All large and medium-sized entities, entities required by law, banks, insurance companies, entities quoted on the stock exchange as well as entities whose financial statements are included in a consolidated financial statement must issue financial statements following the end of each financial year. Financial statements are the responsibility of management.
The financial statements consist of statements of financial position, comprehensive income, changes in equity and cash flows as well as notes, comprising summary of significant accounting policies and other explanatory information.
Notes should include additional information necessary to give a true and fair view of the financial position and the results of the business, including an explanation of the accounting policies applied.
The financial statements should be signed by the authorized accountant who has prepared them, indicating the date of preparation and the register number of the accountant from the Institute of Certified Accountants.
Entities whose financial statements are subject to independent audit must submit their audited financial statements to the Central Register of the Republic of Macedonia within 30 days after their approval by the General Meeting of Shareholders of the legal entities, but not later than 30 June of the following year.