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LAW ON ACCOUNTING

("Off. Herald of RS", Nos. 62/2013, 30/2018 and 73/2019 - other law)

 

I GENERAL PROVISIONS

Article 1*

(Repealed)

Definitions

Article 2*

Certain terms, in terms of this law, shall have the following meanings:

Items 1) - 6)* (repealed)

7) Regular Annual Financial Statement of legal persons that apply IFRS or IFRS for SMEs shall include:

(1) The Balance Sheet, which shall provide an overview of the assets, liabilities and equity of the legal person on a particular day;

(2) Income Statement, which shall provide an overview of revenues, expenses and results of operations incurred in a given period;

(3) Other Comprehensive Income, which shall consist of items of income and expense (including reclassification due to correction), which were not recognized in the Income Statement, as required or permitted under other IFRS. Components of Other Comprehensive Income shall be the items that, according to the requirements of individual IFRS, are recognized within equity;

(4) Statement of Changes in Equity, which shall provide information about changes in equity of legal persons during the reporting period;

(5) Cash Flow Statement which shall provide information on inflows and outflows of cash and cash equivalents during the reporting period;

(6) Notes to the Financial Statements, which shall contain descriptions or elaboration of items disclosed in the reports of the sub-items (1) - (5) of this item, the applied accounting policies, as well as information about items that did not qualify for recognition in these reports but are important for assessing the financial position and operating performance of a legal person, as well as other information in accordance with the IFRS requirements;

8) Regular Annual Financial Statement of other legal persons referred to in item 2) above, except from the other legal persons classified into micro entities referred to in Article 6, paragraph 2 of this Law shall include:

(1) Balance Sheet;

(2) Income Statement;

(3) Notes to the Financial Statements;

9) Regular Annual Financial Statement of micro legal persons and sole proprietors, including:

(1) Balance Sheet;

(2) Income Statement.

Items 10)-13)* (repealed)

Art. 3-32*

(Repealed)

VIII SUBMISSION OF FINANCIAL STATEMENTS

Submission of Financial Statements for Public Release

Article 33

Legal persons or sole proprietors shall submit the regular annual financial statements for the reporting year to the Agency, for public release, no later than 30 June of the following year, unless a special law stipulates otherwise.

Legal persons, whose business year differs from the calendar one, shall submit the regular annual financial statements for the reporting year to the Agency, for public release, not later than six months from the day when these reports were prepared.

Legal persons that prepare consolidated annual financial statements (parent legal persons) shall submit the consolidated annual financial statements for the reporting year to the Agency, for public release, no later than 31 July of the following year unless a special law stipulates otherwise.

Legal persons and sole proprietors who draw up extraordinary financial statements shall submit them to the Agency, for public release, within 60 days of the day on which such statements were drawn up.

A legal person which had no business events, nor in its business books has data on assets and liabilities, shall submit to the Agency by the end of February of the following year a statement of inactivity relating to the reporting year.

The financial statements of referred to in Par 1-4 of this Article and the statement referred to in paragraph 5 of this Article, undersigned by qualified electronic signature of the legal representative, shall be entered in a special information system of the Agency and submitted to the Agency in electronic form.

Submission of Documents with Financial Statements

Article 34

Legal persons shall submit, along with the regular and consolidated annual financial statements referred to in Article 33 of this Act, the originals of the following documents to the Agency:

1) Decision on the adoption of the regular i.e. consolidated annual financial statements;

2) Decision on distribution of profit or loss coverage under the regular annual financial statement, if it is decided that the profit shall be allocated, or loss covered;

3) Annual business report in accordance with this law.

Legal persons which have a duty to audit the financial statements in accordance with the law governing audit, shall submit to the Agency, in addition to the documentation referred to in paragraph 1 of this Article, the original of the audit report, drawn up in accordance with the law and international audit standards, with the attached financial statements that were audited.

Submission of Data for Statistical and Other Purposes

Article 35

Legal entities and sole proprietors shall submit to the Agency by the end of February of the following year, for statistical and other purposes: Balance Sheet, Income Statement and Statistical Report for the business year that corresponds to the calendar one.

Legal persons whose business year differs from the calendar one, shall submit to the Agency by the end of February of the following year: Balance Sheet, Income Statement and Statistical Report for the business year that corresponds to the calendar one.

Data from the reports referred to in Par 1 and 2 of this Article may not be transferred to any third party without the express consent of the legal person or sole proprietor, nor can they be publicly released.

The form and content of the Statistical Report shall be prescribed by the minister responsible for finance affairs, the National Bank of Serbia, or the Securities Commission, according to the competences prescribed by this law.

