agreements, its constituent documents or decisions of owners. Of course, reporting periods and (or) reporting dates must be determined.
For example, by virtue of the law, the reporting date for a business entity is the day of payment of dividends. The fact is that on this day it is necessary to determine (clause 2, article 29 of the Federal Law of February 8, 1998 No. 14-FZ “On Limited Liability Companies”, clause 4 of Article 43 of the Federal Law of December 26, 1995 No. 208- Federal Law "On Joint Stock Companies").
For most firms, the reporting period is a calendar year. The basis is the Federal Law of December 6, 2011 No. 402-FZ “On Accounting”. The last day of a calendar month is not considered a generally established reporting date.
Another example: during the state registration of a prospectus for emissive securities, the issuer must submit interim reports for the last completed reporting period, consisting of three, six or nine months (subclause 3, clause 2, article 22 of the Federal Law of April 22, 1996 No. 39-FZ " About the securities market).
No monthly reporting
The provision on the preparation of interim reporting was introduced into Law 402-FZ by Federal Law No. 251-FZ of July 23, 2013, and became effective on September 1, 2013. It relieved firms of the need to prepare monthly reports. Therefore, "automatically", without special grounds for this, the last day of the calendar month is not considered the reporting date.
As a result, most firms do not legally generate interim reporting. And the reporting period for them by default, by virtue of the law, is a calendar year.
Meanwhile, the term "reporting period" appears in all accounting standards without exception. How to understand it? Let's think together.
Reporting period - basic concepts for PBU
The problem is that accounting standards are not adapted to the innovations of Law 402-FZ. The official accounting methodology, based on the Instructions for Use, is still designed for monthly cyclical procedures. The central place among them is the closing of synthetic accounts 90 “Sales” and 91 “Other income and expenses”. In the conditions when the reporting period increased monthly, this technique had a regulatory basis - paragraph 79 of the PVBU.
note
Accounting profit (loss) is the final financial result (profit or loss) identified for the reporting period based on the accounting of all business operations of the organization and the assessment of balance sheet items (clause 79 of the PVBU).
It turns out that now it is not necessary to reveal the financial result at the end of each month. This must be done on reporting dates. And if they are not specifically established, then it is permissible to close accounts 90 and 91 once a year - on December 31.
It would seem that the complexity of accounting is reduced. But abandoning the old positions will require a large-scale restructuring.
There can be only one advice here. If you follow the traditional methodology - set in the accounting policy that for the purposes of accounting, the reporting date is the last day of each calendar month. Thus, you will formally retain the same understanding and reporting periods. At the same time, the accounting policy “automatically” does not oblige you to draw up interim reporting.
Benefits of innovation
Suppose you are interested in the "reporting period = calendar year" option. What are the pros and cons of this choice? On the one hand, you do not have to close accounts 90 and 91 every month. However, this solution has a significant drawback: you will lose control over the current financial results of the company.
The rules for maintaining accounting records and compiling financial statements are applied to the extent that they do not contradict Federal Law No. 402-FZ (Information of the Ministry of Finance of Russia No. PZ-10 / 2012 “On the entry into force on January 1, 2013 of the Federal Law of December 6, 2011 No. 402- Federal Law "On Accounting"
With what frequency to close accounts 25 “General production expenses”, 26 “General expenses”, 44 “Sales expenses” - you decide on your own. But the depreciation of fixed assets and intangible assets must be accrued strictly on a monthly basis, because this is expressly provided for and.
But firms that use . Accountants “dislike” this standard because of the calculations that they have to perform on a monthly basis. But if we proceed from the fact that the only reporting date is December 31, then it will be necessary to distribute income and expenses under transitional contracts only between calendar years. Which definitely makes life easier.
Problems of innovation
For an accountant, solutions that bring accounting and tax accounting together are always relevant. As you know, for the purpose of taxing profits, reporting periods are formed quarterly or monthly. Accordingly, it makes sense to establish reporting periods in accounting.
The definitions given in :
.
reporting period - the period for which the company must draw up financial statements;
.
reporting date - the date on which the company must prepare financial statements.
