Differences in accounting
Topic:
End of year closing
Overview: End of year closing
All accounts are closed and all adjustments are done according to good accounting
practice
All accounts are closed and all adjustments are done according to good accounting
practice
All accounts are closed and all adjustments are done according to good accounting
practice
All accounts are closed and all adjustments are done according to good accounting
practice
All accounts are closed and all adjustments are done according to good accounting
practice.
All accounts are closed and all adjustments are done according to good accounting
practice
All accounts are closed and all adjustments are done according to good accounting
practice
IFRS
Details Austria 1/2
•
All expenses already booked, which do not touch the current year, will be parked on active asset
accounts
–
•
All expenses, that touch the conclusion year but arise for the next year, will be proportionate
deducted.
–
•
•
Concerning the advanced payments the part which belongs to the next year will be accrued, concerning the
arrears it is the part which belongs to the conclusion year.
An expense or a proceed which concerns the next year, can be immediately recorded on a
deferred account.
–
•
•
•
•
(example for deferred income definition like thrown interest) and provisions.
All accruals and provisions will be resolved in the next year.
At the deferred items we make a distinction between two types: advance payment and arrears
–
•
(example for deferred charges in case of insurances)
The Booking is exempt from VAT.
Own arrears should be shown as liabilities and third-party arrears should be shown as demands.
Provisions must not be made in lump sums.
The creation of provisions is only legal, if there are concrete reasons for it
Guaranteed benefits which belong to the conclusion year, a provision can be made for.
Details Austria 2/2
•
Enterprises whose turnover is more than 400.000 € in two successive years must keep account
and make annual closings of accounts.
–
–
•
•
Full businessmen must make a pension provision for the pension liabilities in their balance sheet
for their employees and also for settlements on dismissal.
The annual closing of accounts must be settled up by retailers and partnerships within nine
months after the balance sheet date.
–
•
•
concerning grocers each 600.000 €,
if the value is more than 150.000 € on the 1 January, then agricultural and forestry companies have to keep
accounts and to make annual closings of accounts.
With corporate enterprises it must be settled up within the first five months after the final closing day.
For small limited liability companies there is no duty for checking the annual closing of accounts
Books and records, also the enclosing vouchers have to been kept seven years.
Details Denmark
•
All expenses already booked, which do not touch the current year, will be parked on active asset
accounts
–
•
All expenses, that touch the conclusion year but arise for the next year, will be proportionate
deducted.
–
•
•
•
•
Concerning the advanced payments the part which belongs to the next year will be accrued, concerning the
arrears it is the part which belongs to the conclusion year.
An expense or a proceed which concerns the next year, can be immediately recorded on a
deferred account.
–
•
•
•
(example for deferred income definition like thrown interest) and provisions.
All accruals and provisions will be resolved in the next year.
At the deferred items we make a distinction between two types: advance payment and arrears
–
•
(example for deferred charges in case of insurances)
The Booking is exempt from VAT.
Own arrears should be shown as liabilities and third-party arrears should be shown as liabilities.
All Enterprises must keep account and make annual closings of accounts.
Full businessmen must make a pension provision for the pension liabilities in their balance sheet
for their employees and also for settlements on dismissal. Depends on the negotiations with union
For small limited liability companies there is no duty for checking the annual closing of accounts
Books and records, also the enclosing vouchers have to been kept five years.
Details Germany
•
All expenses already booked, which do not touch the current year, will be parked on
active asset accounts
–
•
All expenses, that touch the conclusion year but arise for the next year, will be
proportionate deducted.
–
•
•
•
•
•
Concerning the advanced payments the part which belongs to the next year will be accrued,
concerning the arrears it is the part which belongs to the conclusion year.
An expense or a proceed which concerns the next year, can be immediately recorded
on a deferred account.
–
•
(example for deferred income definition like thrown interest) and provisions.
All accruals and provisions will be resolved in the next year.
At the deferred items we make a distinction between two types: advance payment
and arrears
–
•
(example for deferred charges in case of insurances)
The Booking is exempt from VAT.
Own arrears should be shown as liabilities and third-party arrears should be shown
as demands.
Provisions must not be made in lump sums.
The creation of provisions is only legal, if there are concrete reasons for it
Guaranteed benefits which belong to the conclusion year, a provision can be made
for.
Details Germany
•
•
•
Enterprises whose turnover is more than 350.000 € or the profit is more
than 30.000 € must keep account and make annual closings of accounts.
The demand will be funded by the finance office.
Full businessmen must make a pension provision for the pension liabilties in
their balance sheet for their employees and also for settlements on
dismissal.
The annual closing of accounts must be settled up by retailers and
partnerships within fourteen months after the balance sheet date.