It shall be considered that the legal persons and sole proprietors who, along with reports for statistical processing referred to in Par 1 and 2 of this Article, also submitted other financial statements and documents referred to in Art 33 and 34 of this law, i.e. the statement that they submit the regular annual financial statements, have also fulfilled the obligation to submit these statement for public release.

Reports from Par 1 and 2 of this Article, undersigned by qualified electronic signature of the legal representative, shall be entered in a separate information system of the Agency and submitted to the Agency in electronic form.

IX REGISTER OF FINANCIAL STATEMENTS

Public Release of Financial Statements

Article 36

The Agency shall publish the data from complete and computationally accurate financial statements and documents referred to in Art 33 and 34 of this law, on its website, within the Register of Financial Statements, in full content as applied to the subjects of statutory audit in accordance with the law governing the audit, and in an abridged form as applied to other legal persons and sole proprietors.

The Agency shall publicly release the data and documentation referred to in paragraph 1 of this Article on the website within 60 days of receipt of a complete and computationally accurate financial statement of the legal person i.e. sole proprietor.

Financial statements and documents referred to in Art 33 and 34 of this law in which legal persons and sole proprietors did correct the identified deficiencies shall be publicly released by the Agency on its website as incomplete and computationally inaccurate, in full or abridged form, no later than 31 October of the following year for the reporting year.

The Agency shall provide free of charge access to users of its website to financial statements and documentation from Par 1 and 3 of this Article for the last three reporting years.

Content of the Register of Financial Statements

Article 37

The Register of Financial Statements shall be a central, public, unified electronic database of complete and computationally accurate financial statements and documentation referred to in Art 33 and 34 of this law.

A separate database for statistical and other purposes from Article 35 of this law shall be kept within the Register of Financial Statements.

Based on the data referred to in paragraph 1 of this Article and aggregate data referred to in paragraph 2 of this Article, data from other registers and records maintained by the Agency, as well as data supplied by other competent authorities and interested users of the Agency’s services, the solvency database shall be kept by the Agency within the Register of Financial Statements.

Data on solvency referred to in paragraph 3 of this Article shall be standardized in time series and harmonized with international standards, EU directives and rules of financial analysis.

Data in the Registry of Financial Statements shall be kept in order to assess economic developments in the Republic of Serbia, to analyze the financial position and operating performance of legal persons and sole proprietors and to assess the operation risk, in order to ensure reliable information to users.

Keeping the Register of Financial Statements

Article 38

The Agency shall be authorized, for the purpose of keeping the Register of Financial Statements, to collect, record, process, archive, and publicly release financial statements and documentation referred to in Art 33 and 34 of this law, to distribute the data from these statements, as well as to manage the databases and ensure the protection of databases and documents which were archived.

The Agency shall keep the Register of Financial Statements through its registrar appointed in accordance with the law governing the operations of the Agency.

The Agency shall be responsible for the authenticity of electronic input of data from the financial statements, for publication, as well as for the processing of other information and documents which are recorded in the Register of Financial Statements.

The Agency shall be required to keep financial statements, annual business report, audit report and other documents referred to in Art 33 and 34 of this law for ten years from the day of their receipt.

Article 39*

(Repealed)

Stamp Duty for Disclosure of Financial Statements and Reimbursement of Expenses for Provision of Data from the Registry of Financial Statements

Article 40

Stamp duty for disclosure of financial statements and documentation referred to in Art 33 and 34 of this law, as well as reimbursement of expenses for provision of data and other services from the Register of Financial Statements, shall be determined by the Agency in accordance with the law regulating the budget system.

Usage of Data from the Registry of Financial Statements

Article 41

Register of Financial Statements shall assign the financial statements of legal persons and sole proprietors to the competent registers of the Agency in which their status data are registered.

The Agency shall allow the National Bank of Serbia direct access and takeover of financial statements without compensation, i.e. all data from financial statements and documentation referred to in Art 33-35 of this law, as well as all other data that the National Bank of Serbia needs in order to perform its duties determined by law.

The Agency shall provide access to the Tax Administration or deliver data from the financial statements and documentation referred to in Art 33 and 34 of this law, as well as data for statistical and other purposes from Article 35 of this law, at no charge.

The Agency shall provide access or deliver data for statistical and other purposes from Article 35 of this law to the Statistical Office of the Republic of Serbia, at no charge.

The Agency shall, at user’s request, give the original data or copies of the annual financial statement, annual business report or audit report, and provide other services of the Register of Financial Statements.

Data users, in terms of this article, may use the documentation and data retrieved from the Register of Financial Statements only for their own purposes, in accordance with the regulations, and may not transfer them to third parties, distribute or publish them in their original form.

Art. 42-53*

(Repealed)