Another problem is the need for balance sheets for decision-making in business companies. For example, when classifying large transactions or to determine the amount of payments to the departing member of the LLC. And for payment (quarterly or semi-annually), an interim report on financial results will be required. After all, these payments are possible only if there is current net profit (clause 1, article 28 of the Law 14-FZ, clause 1 and clause 2 of article 42 of the Law 208-FZ). Reporting dates for all such situations should be fixed in advance in the charter. If this is not done for you, a decision of the general meeting of participants (shareholders) will be required to determine the reporting date. When the reporting period was considered a month, there was no such need.
So, take note: the “reporting period” is under control!
Elena Dirkova, for the journal "Practical Accounting"
Examples of filling out reporting forms
Berator "Accounting statements" contains all the information for the error-free filling of any reporting form with line-by-line comments for each form with filling examples.
In accounting reporting period- a period of time that includes the facts of economic activity that occurred during it or related to it, reflected by the economic entity in accounting and financial statements.
The main reporting period is a year, intermediate - month and quarter.
The reporting period, which begins on January 1 and ends on December 31, is called the calendar reporting period.
If the reporting period, having the same duration, begins on any other date, then the reporting period is called the financial year.
The most common are quarterly and annual reporting periods:
Quarterly reporting is generated for a period of time that occurs every quarter (3 months) of the year.
The reporting period for annual accounting (financial) statements (reporting year) is a calendar year - from January 1 to December 31 inclusive, except for cases of creation, reorganization and liquidation of a legal entity.
The first reporting year is the period from the date of state registration of the economic entity to December 31 of the same calendar year inclusive.
If the state registration of an economic entity was made after September 30, the first reporting year is the period from the date of state registration to December 31 of the calendar year following the year of its state registration, inclusive.
Thus, annual reporting is formed for the period of time that occurs each year.
In tax accounting, the reporting period is the time period after which taxpayers and tax agents are required to submit tax returns to the tax authority in relation to each individual tax.
Reporting periods, as a rule, are the first quarter, six months and nine months of the calendar year. In some cases, the reporting period may be a month.
For example, the first quarter, six months and nine months of a calendar year are recognized as income tax reporting periods.
At the same time, a month, two months, three months, and so on until the end of the calendar year are recognized as reporting periods for taxpayers who calculate monthly advance payments based on actual profits.
At the end of each reporting period, advance tax payments must be made.
Since reporting periods in tax accounting are formed quarterly or monthly, it makes sense to set the same reporting periods in accounting.
Still have questions about accounting and taxes? Ask them on the accounting forum.
Reporting period: details for an accountant
- Nuances of reflecting events after the reporting date
For an insured event that occurred in the reporting period; obtaining information indicating ... parts of the explanatory note submitted for the reporting period. A brief description of... accounting is subject to disclosure - as of the last day of the reporting period, an additional accounting entry or an accounting ... entry is reflected on the last day of the reporting period as an additional accounting entry or ... part of an explanatory note submitted for the reporting period. Federal Accounting Standard...
- Transformation of accounting (financial) statements: practice of carrying out
borrowed by the company. During the reporting period, the qualifying asset does not ... use the market yield at the end of the reporting period of government bonds that mature ... to settle obligations at the end of this reporting period. The amount of deferred tax is determined based on... Effect on profit (loss) of the reporting period Deferred tax asset Deferred tax... adjusted for the amount of depreciation for the reporting period, included in the Group's property, plant and equipment...
- If the AU has incurred a loss from an income-generating activity
List. In declarations for other reporting periods, line 110 of sheet 02 is determined ... for the period and line 100 for the reporting period for which the declaration is drawn up. On ... in the amount of 900,000 rubles. The reporting periods are the first quarter, half a year, nine ... for profit based on the results of the following reporting periods of 2019, that is, for ... during the year following the results of each reporting period, it can both increase and ...
- Correction of errors in accounting and reporting
Errors Correction procedure Error of the reporting period, identified in the course of the implementation of ... accounts of accounting by the last date of the reporting period; b) by forming an accounting ... at the end of the reporting period; b) by generating updated reporting. Reporting period error revealed by... accounting (financial) statements Reporting period error revealed after the date of approval of the annual... (reporting) period in which misstatements related to previous tax (reporting) periods, ...
