Day of submission of Annual Report is coming (Latvia)

Even then accountants have experience and expertise, they are facing changes, emerging situations every year and learn something new.
According to Annual Report and Annual Consolidated Report Law, all commercial companies must submit an annual report approved by the shareholders not later than one month after the approval of the annual report and not later than 4 months after the end of the reporting year to the State Revenue Service.
An exception is for:

• medium and large companies that meet Annual Report and Annual Consolidated Report Law’s criteria;
• the parent company of the group preparing the consolidated Annual Report;
• companies that should submit the Annual Report and the consolidated Annual Report (if it is being prepared) within 7 months after the end of the reporting year to the State Revenue Service.

On February 13, the Cabinet of Ministers approved amendments in Regulations of the Cabinet of Ministers No. 755 "Regulations on the Application of the Law on Annual Accounts and Consolidated Annual Report" that are made to partially solve the problem of the exclusion of deferred tax assets and deferred tax liabilities from enterprises balance sheet, in a result, the size of own capital of specific company is changing.
From 16th of February, 2018 Act has amendments because, from 1st of January, 2018 goes to action the Law of Corporate Income Tax. It says about a different calculation model of corporate income tax.




Preparing a correct Annual Report is unthinkable without an inventory of all accounts. If accounts are kept and known balances, the preparation of the annual accounts is merely a technical task. Amendments are not applicable for all companies who prepare Annual Reports according to International Accounting Standards.
Sometimes it seems too much for one person and companies use service of outsourcing.

Are you ready to submit Annual Report?