The most important changes of the new Accounting Law were presented yesterday at the Meetup “Plan Balance Sheet” at STP Belgrade.
Reasons for drafting the new law – harmonization with the requirements of the new EU regulations in the field of corporate financial reporting, eliminating deficiencies in the implementation of the existing legal solution, transitional and final provisions and entry into force of the new law, were presented by Aleksandar Janjušević, Head of Accounting and Auditing Department at the Ministry finance of the Republic of Serbia.
One of the main novelties of the new Law is the introduction of an obligation for legal entities, i.e. entrepreneurs, to prepare and submit invoices exclusively in electronic form. E-invoices will be required starting January 1st, 2022.
The new law provides elimination of submition of two sets of reports to the Business Registers Agency (data for statistical purposes by the end of February and financial reports by 30 June). Instead, the law provides one deadline for submission of regular annual financial statements for public disclosure – by March 31st of the current year for the previous year. The exception is the deadline for the auditors of the financial statements – by 30th June of the current year for the previous year, or by 31st July if it is the audit of the consolidated financial statements (decision as in the current Accounting Law).
A novelty in the law is the compilation of a Note to the financial statements, mandatory for all companies (including micro). Thus, the regular annual financial statements of legal entities and entrepreneurs, classified as micro-legal entities, will in the future include: Balance Sheet, Income Statement and Notes to the Financial Statements.
As explained by prof. Dr. Zoran Petrovic, The Note will actually present the financial statement in a descriptive, textual form, explaining the core business of the firm, field of operation and what its business prospects are.
The new Accounting Act comes into force on January 1st, 2020. Law enforcement by-laws will be adopted no later than six months from the effective date, and will begin to apply from the December 31, 2021. New Deadlines for Submission of Financial Statements will begin to apply from December 31, 2021.
At the Meet-up, the Law on Alternative Investment Funds was presented in short by Aleksandra Dragovic Delić, Head of the Securities and Equity Group at the Ministry of Finance. She pointed out the most important provisions of the law needed to adjust the level of development of the domestic capital market based on the submitted initiatives of representatives of the investment funds sector, and should provide access to additional/alternative funding sources for micro, small and medium-sized enterprises.
The meeting was moderated by Vera Dokmanovic Ciric, Assistant Director of Finance at STP Belgrade.