- October 10, 2020
- Posted by: Thu Phuong
- Category: Financial reporting
1. What is a financial report?
Before learning about the deadline for submitting financial reports, understanding what a financial report is will give you a clearer, overview of this issue.
Based on the provisions of Article 3, Accounting Law No. 88/2015/QH13, the National Assembly has clearly explained the concept of financial reporting, which is understood as the economic and financial information system of the accounting unit, which is presented according to the form prescribed in accounting standards and accounting regimes.
To understand it more simply financial report is one of the most comprehensive reports on the asset situation, financial situation or business results for the period and year of each enterprise. Through financial reports, viewers can determine the profitability and financial status of the business.
According to the law, all enterprises belonging to all industries and economic sectors must prepare and present annual financial reports. Particularly for companies or corporations with affiliated units, along with annual financial statements, these units must also prepare general financial reports/consolidated financial statements at the end of each accounting period. year, based on the financial statements of affiliated business units.
In fact, financial statements play an important and meaningful role in the management of businesses, helping to effectively support the inspection and supervision of capital use as well as the ability to mobilize capital. capital in each enterprise's business.
2. Regulations on the deadline for submitting financial reports
Based on current legal regulations, different types of businesses will be subject to different deadlines for submitting financial reports.
2.1. Deadline for submitting financial reports to state-owned enterprises
– Deadline for submitting quarterly financial reports
If choosing to submit financial reports quarterly, state-owned enterprises must submit financial reports no later than 20 days from the end of the quarterly accounting period. As for parent companies and State Corporations, the delay period is 45 days.
Accordingly, the accounting units of enterprises and State Corporations submit financial reports to the parent company or Corporation in accordance with the deadline prescribed by the parent company or Corporation.
– Deadline for submitting annual financial reports
If you choose to submit financial reports annually, accounting units must submit them no later than 30 days from the end of the annual accounting period. For parent companies and state corporations, the latest deadline will be 90 days.
Accordingly, accounting units under State corporations must submit reports to the parent company and general corporation according to the deadline prescribed by the parent company and general corporation.
2.2. Deadline for submitting financial reports to other businesses
For accounting units of private enterprises or partnerships, annual financial reports need to be submitted no later than 30 days from the end of the annual accounting period.
For accounting units belonging to other enterprises, annual financial reports must be submitted no later than 90 days from the end of the annual accounting period.
In addition, affiliated accounting units must submit annual financial reports to the superior accounting unit according to the deadline prescribed by the superior accounting unit.
3. Which agencies are financial reports submitted to?
If you are wondering which agency financial reports need to be submitted to, you can immediately refer to Circular 133/2016/TT-BTC issued by the Ministry of Finance.
Based on Article 80, Circular 133/2016/TT-BTC, the Ministry of Finance has stipulated that businesses must submit annual financial reports to the tax agency, business registration agency and statistics agency.
In addition, for businesses whose headquarters are located in export processing zones, industrial parks, and high-tech zones, in addition to submitting annual financial statements to the above agencies, they must also submit to the Processing Zone Management Board. export, industrial park, high-tech park if required.
You can read more articles: To which agencies must financial reports be submitted?
Thus, in the article above, AACS has sent you the latest regulations related to financial reports. If you have any questions, please contact us with AACS for advice and support.
AACS AUDITING COMPANY LIMITED
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