Reporting period- this is the period for which the organization must prepare financial statements. The reporting period is month, quarter, year. During this period, income statements (or income and expense statements) and balance sheets are prepared, reflecting the company's position as of the end of the period. Often the law requires the publication of these reports.
In many cases, companies, in order to improve the efficiency of ongoing management, prepare reports for shorter periods of time, for example, for a month, quarter or half a year.
Expenses of the reporting period
These are costs or losses attributable to the current period, as opposed to the cost of products produced during this period. Consist of costs excluding costs for inventories of finished goods and work in progress.
Accounting period codes
The vast majority of legal entities submit financial statements once a year. For them, the reporting period code on the title page is always “34”. But there are organizations that are required to report quarterly. For example, insurance companies. Codes are provided for quarterly reports:
- for the first quarter – “21”;
- for the first half of the year – “31”;
- in nine months – “33”
- 51 - I quarter - during reorganization (liquidation) of the organization
- 52 - Half-year - during reorganization (liquidation) of the organization
- 53 - 9 months - during reorganization (liquidation) of the organization
When liquidating or reorganizing an enterprise, the following codes are provided:
- “94” – for interim reports;
- “90” is for the final report.
Tax reporting period
A tax period is understood as a calendar year or another period of time in relation to individual taxes, at the end of which the tax base is determined and the amount of tax payable is calculated. The tax reporting period is a time period after which taxpayers and tax agents are required to provide tax reporting to the tax authority in relation to each individual tax.
A tax period may consist of one or more reporting periods, following which advance payments are made. If an organization was created after the beginning of the calendar year, its first tax period is the period from the date of its creation to the end of that year. In this case, the day of creation of the organization is recognized as the day of its state registration.
When an organization is created on a day falling within the time period from December 1 to December 31, the first tax period for it is the period from the date of creation to the end of the calendar year following the year of creation.
If an organization was liquidated (reorganized) before the end of the calendar year, the last tax period for it is the period from the beginning of this year until the day the liquidation (reorganization) was completed.
If an organization created after the beginning of a calendar year is liquidated (reorganized) before the end of this year, the tax period for it is the period from the date of creation to the day of liquidation (reorganization).
If an organization was created on a day falling within the period from December 1 to December 31 of the current calendar year, and was liquidated (reorganized) earlier than the calendar year following the year of creation, the tax period for it is the period from the date of creation to the day of liquidation (reorganization). ) of this organization.
The provided rules do not apply to organizations from which one or more organizations are separated or joined.
These rules also do not apply to those taxes for which the tax period is established as a calendar month or quarter. In such cases, when creating, liquidating, or reorganizing an organization, changes in individual tax periods are made in agreement with the tax authority at the place of registration of the taxpayer.
If property that is the object of taxation was acquired, sold (alienated or destroyed) after the beginning of the calendar year, the tax period for the tax on this property in a given calendar year is determined as the period of time the property was actually owned by the taxpayer.
Tax reporting period codes
Tax returns also have their own two-digit codes. Each period has its own codes, which have a two-digit register.
Income tax is considered a cumulative total, and the codes will be as follows:
- 1st quarter – “21”;
- 1st half of the year – “31”;
- 9 months – “33”; year – “34”.
VAT is calculated quarterly, and the codes are different:
- 1st quarter – “21”;
- 2nd quarter – “22”;
- 3rd quarter – “23”;
- 4th quarter – “24”.
When submitting declarations in the process of reorganization or liquidation of an enterprise, code 50 is used. The first digit 5 in the code always means for tax authorities that this is the company’s latest reporting.
Codes of tax reporting periods under the simplified tax system
The reporting period is a year, which means that in a regular declaration the code “34” is always indicated. In special cases the following codes are used:
- “50” – liquidation or reorganization;
- “95” – the last period before switching to another mode;
- “96” is the last period upon termination of business activity.
Tax reporting period codes for UTII
Reports are submitted once a quarter, which means the codes will be as follows:
- 1st quarter – “21”;
- 2nd quarter – “22”;
- 3rd quarter – “23”;
- 4th quarter – “24”.
Synonyms
accounting period
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It is generally accepted that earnings season begins two weeks after the end of the last month of the quarter and lasts four to six weeks. Thus, there are four reporting periods in a year, and they last from mid-January to the end of February, from mid-April to the end of May, from mid-July to the end of August and from mid-October to the end of November.
There is no official end date for earnings season, but it is considered to end when most major companies report. This usually takes no more than six weeks. However, not all companies fit into this period of time, because the release date of the report is determined by when a particular organization considers the quarter to end. Therefore, the release of reports during the inter-reporting period is also not uncommon.
