Tax and finance departments face the need to follow-up, interpret and implement numerous and constantly changing regulatory requirements in order to be compliant with statutory reporting obligations, administrative deadlines and various specifics of the local tax and accounting regulatory framework while, at the same time, ensuring timely preparation of reliable accounting information for management needs.
Although harmonised, the domestic accounting and tax regulations have a lot of specifics. A wide range of requirements are set for the accounting systems, reporting currency and language, preparation of the financial statements, the storage of the accounting information, as well as the applicable financial reporting framework. Financial statements for all companies are public information which makes their timely and accurate preparation an important task.
The statutory reporting process is extensive and may vary depending on the nature of the business activities. There are a number of laws, not only tax related, which regulate the reporting obligations. Companies may be required to prepare on a monthly or quarterly basis various statutory reports requested by different official authorities.