Companies that maintain accounting records in Russia are required to submit an annual balance sheet.
Balance sheet – a system of indicators grouped in the form of a two-sided table in a consolidated statement, reflecting the availability of economic assets and sources of their formation in monetary value as of a certain date. Balance sheet and income statement are the two main forms of financial reporting that banks, investors, lenders, and counterparties study to understand whether it is worth doing business with you. The form of the Russian balance sheet was approved by the Order of the Ministry of Finance of Russia.
The balance is divided into two parts: an asset and a liability. There are sections inside the parts, there are five of them, they are numbered through-through. Inside the sections are articles. Each item is a separate type of assets or liabilities. Items in an asset are arranged according to the degree of increase in liquidity: the lower the item is located, the faster the asset can be sold. In liabilities, items are ordered by maturity: the lower the item, the faster it will be necessary to pay off the liability.
The totals for the assets and liabilities of the balance sheet should always be equal.
The balance sheet is one of the main documents, based on which it is possible to analyze the results of the company’s work, since it reflects all the information about property and debts in monetary terms. Starting from the balance sheet for 2020, companies submit the balance sheet only to the Federal Tax Service; there is no need to send it to Rosstat. As a rule, the balance sheet is handed over only once a year, after the end of the calendar month at the end of March of each year.
What will happen if you do not submit the balance sheet? For non-delivery or violation of the deadlines for delivery to the tax office, the company faces fines. Therefore, it is important to submit reports on time.
Experts from the Valen Group will help you draw up the balance sheet. And conduct a financial analysis in the context of your activities.