Typically, most US companies release their quarterly earnings data either before the market opens or after the market closes. In theory, this should give as many investors as possible the opportunity to consider their reaction to the published data and take appropriate action before trading begins.
Iconic players
The unofficial start of the earnings season is considered to be the publication of a report by Alcoa (AA), a major aluminum producer that is part of the Dow Jones Industrial Average. This company is the first of the major market players to report.
After this, reports begin to come out one after another. Banking giant JPMorgan Chase (JPM), insurance giant UnitedHealthGroup (UNH) and leading semiconductor device maker Intel (INTC) are also among the first to report. These three brands are not just part of the DJIA, but are leaders in their respective sectors - financial, insurance and technology, respectively, and therefore one can immediately judge the state of affairs in the entire industry. In addition, their reports influence expectations about the financial performance of other companies. Therefore, their influence on the market as a whole is very large. If any of these three companies report better than expected (a so-called positive surprise), other stocks in the industry could jump in price sharply; Conversely, if earnings or revenue are unexpectedly weak (negative surprise), prices of other stocks in the same industry may collapse.
Also reporting early are giants such as Microsoft (MSFT) and International Business Machines (IBM), which are also members of the Dow 30.
Features of the reporting season
This period is the most active time in the market, since all market participants (investors, traders and analysts) take into account both the fact of the company’s report and specific financial indicators in order to adjust their positions. In most cases, the price of a company's shares actively reacts to the release of its report. A price rise or fall of 20% on such days is not unusual.
During earnings season, news media activity spikes. Experts readily comment on report data, comparing them with expectations, trying to get to the bottom of the reasons for success or failure, and making forecasts for the future. This, of course, also affects the actions of traders.
Most large companies hold a public conference call the day after the report is released, during which management explains why the financial results turned out the way they did. During answers to questions from shareholders, interesting details may be revealed, which can also lead to sharp price movements.
The accounting methodology is focused on a reporting period equal to a calendar month. But the Accounting Law insists that the reporting period is equal to the calendar year. How to understand this duality of norms, and is it possible to interpret laws to your advantage?
The only reporting period established by Federal Law No. 402-FZ of December 6, 2011 “On Accounting” is the calendar year (Clause 1, Article 15). It is used to compile annual final documents. The reporting period always begins on January 1st. And it lasts until the reporting date inclusive (clause 6 of Law 402-FZ). For documents, the reporting date is December 31. Papers compiled for a period of less than a calendar year are called interim reporting (clause 5, article 13 of Law 402-FZ).
Clause 29 of the Regulations on Accounting and Accounting Reports in the Russian Federation (PVBU) states: the company must prepare interim reports (for the month and for the quarter) on an accrual basis from the beginning of the reporting year, unless otherwise provided by the legislation of the Russian Federation. But paragraph 4 of Article 13 of Law 402-FZ establishes “otherwise”. In accordance with it, interim reporting must be prepared only in cases where the company is obliged to submit it. Such an obligation can be established by the legislation of the Russian Federation, regulations of state accounting regulatory bodies, or at the corporate level - by company contracts, its constituent documents or decisions of owners. Of course, periods and/or dates must be defined.
An example of such a “special” date would be the day of dividend payment. For this number, it is necessary to determine the value of net assets (clause 2, article 29 of the Federal Law of 02/08/1998 No. 14-FZ “On Limited Liability Companies”, clause 4 of Article 43 of the Federal Law of December 26, 1995 No. 208-FZ “On Joint-Stock Companies”).
Another example: upon state registration of a securities prospectus, the issuer must submit interim reports for the last completed reporting period, consisting of three, six or nine months (clause 3, clause 2, article 22 of the Federal Law of April 22, 1996 No. 39- Federal Law “On the Securities Market”).
The norm on the preparation of interim reporting was introduced into Law 402-FZ by Federal Law No. 251-FZ of July 23, 2013 and came into force on September 1, 2013. It freed companies from the need to prepare monthly reports. Therefore, “automatically”, without special grounds, the last day of the calendar month is no longer considered the reporting date.
As a result, most companies do not create such documents legally. And the reporting period for them by default, by force of law, is the calendar year. Meanwhile, the term “reporting period” appears in all accounting standards without exception. How should we understand it? Let's think together.
