Ние веруваме дека имаме идеална комбинација на искуство, ресурси и знаење неопходни за реализација на специфични услуги потребни за вашата дејност од основање на бизнисот до контрола на вашите финансиски извештаи.– Николаки Миов
Accounting in Macedonia
The Trading Company Law regulates the obligations and manners in which the accounting records of all companies (including financial institutions) will be kept including the following:
- The accounting records of business organizations are kept in accordance with the IFRS as adopted in the Republic of Macedonia
- Accounting records are to be kept in the Macedonian language
- Accounting records are to be kept using double entry bookkeeping
- Bookkeeping is organized in a chronological order
- Accounting records are to be closed on 31 December of each year
- There are standard charts of accounts for companies, banks, insurance companies and not-for-profit organizations.
PKF NOVA KONSALTING - CERTIFIED ACCOUNTANTS
All entities are required to prepare annual accounts as at 31 December of each year. The annual accounts consist of a balance sheet, profit and loss account and accompanying notes. Annual accounts must be prepared and submitted to the Central Register of the Republic of North Macedonia not later than the end of February/15th March the following year.
The annual accounts must be prepared in the prescribed format as published in the Official Gazette, in the Macedonian language and in MKD. The annual accounts 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.
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.
Consolidated financial statements
Companies having a majority holding in subsidiaries must prepare consolidated financial statements. Consolidated financial statements should present a true and fair view of the group’s transactions with third parties. To this end, all inter-company transactions and balances are eliminated.
Consolidated financial statements should comprise consolidated statements of financial position, comprehensive income, changes in equity and cash flows as well as notes, comprising a summary of significant accounting policies and other explanatory information. Management is responsible for the timely preparation of the consolidated financial statements and their content.
The consolidated annual accounts must be submitted to the Central Register not later than 31 March of the following year.