Deadlines for the publication of annual financial reports shortened by as much as two months

At the traditional fifth BDO Consulting event held today, with the presence of more than 150 professionals from the Croatian business community at the Antunović hotel, representatives of BDO Croatia as well as representatives from the relevant bodies of the Tax Administration informed attendees about the news in VAT and tax supervision, as well as the changes that will come with the new Accounting Act and the environment itself in the new year of 2016.

The most attention from the attendees was drawn to the shift in deadlines for the publication of annual financial reports, specifically the shortening of the deadline from June 30 to April 30, which will require Croatian entrepreneurs and auditors to quickly adapt and prepare financial reports two months earlier than in all previous years. This deadline is now aligned with the previous deadlines for public disclosure as well as the submission of financial reports for statistical purposes and the filing of corporate income tax.

„The new structure of financial reports, mandatory application of a uniform chart of accounts along with the now mandatory certification of the authenticity of accounting documents, as well as additional technical requirements regarding accounting documentation and records, along with the shortening of deadlines for the publication of annual financial reports, are key determinants that will significantly impact the operations of our entrepreneurs in the coming year. The aim of the introduced changes is to reduce the administrative burden on small entrepreneurs in the area of submitting financial information, but equally to increase transparency, which is demanded from us by the new timeframe as well as the environment in which we live and work“, emphasized Hrvoje Stipić, CEO of BDO Consulting.

„Additional transparency in the future period will certainly be contributed by the news in corporate governance, the application and compliance of which are increasingly demanded by foreign as well as domestic investors and banks, in order to protect themselves from the increasingly present risks of abuse, but also to ensure adequate information related to the quality of company management and consistency in decision-making“, he added.

What will further influence changes in business, which the attendees followed with particular interest, is the use of IT Cloud in the business environment, so in the near future, we can expect around 1000 large clouds in this area, conducting tax or other supervision virtually (using robots with predefined algorithms), automating the audit process, changes in the vertical structure of companies, and no less important changes that are opening up for employers even before hiring, as they will have access to a detailed psychological profile of candidates along with the CV, due to the development of social networks and online platforms.