- Mistakes of the past ... of the past period
Relating to past tax (reporting) periods, in the current period, recalculation of the tax ... and the amount of tax for the tax (reporting) period in which errors were detected ... adjust the tax base for the tax (reporting) period in which errors were detected, . .. tax in the past tax (reporting) period. With regard to the tax on ... and the amount of tax for the tax (reporting) period in which errors ... distortions) related to previous tax (reporting) periods were detected, in cases where the committed ...
- Correction of mistakes of past years
Reporting. The given definition is recognized as an error of the reporting period. The procedure for correcting errors in the reporting period ... at the beginning of the reporting period (beginning of the year preceding the reporting period (year); indicators at the end of the reporting period (month ...) of the year preceding the reporting period (year); turnover by indicators for the reporting period of the year preceding the reporting period (year ... financial statements at the beginning of the reporting period (in any form of reporting) are given ...
- Digest of the annual accounts for 2019
The amounts of advance payments calculated for the reporting periods. Also added to the declaration...
- Accounting for long-term contracts
...). In IFRS reporting, revenue equal to the product of the planned ... revenue is recognized during the reporting period, how much revenue to recognize in each reporting period - by evaluating progress towards ... indicators to get an impact on the reporting period. Example Below is an example of calculating ... the reporting date, while this amount of revenue for ... is recognized in the reporting period, and the revenue and cost of the reporting period were recalculated, while writing off work in progress ...
- The procedure for filling out declarations and the deadlines for submitting reports in the event of liquidation of an organization or its reorganization
Consist of one or more reporting periods, taking into account the features established by this ... pages of the declaration); for the attribute "Tax (reporting) period (code)" - code 50 (the last ... insurance premiums for those settlement (reporting) periods, the obligation to pay insurance premiums ... insurance premiums for the last settlement (reporting) period of its activity to submit the specified calculation ... of the day of the month following the settlement (reporting) period during which the reorganization was carried out ...
- We present reports on insurance premiums for 2019
If in the last three months of the reporting period for which the calculation is submitted, ... contracts were terminated in the previous reporting period, information about them is also ... remuneration was made in November, for reporting periods - I quarter, six months, nine ... which did not receive payments in the reporting period. Employees of the organization who are in ... one or another settlement (reporting) period, the payer is obliged to submit in the established ...); table 4 - if there were accidents at work in the reporting period ...
- Features of the calculation of transport tax by organizations
Calendar year (item 1). Reporting periods for taxpaying organizations are recognized as I ... subjects of the Russian Federation have the right not to establish reporting periods (clause 3). Tax ... - advance payments based on the results of the reporting period. If the vehicle is registered (removed ... etc.) during the tax (reporting) period, the calculation of the amount of tax (advance amount ... the number of calendar months in the tax (reporting) period. To determine whether ... the month following the expired reporting period A few words about confirmation...
- Contributions under VHI and other voluntary insurance contracts: can the AC take into account the costs?
Concluded for a period of more than one reporting period, expenses are recognized evenly within ... calendar days of the contract in the reporting period. The institution concluded with the insurance company ... calendar days of the contract in the reporting period. Note that this rule provides that ... the number of calendar days in such a reporting period and the corresponding part of the insurance premium ... concluded for a period of more than one reporting period, the insurance premium must be taken into account by the insured ...
- Accounting policy for accounting purposes: what to consider in 2020?
The volume of economic benefits of the organization for the reporting period in connection with the taxation of profits ... expenses incurred by the organization in previous reporting periods are attributed to an increase in the financial result ... costs incurred by the organization in previous reporting periods are reflected: in the amount of accrued depreciation ... . At the same time, the amounts charged to financial results in the reporting period are presented in ... . At the same time, the amounts attributed to financial results in the reporting period are reduced in ...
- Update of Chapter 23 of the Tax Code of the Russian Federation
April 1 of the year following the reporting period. So the deadline for submitting forms...
- The transaction was declared invalid: income tax and VAT
For past tax (reporting) periods, in the current tax (reporting) period, recalculation of the tax base ... , formed on the basis of the results of the tax (reporting) period based on the data of accounting registers ... by the taxpayer in a certain tax or reporting period, business transactions for the sale. .. business transactions performed in the relevant tax or reporting period, including ... events) of economic life in the tax (reporting) period of their occurrence (the period of return of goods ...
