Accounting statements of open joint-stock companies: peculiarities of accounting for JSC (PAO)

Contents:

• What types of reports are prepared by JSC
• Features of the annual reporting and the annual report of the JSC
• How the accounting statements of joint-stock companies are submitted
• Deadlines for the submission of annual reports
• Features of the publication of reports

The reporting of any joint-stock companies differs from the reporting of an LLC in a large set of forms and the requirement to conduct an audit. A number of joint-stock companies are required to submit reports to the supervisory authorities, but also to publish them in open sources. If this requirement is not met, the company may be fined 700 thousand rubles. In general, at first glance, the requirement may seem complicated, but in fact it is enough to understand a few rules. What is important to consider when submitting JSC reports, we will analyze in this article.

What types of reports are prepared by JSC

Joint-stock companies of any form must submit annual financial statements and an auditor’s report. Documents are submitted to the Federal Tax Service at the place of registration. A number of companies, for example, credit, insurance, and microfinance organizations, must submit reports to the Central Bank of Russia. This is especially important if the company is an employer for employees. The minimum package for delivery for companies that have suspended operations is zero calculations for insurance contributions to the tax and social insurance fund.

In 2024, they must be submitted in the form of EFS-1 and PSF. Other types of reports are generated taking into account the applicable tax system, for example:

• Companies operating on the simplified tax System must submit a VAT declaration to the Federal Tax Service if they issued an invoice at the request of the buyer / customer or acted as a tax agent, a property tax declaration if the organization has real estate from the “cadastral list”, as well as a declaration on a single tax on the USN.
• Companies operating under the general taxation system must file income tax, VAT and property tax returns.
• Companies working for the Unified Agricultural Tax must submit a declaration on the unified agricultural tax, VAT and property.

Features of the annual reporting and the annual report of the JSC

Accounting statements allow potential buyers of shares to assess the well-being of the company before buying securities. That is why accounting statements must meet certain requirements. What should it include?

• Data on the amount of profit or loss per share. The share price is set based on the indicator.
• Information about the company’s activities and development for the last reporting year.
• Information about the field of work.
• Description of the field of activity.
• Data on the growth outlook.
• Information about the payment of dividends.
• The presence of risks in the work.
• A list of major deals over the past year.
• The nominal composition of the Board of Directors and the executive body

How the accounting statements of joint-stock companies are submitted

The composition of the accounting statements of the JSC looks like this:

• Balance sheet
• Report on financial results
• Statement of changes in equity
• Cash Flow Statement
• Explanations

At the same time, all joint-stock companies are required to undergo an audit of accounting statements, regardless of their type, profit level, number of shareholders and other factors. Even small businesses registered as joint-stock companies should be audited. This means that no JSC has the right to apply simplified forms of accounting statements.

Deadlines for the submission of annual reports

The auditor’s report must be submitted to the Federal Tax Service together with the accounting statements by March 31 of the following year or 10 working days after the date of receipt of the report. The deadline is December 31, based on the results of the reporting year.

Features of the publication of reports

All joint-stock companies are required to post information about the audit on the Fedresource website. The deadline for disclosure of information is within 3 working days from the date of receipt of the auditor’s report.

Some joint-stock companies must publish annual accounting statements with an audit opinion and an annual report, which is prepared for shareholders in any form. This applies to public joint stock companies (PAOs), non-public joint stock companies (NPOs) and NPOs with more than 50 shareholders. All of them can prepare a report for their shareholders in any form.

The statements and other information of the joint-stock company are disclosed on the website of one of the accredited agencies of the Central Bank. You must pay for the services of publishing reports. The procedure for registration, disclosure of information and cost, as a rule, are prescribed in the offer agreement with the agency.

The accounting statements with the auditor’s report must be published within 3 days from the date of the audit report, but no later than June 30 of the following year.

Annual report for shareholders — within 2 days from the date of approval of the report.

It is important to know that an electronic signature (EDS) is required to publish reports on the Federal Resource and the websites of accredited agencies.

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