TNBiz (TNBiz)
Business  |  June 18, 2012 10:20:19

Almost two thirds of companies consistently disclosed their financial statements (June 18, 2012)


PRAGUE (MEDIAFAX) - Nearly two-thirds of companies consistently disclosed their financial statements, their discipline is also deteriorating. The new survey of the Chamber of Chartered Accountants that are hardest on the publication of accounts in the company from Prague, where he fails to comply with the Accounting Act and 70 percent of the subjects.

Companies in Brno are doing slightly better in its financial-compliance almost 64 percent. As nejvzornější of surveyed regions have been shown to companies based in Ostrava, which amounted to less than 54 percent.

Up to 63 percent of companies and organizations in the regions surveyed since 2006, did not disclose its financial statements. Publish it, while ordering them to the Accounting Act. The worst are publishing on small businesses, especially companies with limited liability.

The current trend is that year after year, discipline firms and bodies deteriorate. This is true for companies with limited liability, but not excluding even the company. This phenomenon occurs in all regions examined.

"First of all, there is a violation of the law. On the one hand, we hear concerns from business competitors reactions to published accounts, on the other hand, we should also protect the customer, for which the published financial statements often the only source of information about the company. Solution offers revised fourth directive EU, which significantly reduces the content of the information contained in the accounts of micro, ie companies that meet at least two of three criteria: a turnover of less than 700,000 euros, total assets exceed 350,000 euros and employ fewer than ten employees, "said Chamber President Alice Certified AccountantsŠrámková.

According to these companies for a few exceptions, essentially disappears obligation to prepare notes to the financial statements, balance sheet and profit and loss were significantly reduced. "Balance sheet should contain only the following information: formation expenses, fixed assets, current assets, then the liability for its own capital, reserves and liabilities. However, the obligation to publish the condensed financial statements remains unchanged. Truth also is that the financial statements are annexed to tax returns, why is it not pass the Registry Court competent tax authority, we dismantled an additional administrative burden for entrepreneurs? example, publicly traded companies transmit their accounts of the Czech National Bank, which it then passes the Registry Court, "said Šrámková.

This information is confirmed by the CCB Czech Credit Bureau, who based his analysis shows that the most common legal form of companies limited liability company with the obligation to publish financial statements underestimated.

"In 2008, published accounts of 44 percent of the total number of active companies that we draw from the statistical yearbook. In 2009 it was 47 percent and in 2010 only 33 percent. But the worst situation is surprisingly in the case of state enterprises. Top with obligations publish financial statements offset company. In 2008 they published the accounts of 69 percent, in 2009 published accounts and 68 percent in 2010 while 48 percent. Similarly fulfills its obligation as cooperative "calculated Kameníčková analyst Vera.

According to the Accounting Act while companies and entities within 30 days from approval to publish fined. Latest date to deliver financial statements and therefore it is even officially published immediately following the end of the reporting period.

This imposes a penalty and a commercial court for failure to deliver the call accounts on time or retrospectively. Such a company can be fined repeatedly. A fine of up to three percent of the assets of another penalty with which the "offender" can meet. Another of the laws affecting non-compliance with legal obligations is the law on misdemeanors. Here is a fine move in the order of tens of thousands.

Financial statements must always have the balance or a balance sheet, profit and loss account also called profit and no less important to the financial statements, which analyzes the values ??specified in the previously mentioned statements and accounting policies describedused in preparing financial statements, which are necessary for understanding the financial position and performance of the entity. "Many entities underestimate the importance of information that should be included in the financial statements and their explanatory power is often pitiful," she added Šrámková.

Accounting Act stipulates clearly: An entity referred to in § 20 published financial statements and annual report after its auditor and approved by competent authority in accordance with special regulations, and within 30 days of meeting these two conditions as separate legal regulations unless a different period, but no later than immediately following the end of the accounting period regardless of whether these records indicated approval.

Under Section 21 of the Accounting Act, all entities registered in the Commercial (those which are required by law entity) to publish its financial statements in the collection of documents OR within 30 days of its approval and an auditor, not later than the last day of the next accounting period. The Commercial Code defines a deadline for presenting the financial statements taken as a time "without undue delay."

Filip Sušanka, susanka@mediafax.cz

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