Basic concepts for PBU
The problem is that accounting standards are not adapted to the innovations of Law 402-FZ. The official accounting methodology, based on the Instructions for the Application of the Chart of Accounts, is still designed for monthly cyclical procedures. The central place among them is the closure of synthetic accounts 90 “Sales” and 91 “Other income and expenses”. In conditions where the reporting period was increasing monthly, this technique had a regulatory basis - paragraph 79 of the PVBU.
It turns out that now it is not necessary to identify the financial result at the end of each month. This must be done on reporting dates. And if they are not specifically established, then closing accounts 90 and 91 is permissible once a year - on December 31.
It would seem that the labor intensity of an accountant’s work is reduced. But abandoning previous positions will require large-scale restructuring.
There can only be one piece of advice here. If you adhere to the traditional methodology, establish in your accounting policies that for accounting purposes, the reporting date is considered to be the last day of each calendar month. Thus, you will formally maintain the same reporting periods as before. At the same time, the accounting policy “automatically” does not oblige you to prepare interim reports. But maybe it’s still worth thinking about reducing the reporting dates to one. What are the pros and cons of this working technology?
Advantages and problems
On the one hand, you won’t have to close accounts 90 and 91 every month. However, this solution has a significant drawback: you will lose control over the current financial results of the company.
How often to close accounts 25 “General production expenses”, 26 “General business expenses”, 44 “Sales expenses” - you decide for yourself. But depreciation of fixed assets and intangible assets must be calculated strictly monthly, since this is directly provided for by PBU 6/01 (clause 19) and PBU 14/2007 (clause 28).
But firms that apply PBU 2/2008 “Accounting for construction contracts” may be a clear winner. Accountants “dislike” this standard because of the calculations they have to perform monthly. But if we assume that the only reporting date is December 31, then income and expenses under rolling contracts will have to be distributed only between calendar years. Which certainly “makes life easier.”
Solutions that bring together accounting and tax accounting are always relevant for specialists. As is known, for profit tax purposes, reporting periods are formed quarterly or monthly. Accordingly, it makes sense to establish reporting periods in accounting.
Another problem is the need for balance sheets for decision-making in business companies. For example, when classifying large transactions or to determine the amount of payments to a retiring LLC member. And to pay interim dividends (quarterly or semi-annually), an interim report on financial results will be required. After all, these payments are possible only if there is current net profit (clause 1, article 28 of Law 14-FZ, clause 1 and clause 2, article 42 of Law 208-FZ). It is advisable to fix reporting dates for all such situations in advance in the charter. If you have not done this, you will need a decision of the general meeting of participants to determine the reporting date. When a month was considered a period, such a need did not arise.
Accounting statements show the state of the enterprise's economic activities, assess its economic situation, profitability, and the like. Of course, in order to get a reliable picture of the situation, reporting must have some kind of reference point that can be oriented towards, that is, a certain reporting period must be designated.
What is included in financial statements
First of all, it is necessary to mention those documents that make up the financial statements of absolutely any period. Usually this is: a balance sheet and a statement of financial results of the enterprise.
The balance sheet is a statement of the assets and liabilities of a business. In this case, assets are understood as all the property of the enterprise: from real estate and products to the most ordinary ballpoint pen, and liabilities are capital and reserves, as well as liabilities (all funds that the enterprise received for development and stable operation and is now obliged to return within the established time frame) . This could be shareholders’ money, loans from credit institutions, and other funds.
The financial results report contains the most complete and reliable data on all purchases, sales, expenses for raw materials and equipment, taxes paid and tax benefits, in short, about the smallest penny that has ever been received or given by any employee of the enterprise as part of the work process .
Why is reporting needed?
As mentioned above, financial statements represent a very powerful layer of information about the activities of an enterprise. An intelligent manager who regularly studies financial documentation for reporting periods and compares information will be able to foresee ways of business development, assess the profitability or, conversely, unprofitability of certain areas of production, detect increased losses where this should not be, and a thousand other little things.
That is, accounting reporting is one of the effective tools for making far-sighted management decisions. In addition, reports must be submitted to the tax service to assess the activities of the enterprise and monitor the correct payment of all taxes due.
Reporting periods
Like tax reporting, accounting reporting is submitted to the tax service once a year, that is, the reporting period is three hundred sixty-five days and begins on the first day of January of the current year.
The report, which, as we remember, includes a balance sheet and information about profits and losses (as well as, if necessary, an auditor’s report, appendices to the balance sheet and other necessary financial statements), is submitted to the tax service before March thirty-first of the current year. That is, the financial report for 2017 must be submitted by March 31, 2018.
