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Novelties in the Law on accountancy for non-for-profit organizations
Who is responsible for preparing the annual balance sheet
In the last months of 2006 the Government of the Republic of Macedonia initiated a series of amendments in the so-called tax legislation. As a result, the surroundings and working conditions of the economic subjects and civil society organizations will drastically change. That is why in the previous few issues the Civic World dedicated this page to the amendments. In this issue read about accountancy of the non-for-profit organizations and about the amendments that have been in force since the beginning of 2007.
The legal representative of the non-for-profit organization or the person he authorizes, are obliged to prepare an annual balance sheet after the end of every business year.
The deadline for preparing the annual balance sheet can not be longer than two months after the end of the business year.
Who signs the annual balance sheet
The annual balance sheet is signed by the accountant in charge and the legal representative of the non-for-profit organization or the person he authorizes. No authorizations, permits or licenses are necessary for the accountant in charge to sign the annual balance sheet.
Who is the annual balance sheet submitted to
The annual balance sheet is submitted to the Public Revenues Office and the Annual balance sheets Registry at the Central Registry, by the end of February 2008 at the latest (Article 19 from the Law on accountancy for non-for-profit organizations).
In Article 18 from the Law on accountancy for non-for-profit organizations there is an attempt made for the small associations and other non-for-profit organizations that have revenue up to 2.500 euros a year to be released from the obligation to make and submit financial statements. This unsuccessful attempt of the legislator says:
Article 18: (1) The non-for-profit organizations whose total value of the property or annual revenue is less than 2.500 euros in denars counter value are not obliged to make financial statements and submit them in accordance with the provisions of this law;
(2) The non-for-profit organizations from paragraph (1) of this Article are obliged to keep at least the book on the cash and the book on revenues and expenditures.
What reports make the annual balance sheet
The annual balance sheet (according to Article 17 from the Law on accountancy for non-for-profit organizations) consists of the basic financial statements, as follows:
- Balance sheet;
- Profit and loss account;
- Notes to the financial statements (detailed elaboration and addition to the data from the balance sheet and the profit and loss account).
Since the Minister of Finance ordered the form and the contents of the financial statements in the Official Gazette No. 11 from 27.01.2006, the forms: balance sheet and the profit and loss account and a note for allocating the result, we can conclude that the last form, the note for allocating the result does not meet the requirements of Article 17 from the Law on accountancy for non-for-profit organizations at all.
Adoption of the annual balance sheet
As a rule, the highest body, that is, the assembly of the non-for-profit organization or its other organ in accordance with the statute, decides upon the adoption of the annual balance sheets.
(Macedonian Association of the Non-governmental Organizations’ Accountants)
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