CABINET APPROVES ACCOUNTING STANDARDS FOR SMALL COMPANIES
The Government approved the national standards for financial reports of small and medium-sized enterprises. The standards are harmonized with the general conditions for financial reports, established by the International Accounting Standards Board, the acts of the European Union and the national special features, the Council of Ministers announced.According to the changes approved on March 17, the national standards will no longer be applied by companies which are obliged by the Accounting Act to apply the International Standards for Financial Reports. Their group includes insurance companies, investment companies, pension insurance companies, pension funds, and banks. Also removed are the standards which do not refer to the activity and are inapplicable by small and mid-sized enterprises - the standards for reporting expenditures for preservation of the environment, for reporting sectors, and for presenting annual financial reports in the terms of superinflation. The standard for reporting tax on profit as well as the one for fixed tangible and intangible assets were improved and specified. The rest of the accounting standards remained unchanged.The changes are supported by the members of the National Accounting Council.