Announcement of Annual Financial Statement (FIF)

 

I dream of a small business for my own business. Well, I finally made my dream come true! I registered a firm, hired a professional accountant, and at this point I can not complain about lack of work. It's already the end of the year, and it's time to pull the line and figure out if I'm making a profit. It turns out, however, that I have to publish the result of my activity in the Commercial Register in the form of an annual financial report (FIF). In the following lines I will learn how to do this.

 

Submitting a GPO takes 15 minutes online. You submit documents scanned by email and a lawyer submitting them to the Commercial Register; you get an incoming number.

 

Who is required to publish the FPO in the Commercial Register?

The main rule is that all traders entered in the Commercial Register must also announce their financial statements there. This, in the first place, is the commercial companies (OOD, EOOD, AD, EAD, KDA, SD). They announce the AFO without exception. Some sole traders (ET) must also announce their annual financial statements. It is only for those ETs that are subject to an independent financial audit. Such are traders who meet two of the following criteria:

 

balance sheet value of the assets - more than BGN 2 million;

net sales revenue - more than BGN 4 million;

average number of staff for the reporting period - over 50 people.

I will learn more about independent financial audit a little further.

 

Important! I have to keep in mind that, depending on the book value of the assets, the sales revenue and the average number of my company's personnel, it falls into one of the following categories - micro-enterprise, small enterprise, medium-sized enterprise or large enterprise. When I'm part of a group of companies, this group can be small, medium or large. In which category falls my business is important for who should prepare her annual financial statements and whether she is subject to mandatory independent financial audit.

 

For what year is the annual financial statement reported?

I registered my company on 1 September 2016. Does this mean I have to make an annual financial report for the period 1 September 2016 to 1 September 2017? No, the annual financial statement is drawn up for one financial year, and it, on the other hand, coincides with the calendar year. That is, the reporting period is from January 1 to December 31. Therefore, although at the end of the year my company has been operating for only 4 months, I am again obliged to prepare and announce the FIFO! However, it will cover the period 1 September - 31 December 2016.