The reporting period for financial statements can also be a month, a quarter or a half year. Reporting for these periods is called intra-annual or interim.
Until recently, enterprises were required, in addition to annual financial statements, to also submit interim ones, but this requirement is no longer in effect (according to letter of the Russian Ministry of Finance dated October 23, 2012 No. 03-11-09/80).
However, some organizations, such as insurance companies, are still required to file interim (quarterly) reports with the tax authorities. Those for whom interim reporting is not mandatory are still not recommended to neglect it, because it is known: the more often the results are summed up, the more accurately the records are kept. In addition, by comparing the final figures, it is easier to identify an error or deficiency.
Reporting period codes
The financial statements provide reporting period codes. Coding is necessary to facilitate navigation in the flow of information that the tax service encounters every day.
Before filling out the reporting documents, it is better to clarify the coding of the reporting periods, since it may change and not coincide with last year’s information.
In 2018, the following codes are provided:
- 21 – for the quarterly report;
- 31 – for the half-year report;
- 33 – for a report for nine months;
- 34 – for the annual report.
When reorganizing and reforming an enterprise, it was necessary to use codes 90 and 94.
In conclusion, we would like to remind you once again that the tax period codes for financial statements must be carefully checked before filling out the final documents, since any errors in financial documents can result in serious fines.
Changes in personal income tax since 2016: new reporting periods: Video
Every accountant is well aware of the concept of an accounting period. This is a specific time period that is used to compile enterprise reports. At this time, all calculations for tax payments for individuals and businesses are made.
As a rule, the main reporting period is considered to be one year, but in some cases the accountant may need to prepare a report for a month or a quarter. These reporting periods are called interim. Most reporting documents are prepared once a year at the end of the established period. The start date of the calendar reporting period may vary slightly, but the main period is 365 days.
What is included in the financial statements?
It is impossible not to note the documents that are used by specialists during the reporting period. Regardless of the time period in question, a report of the company's financial productivity and balance sheet can be compiled.
The latter is a series of documents that reflect the assets and liabilities of the enterprise. In this case, all types of company property are considered an asset. Accounting records everything from real estate to office furniture and stationery.
The liabilities of an enterprise are capital and reserves, as well as liabilities. Nowadays, it is rare for a business to do without credits and loans that are used to develop its own business. All funds that the company received for its development, but must return within the established time frame, are considered a liability. This category includes not only bank loans, but also money allocated by shareholders.
Reporting documents on the financial performance of an enterprise must contain the most reliable information about all profits and general expenses of the company. Accounting records all purchases and sales, both large and small. Also, the financial statements must indicate data on taxes and benefits that are provided for a particular enterprise.
Need for reporting
Accounting statements are a powerful informative tool that allows you to get a complete picture of the work and condition of the enterprise over the past year, quarter or month. All this helps the head of the company to study the situation in detail in order to correct shortcomings in a timely manner, if necessary. Thus, you can draw up a further plan for the development of the enterprise, evaluate how profitable the current activities are, and not miss the possible unprofitability of some aspects.
Without accurate accounting records, it will be very difficult for a manager to conduct business. If we are talking about a small business registered as an individual entrepreneur, then all the pros and cons will be visible immediately. It's a different matter when it comes to a large enterprise with a large turnover.
In such a situation, you can see the picture of what is happening only if you have a report for a specific period. Thanks to this, management has the opportunity to make forward-looking management decisions.
Moreover, in addition to the benefits for the company’s operation, accounting reporting is also necessary for the tax service. Documents for the reporting period must be provided to specialists from the Federal Tax Service so that they can monitor and evaluate the timeliness of payment of tax deductions.
BO (accounting reporting) periods and their codes
Considering that financial reporting documents are submitted to the tax service once a year, the main reporting period in financial reporting is considered to be 365 days. In most cases, the countdown begins on January 1, that is, from the traditional beginning of the year.
The accounting report, which consists of a balance sheet and information about the profit and loss of the enterprise, must be submitted to the tax service specialists for consideration by the end of March next year. That is, the company’s accountant has 3 months after the end of the reporting period to prepare all the documents.
In some cases, for special services or needs of the company, an accounting report for 1 month or quarter can be compiled. These types of reporting are called interim and intra-annual.
Some time ago, Russian legislation provided for the mandatory submission of not only annual, but also interim reports to state inspection bodies. Nowadays, entrepreneurs have been spared this need.
However, some types of businesses were not affected by this rule. For example, companies that deal with insurance need to submit quarterly reports to the tax office.
