Annual accounting

After the end of each fiscal year, the company must prepare and submit to the Commercial Register an annual report which gives a comprehensive overview of the company’s results in the previous financial year. The deadline for submitting of annual report is 6 months from the end of the company fiscal year. E.g. if your company fiscal year equals calendar year, then the deadline for submission of annual report is June 30th.

In addition to the above, the company is also required to file other reports and declarations, depending on the form of business, structure and area of activity.

An auditor’s report must be appended to the annual report, if company was required to undergo an audit.

An auditor’s report must be appended to the annual report of an organisation subject to accounting requirements who meets at least two of the following three conditions:

  • annual net sales of 4 000 000 euros and more;
  • balance sheet volume of 2 000 000 euros and more;
  • average number of employees is at least 50.

The auditor review is also obligatory for organisations subject to accounting requirements who meet at least one of the following three conditions as of the balance sheet date:

  • annual net sales of 12 000 000 euros and more;
  • balance sheet volume more than 6 000 000 euros,
  • average number of employees is at least 180.

Use Audit Calcluator to find out if your company will be subject to auditing requirement.

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