Starting with the 2025 financial statements, FAS 4/2023 “Accounting (Financial) Statements” will be applied.

It replaces PBU 4/99 “Accounting Statements of an Organization”.

The new standard is aimed at improving the reliability of information presented in accounting statements.

Changes:

The composition of interim accounting statements has been changed:

Information may be disclosed in two ways (paragraph a of item 56 of FSAS 4/2023):
The composition and content of interim reporting, can be the same as in annual reporting. Include in commercial organizations balance sheet, statement of financial results, statement of changes in capital, statement of cash flows, explanatory notes to the balance sheet and statement of financial results.
Disclose only information on material facts of economic life for the interim reporting period, updating the relevant information disclosed in the annual financial statements for the year preceding the interim reporting period.

Reporting forms

You can use both the sample forms contained in the standard and create your own forms based on these forms, with a mandatory minimum of indicators that must be disclosed in each form, as well as include material indicators and indicators that must be disclosed in accordance with the requirements of other federal or industry standards. The standard also provides for mandatory coding of lines. Missing indicators do not need to be included in the reporting.

Clear criteria of reliability are established

Reporting must comply with all the conditions of FAS 4/2023.

The definition of materiality is formulated

Information is recognized as material if its omission or distortion can affect economic decisions made by users of the financial statements. The standard does not contain any criteria (in numerical or percentage format).

A draft law has been prepared to amend the Law on Accounting Reporting regarding the presentation of interim financial statements, starting with the 2025 financial statements.

It is planned to establish that interim financial statements will also have to be submitted to the tax authorities.