The arrival of spring marks the most wonderful and challenging time for all accountants – a time to prepare financial statements and reports for the authorities. This year, same as the previous one, the authorities have decided to postpone the deadlines for submission due to special circumstances caused by the pandemic.
Obligors of submission of annual financial statements for statistical and other purposes, according to Article 32 of the Accounting Act, are companies, sole traders, domestic business units and branch companies of entrepreneurs with a registered office abroad and all other legal and natural persons liable for income tax. The reports that need to be submitted are balance sheet, profit and loss account, corporate income tax return file, transfer of loss report and report on foreign business activities, if there were any. The usual deadline for the submission is April 30th of the current year, but this year it was extended to June 30th.
Obligors of annual financial statements for public announcement, according to Article 30 of Accounting Act, are companies, sole traders, and branch companies in Croatia of an entrepreneur with a registered office in another EU Member State or a third country. Files that need to be submitted are again balance sheet and profit and loss account, notes to financial statements, Decision on acceptance of financial reports and Decision on profit distribution or covering the loss. All the above are submitted through an online platform, as only scanned versions of the signed data are adequate for the authorities. This simplifies the procedure for the companies as some of them might be set abroad and depend on the courier services for delivery of such documents. The deadline was extended to August 31st while the previous years was June 30th of the current year.
In accordance with Article 23 of the Accounting Act, consolidated annual financial statements are financial statements of a group of companies presented as one entity in which a certain company has dominant influence on other subsidiaries in the determination of financial and business policies. Consolidated financial statements are usually submitted for public disclosure by September 30th of the current year, and exceptionally for 2020 they need to be submitted by October 31st, 2021.
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