This is a time period of the financial, economic and operational activities of the institution, which is reflected by the accountant in the accounting and final reports.
The only legally recognized interval is the calendar year, which begins on January 1 and ends on December 31 inclusive (clause 6 of article 15 402-FZ), the code for such a reporting period is 34 in the financial statements. Sometimes it has an annual duration (365 days), but starts from another date, it is called financial.
There is also an intermediate one, which is limited to a month or a quarter - for monthly and quarterly registers, respectively.
Since accounting is annually submitted to the IFTS once (during the first 3 working months), the main calendar year is considered to be the same, starting on January 1. Thus, the reporting period in the financial statements of 2017. started on 01/01/2017.
Codes of reporting periods of the financial statements of 2019
The annual report, which consists of the final balance sheet and its annexes, is submitted by accountants to the territorial tax inspectorates by the end of March of the next year. But there are situations when organizations submit intra-annual reports to INFS: monthly and quarterly.
Due to the large number of financial documents processed by specialists, a special periodicity coding was introduced to avoid confusion. Codes of reporting periods of financial statements 2016 were changed by Appendix 3 (as amended on December 20, 2016) to the order of the Federal Tax Service of Russia dated October 29, 2014 No. ММВ-7-3/ [email protected], and to determine the time interval for which you need to report, in 2017-2018. the following notation applies:
- 21 - first quarter;
- 31 - 6 months (half a year);
- 33 - 9 months;
- 34 - year;
- 50 - the last reporting period in the financial statements and in tax reports during the reorganization (liquidation) of the institution.
Submission of interim accounting
According to paragraph 5 of Art. 13 402-FZ, accounting is considered intermediate, which is compiled for an interval of less than one calendar year. These can be monthly or quarterly registers.
Interim reports are submitted only when the organization is obliged to submit it in accordance with the current legislation of the Russian Federation, by-laws and regulations, as well as constituent documents or decisions of managers and owners (clause 4 of article 13 402-FZ). In such cases, the dates of the EP must be fixed in the accounting policy of the institution.
The deadlines for the submission of intermediate forms are not established by the current legislation. The terms and time intervals for which you need to report are determined by internal and external users of accounting.
Accounting reports show the state of economic activity of the enterprise, assess its economic situation, profitability, and the like. Of course, in order to get a reliable picture of the situation, reporting must have some kind of anchor point that you can focus on, that is, a certain specific reporting period must be indicated.
What is included in financial statements
First of all, it is necessary to mention those documents that make up the financial statements of absolutely any period. Usually these are: the balance sheet and the statement of financial results of the enterprise.
The balance sheet is a statement of the assets and liabilities of a business. At the same time, assets are understood as all the property of the enterprise: from real estate and products to the most ordinary ballpoint pen, and liabilities are capital and reserves, as well as liabilities (all funds that the enterprise has received for development and stable operation and is now obliged to return on time) . This can be the money of shareholders, and loans from credit institutions, and other funds.
The income statement contains the most complete and reliable data on all purchases, sales, expenses for raw materials and equipment, taxes paid and tax benefits, in a word, about the smallest penny that has ever been received or given away by any employee of the enterprise as part of the workflow .
What is reporting for?
As mentioned above, financial statements represent a very powerful information layer about the activities of the enterprise. An intelligent manager who regularly studies financial documentation for reporting periods and compares information will be able to foresee business development paths, assess the profitability or, conversely, the unprofitability of certain areas of production, detect increased losses where this should not be, and a thousand different little things.
That is, financial statements are one of the most effective tools for making far-sighted management decisions. In addition, reports must be submitted to the tax service to assess the activities of the enterprise and control over the correct payment of all taxes due.
Reporting periods
Like tax reporting, accounting is submitted to the tax service once a year, that is, the reporting period is three hundred and sixty-five days and begins on the first day of January of the current year.
The report, which, as we remember, includes the balance sheet and profit and loss information (as well as, if necessary, the auditor's report, appendices to the balance sheet and other necessary financial reports), is submitted to the tax service before March 31 of the current year. That is, the accounting report for 2017 must be submitted before March 31, 2018.
The reporting period for financial statements can also be a month, quarter or half a year. Reporting for these periods is called intra-annual or interim.
