by Elena Weismann in News from tax law
Companies that are legally obliged to publish their annual financial statements (e.g. GmbH or GmbH & Co. KG) must observe the deadline for publication. At the latest, the financial statements must be published before the end of the twelfth month of the financial year following the reporting date. Companies that do not submit their annual financial statements on time should expect to be fined.These companies will then be requested by the Federal Office of Justice, ex officio, to comply with their legal obligation within six weeks. A reminder fee is due at the same time as the request, this fee is not waived or credited even in the event of late submission. For micro-capital companies that do not exceed at least two of the following characteristics on two consecutive reporting dates ( € 350,000 balance sheet total, € 700,000 sales and an average of ten employees), the law provides simplifications: Under certain conditions they do not have to draw up an additional attachment. To achieve this, certain information must be presented on the balance sheet: Information on contingent liabilities, information on advances or loans granted to members of the management body, an advisory board or a supervisory board, required information on the company’s own shares (in the case of a public limited company). In addition, supplementary disclosures may be required in special cases where the financial statements do not provide a true and fair view of the companies’ financial position, the results of their operations and the cash flows. Micro-capital companies are also granted options to reduce the depth of presentation in their annual financial statements. Finally, the legal representatives of these companies can choose between disclosure by publication (publication of the accounting documents) or by filing the balance sheet with the operator of the Federal Gazette. Electronic filing of documents is also required in the case of filing.