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New Law on Accounting – novelties in compiling and submitting financial reports for 2021

The new Law on Accounting (the “Law“) was adopted in October 2019, but all its provisions are expected to be implemented in practice by the end of 2022. The main reasons for which it was adopted are, first of all, harmonization with EU Directives, but also improvement of the quality of financial reporting.

The Law introduced many novelties, the most important of which are:

  • legal entities and entrepreneurs now submit a statistical report with the regular annual financial report (RAFR) for the same period as for the RAFR;
  • the ban on public publication of statistical reports has been lifted, and the same, together with RAFR, will be published on the website of Serbian Business Registers Agency (SBRA);
  • the deadlines for submitting reports have been shortened, that is, the RAFR must be submitted by 31 March, while the consolidated annual financial report (CAFR) by 30 April;
  • change of criteria for classifying groups of legal entities according to size;
  • the obligation to submit the prescribed documentation is limited only to those obliged for the audit;
  • the obligation to compile additional reports in relation to the previous Law on Accounting, in terms of the introduction of new reports for certain types of taxpayers, such as: report on corporate management, non-financial report, report on payments to government authorities;
  • The composition of the mandatory documentation has been changed. Those obliged to submit documentation are no longer required to submit the Decision on the distribution of profit or loss coverage according to the annual financial report.

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Danica Gligorijević

Tijana Lalić