Despite the fact that most enterprises do not need to prepare reports for inspection by government organizations, experts strongly recommend not to abandon interim reporting. These documents help monitor and improve the company's performance. If you periodically compare the totals, you can quickly spot any shortfalls or errors.
Accounting statements provide special coding for documents and periods. Considering that accounting departments have to process a lot of all kinds of information, in order not to get confused and make mistakes, special codes are used.
Experienced specialists always know the reporting period codes. However, it would not hurt to clarify this information once again, since this year it may change somewhat and will not coincide with the information of the previous reporting period.
For example, since 2014, the number 21 is used to indicate reports for a quarter, 31 for documents for a half-year, 33 for reports for 9 months, and the annual report is indicated by the number 34. If the company is reorganized or reformed, the accountant needs to use the codes 94 and 90. However, it would not be superfluous to clarify all the information before drawing up reports. It is quite possible that they will be changed, and this will lead to confusion with important documents and problems with the tax authorities. The head of the enterprise and accounting staff must remember that any error in the company’s financial statements can result in an impressive fine.
How are financial statements submitted?
For any accountant and business manager, the most stressful time of the year is the period when it is necessary to work on reports.
The preparation of financial statements is carried out solely on the basis of documentation related to financial accounting.
It must contain absolutely accurate, significant and consistent data that will help reflect the economic and property position of the company. As mentioned above, financial statements consist of a balance sheet and a document on financial activities. In addition, papers reflecting the movement of cash flow, changes in the capital of the enterprise and applications on the intended use of funds may be attached here.
An annual report is mandatory for all forms of business. According to the old rules, documents only had to be submitted to the Federal Tax Service. Now papers for a certain reporting period are also submitted to other government bodies, such as the Statistics Committee. If an enterprise needs to undergo an audit procedure, it must annually provide the State Statistics Committee with an audit report.
As for the deadlines for filing annual reports, there are also certain nuances. The deadline for submitting documents to the inspection authorities is exactly 3 months. Thus, it turns out that the accountant must meet the deadline of March 31st.
It is believed that if the last reporting day falls on a holiday or day off, documents can be submitted on the next working day. This is acceptable and will not entail penalties. Similar rules apply to both the tax service and the State Statistics Committee.
The filing schedules for the reporting period must be strictly followed, otherwise the punishment will be serious.
Companies that fall into a special category that requires the submission of interim reports must not forget about them and take their responsibilities responsibly.
Accountants of an enterprise must closely monitor all changes in Russian legislation that are relevant to business and reporting to inspection authorities.
Considering that amendments are made quite often, you need to periodically visit specialized Internet resources and review the business press.
This will allow you to correctly prepare and submit reports, which will eliminate any misunderstandings in the future.
Russian legislation obliges absolutely all enterprises to maintain accounting records, regardless of what type of business they are talking about. The only exceptions are individual businessmen.
As for legal entities, they cannot avoid accounting reporting. The only thing that can save you from a huge amount of paperwork is a simplified tax calculation system.
However, even this option does not exempt the enterprise from filing reports for the established period. Simply, with the simplified tax system, the tax service requires fewer documents for verification.
Submitting a report via the World Wide Web
Since the beginning of last year, life for accounting workers has become much easier. The ability to submit reports to regulatory government agencies online has changed everything.
It is very simple and extremely convenient, as it speeds up the procedure and saves time.
In order to use the worldwide network to submit documents for the reporting period, an enterprise must enter into an agreement with a company that acts as an intermediary between businessmen and the Federal Tax Service.
More details about the possibilities of filing electronic reports can be seen on the official website of the tax service. As for the deadlines for submitting documents, they remain unchanged regardless of how the report gets to the Federal Tax Service.
What should you remember when filling out the BO form?
When drawing up documents for a specific reporting period, an accountant must comply with all the requirements of Russian legislation. This is very important, because even a minor violation can lead to a lot of fines. The best thing that awaits the accountant in this case is the need to redo the reports.
This is very long and troublesome, but still not as scary as the huge fines that can be imposed by the Federal Tax Service and other services for non-compliance with the reporting rules.
In most cases, financial statements consist of a balance sheet and documents of the company's financial results. However, depending on the situation, explanatory notes to the papers may also be included in the BO. They may be needed for a more complete and reliable picture. Cash flow statements are especially often accompanied by explanatory notes.
When submitting documents for a certain reporting period, the accountant must remember that if the company has undergone an audit, this type of report must be attached to other papers.
The balance sheet and financial report can be signed by the head of the enterprise only after the auditor has made a decision.