The latest amendments to the Law on Accounting (the “Law“) stipulate that from 1 January 2023, keeping business books will be possible to entrust only if a legal entity or an entrepreneur engaged in accounting activities is registered in the Register of Accounting Service Providers (the “Registry“).
By the expiration of the specified deadline, according to the data of the Serbian Business Registers Agency (“SBRA“), almost 3,400 requests were approved, and about 700 more submitted before the deadline are being processed.
This is especially important for business entities that are required to submit financial reports to the SBRA. Namely, from the 2022 financial year, legal entities that submit financial reports to the SBRA are obliged to specify the legal entity or entrepreneur entrusted with the preparation of the financial statements along with the submitted report. On that occasion, the SBRA will check whether such a person is registered in the Register, and everything is in accordance with the Law.
In the event that the SBRA determines that the person who prepared the statements is not registered in the Registry in accordance with the Law, the financial statements submitted in this way will be marked as incomplete and in the event that, after the notification of the SBRA, they are not corrected latest by 30 September 30 (of the following year in relation to the business year equal to the calendar year) will be publicly published as incomplete and inaccurate in calculations.
In that case, it would be considered that the service user did not act in accordance with the Law and submitted complete and accurate statements to the SBRA, in which case it may be punished:
- from 100,000 to 3,000,000 dinars legal entity and from 20,000 to 150,000 dinars responsible person in a legal entity;
- from 100,000 to 500,000 dinars an entrepreneur.
Due to all the above, those liable for financial statements should perform additional checks in the Registry before deciding to entrust a specific person/entity with compiling them.
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