One of the last obligations imposed on businesses relating to the fiscal year 2016 is releasing their closing financial statements. All companies, i.e. that both companies which are obliged to have their statements inspected by an auditing body and those which do have the obligation, are concerned.
The term for the release as stipulated by the Accounting Act is no later than 12 months after the balance day; it means that the deadline would fall on 31st of December, 2017, for most companies.
The extent of the release is also given by the law and it differs in accordance with the size of the company. Larger firms, for instance, release the annual statement which comprises the balance and profit and loss statement in the full form, the notes to the financial statements, cash flow and the changes to the equity capital. Also, the report on the relationships and the decision of the general meeting on the division of the profit.
Small and micro companies are permitted to release the balance and profit and loss statement in the reduced version and the notes to the statements, the report on relations and the decision on the division of the profit. The classification of businesses according to their sizes - micro, small and large - is defined in the Accounting Act.