Until recently, enterprises had to submit interim financial statements in addition to annual financial statements, but this requirement is no longer valid (according to the letter of the Ministry of Finance of Russia dated 10.23.2012 No. 03-11-09 / 80).
However, some organizations, such as insurance companies, still have to submit interim (quarterly) reports to the tax authorities. Those for whom interim reporting is not mandatory are still not recommended to neglect it, because it is known that the more often the results are summed up, the more accurately the records are kept. In addition, by comparing the final figures, it is easier to identify an error or shortage.
Reporting period codes
The financial statements provide codes for reporting periods. Encoding is necessary to facilitate orientation in the flow of information that the tax service faces daily.
Before filling out reporting documents, it is better to clarify the coding of reporting periods, since it may change and not coincide with last year's information.
In 2018, the following codes are provided:
- 21 - for the report for the quarter;
- 31 - for the half-year report;
- 33 - for a report for nine months;
- 34 - for the annual report.
When reorganizing and reforming the enterprise, it was necessary to use codes 90 and 94.
In conclusion, we recall once again that the tax period codes for financial statements must be carefully checked before filling out the final documents, since any errors in financial documents threaten with serious fines.
Personal income tax changes since 2016: new reporting periods: Video
REPORTING PERIOD
REPORTING PERIOD
(accounting period) 1. The period for which the organization prepares reports; usually equal to one year. During this period, profit and loss accounts (or income and expenditure accounts) and balance sheets are prepared, reflecting the state of the company at the end of the period. Often the law requires the publication of these reports. However, in many cases, in order to improve the efficiency of day-to-day management, companies report for shorter periods of time, such as monthly, quarterly, or half-yearly. companies, this period is generally the same, except when their reporting period exceeds twelve months and it is required to split it into two or more periods of twelve months each, except for the last one.
Finance. Dictionary. 2nd ed. - M.: "INFRA-M", Publishing house "Ves Mir". Brian Butler, Brian Johnson, Graham Sidwell et al. Osadchaya I.M.. 2000 .
See what "REPORTING PERIOD" is in other dictionaries:
reporting period- 1. The period for which the organization prepares reports; usually equal to one year. During this period, profit and loss accounts (or income and expenditure accounts) and ... ... Technical Translator's Handbook
- (accounting period) 1. The period for which the organization prepares reports; usually equal to one year. For this period, reports (accounts) are prepared on profit and loss (profit and loss accounts) (or reports (accounts) on income and expenses ... ... Glossary of business terms
- (accounting period) The period of time, usually one year, to which the company's accounting set refers. Economy. Dictionary. Moscow: INFRA M, Ves Mir Publishing House. J. Black. General editorial staff: Doctor of Economics Osadchaya I.M.. 2000 ... Economic dictionary
Reporting period- (accounting period) the period for which the financial statements are prepared; can be equal to a month, a quarter, a year. In Russia, the annual O.p. starts on January 1st and coincides with the calendar year. In other countries, it may start on different dates ... ... Economic and Mathematical Dictionary
Reporting period Accounting Encyclopedia
Reporting period- the period for which the obligated person must prepare reports ... Encyclopedic dictionary-reference book of the head of the enterprise
reporting period- the period of time for which the company prepares its reports ... Reference commercial dictionary
REPORTING PERIOD- (English accounting period) - the period for which the financial statements are prepared. O.p. can be equal to month, quarter and year. Main O.p. is the reporting year - from 1 Jan. to 31 Dec. inclusive. The first reporting year for newly created ... ... Financial and Credit Encyclopedic Dictionary
The reporting period is a period of time determined by regulatory documents on accounting, which includes the facts of economic activity that occurred during it or related to it, reflected by an economic entity in ... ... Wikipedia
REPORTING PERIOD- ACCOUNTING PERIOD reports. Collection of taxes from enterprises and income tax from individuals, other legal measures are usually carried out on the basis of a one-year O.p. and annual billing cycle.… … Encyclopedia of Banking and Finance
Books
- Report of the regional committee of the CPSU (b)
- Report of the regional committee of the CPSU (b), A. A. Zhdanov. Comrades, the work of the Regional Committee of the Party during the reporting period covers the last year of the first five-year plan and the first year of the second five-year plan. The main tasks facing the Regional Committee during this period were…