SMALL BUSINESS SAVE ON ACCOUNTING

7th November 2013

Small business owners have received financial relief. They are now entitled to forming financial statements in a simplified form. However, these rights are only for small businesses and non-profit organizations where the receipt of monetary funds and property for the previous reporting year does not exceed 3 million rubles. In addition, the law shall apply to the organizations that received the status of the project participants of the innovation centre Skolkovo

Vladimir Putin signed the Federal law "On amending the Federal law "On accounting", site of the Kremlin informs.

As explained by the state legal management of the Kremlin, the new law is directed on reduction of expenses of small companies and individual NGOs in the management of accounting.

Background to the adoption of the new law is as follows. According to the law "About accounting" from January 1, 2013 all the organizations and enterprises are obliged to keep accounting, moreover, regardless of the applied of the tax system. With the entry into force of the law of expenses of small businesses and nonprofit organization including labor qualified accountants, increased significantly. To reduce the burden on small business it was given the opportunity to apply simplified methods of accounting including the simplification of (financial) statements.

The law is also supplemented with the list of persons exempt from the accounting. This list now includes individual entrepreneurs – payers of the single tax on imputed income for certain activities. Also small enterprises regardless of their current activities may apply the simplified system of accounting. Before such preferences were granted to individual entrepreneurs engaged in private practice and branches of foreign organizations.

The Bank of Russia offers to introduce from 1 January 2014 simplified order of conducting cash operations for individual entrepreneurs and small business entities of the instructions of the Central Bank, published on the website of the regulator.

IE can not to register cash documents, if keep records of income and expenses in the book of records, on the basis of primary documents.

Both legal entities and individual entrepreneurs will be able to perform cash operations with the use of ATM and other technical complexes. If construction of such complexes provides reception of banknotes, they should recognize at least four security features of the banknotes of the Bank of Russia. This requirement is expected to be operational from 1 January 2015.

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