– With corporate enterprises it must be settled up within the first six months after
the final closing day.
•
•
For small limited liability companies there is no duty for checking the annual
closing of accounts
Books and records, also the enclosing vouchers have to been kept ten
years.
Details Estonia
•
All expenses already booked, which do not touch the current year, will be parked on active asset
accounts
–
•
All expenses, that touch the conclusion year but arise for the next year, will be proportionate
deducted.
–
•
•
•
•
Concerning the advanced payments the part which belongs to the next year will be accrued, concerning the
arrears it is the part which belongs to the conclusion year.
An expense or a proceed which concerns the next year, can be immediately recorded on a
deferred account.
–
•
•
•
•
•
•
•
Per Expenses account An Accruals´ & Prepayments´ account.
All accruals and provisions will be resolved in the next year.
At the deferred items we make a distinction between two types: advance payment and arrears
–
•
Per Accrued income & Deferral´s account An Insurances.
The Booking is exempt from VAT.
Own arrears should be shown as liabilities and third-party arrears should be shown as demands.
Provisions mustn't be made in lump sums.
The creation of provisions is only legal, if there are concrete reasons for it
Guaranteed benefits which belong to the conclusion year, a provision can be made for.
Pensions must be booked yearly, no provisions are allowed
All Enterprises must keep account and make annual closings of accounts.
The annual closing of accounts must be settled up by retailers and partnerships within nine
months after the balance sheet date.
All companies have duty for checking the annual closing of accounts.
Books and records 7 years, and the enclosing vouchers have to been kept 7 years.
Details Finland
•
All expenses already booked, which do not touch the current year, will be parked on active asset
accounts
–
•
All expenses, that touch the conclusion year but arise for the next year, will be proportionate
deducted.
–
•
•
•
•
Concerning the advanced payments the part which belongs to the next year will be accrued, concerning the
arrears it is the part which belongs to the conclusion year.
An expense or a proceed which concerns the next year, can be immediately recorded on a
deferred account.
–
•
•
•
•
•
•
•
Per Expenses account An Accruals & Prepayments account.
All accruals and provisions will be resolved in the next year.
At the deferred items we make a distinction between two types: advance payment and arrears
–
•
Per Accrued Income & Deferral's account An Insurance expenses.
The Booking is exempt from VAT.
Own arrears should be shown as liabilities and third-party arrears should be shown as demands.
Provisions mustn't be made in lump sums.
The creation of provisions is only legal, if there are concrete reasons for it
Guaranteed benefits which belong to the conclusion year, a provision can be made for.
Pensions must be booked yearly, no provisions are allowed
All Enterprises must keep account and make annual closings of accounts.
The annual closing of accounts must be settled up by retailers and partnerships within nine
months after the balance sheet date.
All companies have duty for checking the annual closing of accounts.
Books and records 10 years, and the enclosing vouchers have to been kept six years.
Details Hungary
•
All expenses already booked, which do not touch the current year, will be parked on
active asset accounts
–
•
All expenses, that touch the conclusion year but arise for the next year, will be
proportionate deducted.
–
•
•
•
•
•
Concerning the advanced payments the part which belongs to the next year will be accrued,
concerning the arrears it is the part which belongs to the conclusion year.
An expense or a proceed which concerns the next year, can be immediately recorded
on a deferred account.
–
•
(example for deferred income definition like thrown interest) and provisions.
All accruals and provisions will be resolved in the next year.
At the deferred items we make a distinction between two types: advance payment
and arrears
–
•
(example for deferred charges in case of insurances)
The Booking is exempt from VAT.
Own arrears should be shown as liabilities and third-party arrears should be shown
as demands.
Provisions mustn't be made in lump sums.
The creation of provisions is only legal, if there are concrete reasons for it
Guaranteed benefits which belong to the conclusion year, a provision can be made
for.
Details United Kingdom
•
All expenses already posted, which do not touch the current year, will be
parked on active asset accounts
–
•
All expenses, that touch the conclusion year but arise for the next year, will
be proportionately deducted.
–
•
•
Concerning the advanced payments the part which belongs to the next year will be accrued,
concerning the arrears it is the part which belongs to the conclusion year.
An expense or a proceed which concerns the next year, can be immediately
recorded on a deferred account.
–
•
•
Per Expenses account An Accruals & Prepayments account.
All accruals and provisions will be resolved in the next year.
At the deferred items we make a distinction between two types: advance
payment and arrears
–
•
Per Accrued income & Deferral's account An Insurance expenses.
The Booking is exempt from VAT.
The creation of provisions is only legal, if there are concrete reasons for it
All companies have duty for checking the annual closing of accounts.
Details IFRS
International Financial
Report Standards