New Requirements on Publication of AFS

Until 30th of June all companies and NGO should announce their Annual Financial Statements (“AFS”) in the Commercial register and Non-profit entities register.

Recent amendments allowed micro, small and medium-sized enterprises and the NGO this year to submit a declaration, certifying the adoption of the AFS instead of all documents, proving the AFS’ adoption, such as protocols of the general meeting of shareholders, invitations, etc. This declaration will be a standard sample form and has to be signed by the legal representative.

Large-sized enterprises and enterprises of public interest, defined in the Accountancy Act, shall remain obliged to observe all requirements and submit all documents proving the AFS’s adoption by the respective competent body. These rules were promulgated in Extraordinary State Gazette on 14 March 2020 and come into effect immediately.