The simplified accounting plan was also included in the draft amended accounting law this spring.
According to the draft order, taxpayers that meet the criteria may file financial reports made up only of a simple balance sheet and a simple income statement.
Another act says the local branches of foreign firms are required to file accounting statements on June 30, 2011.
“Given that, depending on the needs of state institutions, requirements for additional information can change from one period to the next, the model used in accounting reports on June 30 shall be approved every year by order of the minister of public finance,” says the act.
The ministry says the indicators provided by June 30 reports are similar to those of yearly financial statements, but not subject to certain accounting rules, such as mandatory stock-taking, and need not go into the same level of detail.