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Novelties in the Law on accountancy for non-for-profit organizations
Specifics of accountancy of non-for-profit organizations
In the last months of 2006 the Government of the Republic of Macedonia initiated a series of amendments in the so-called tax legislation. As a result, the surroundings and working conditions of the economic subjects and civil society organizations will drastically change. That is why in the previous few issues the Civic World dedicated this page to the amendments. In this issue read about accountancy of the non-for-profit organizations and about the amendments that have been in force since the beginning of 2007.
The basic difference in making the annual statement within non-for-profit organizations and trading companies results from the way of recognizing revenues and expenditures according to the accountancy principle of modified occurrence of business changes, that is, transactions, defined in Article 13 of the Law on accountancy for non-for-profit organizations.
When we consider the specifics, we shall take into account Article 13 of the Law on accountancy for non-for-profit organizations, according to which:
(1) The recognition of revenues and expenditures of non-profitable organizations is implemented according to the accountancy principle of modified occurrence of business changes, that is, transactions.
(2) The accountancy principle of modified occurrence of business changes, that is, transactions of paragraph (1) of this Article means revenues to be recognized in the statement period in which they have occurred according to the criteria of measurability and availability. Revenues are measurable when they can be expressed valuably. Revenues are available when realized in the statement period or within 30 days after the expiry of the statement period provided they refer to the statement period and serve for cover of the obligations of that statement period.
(3) The accountancy principle of modified occurrence of business changes, that is, transactions of paragraph (1) of this Article means expenditures to be recognized in the statement period in which they have occurred or within 30 days after the expiry of the statement period provided the obligation of payment to have occurred within that statement period.
(4) The items of stocks of materials are recognized as expenditures at purchase price. The purchase value is the buying price, increased for import duties, value added tax, transport costs and all other costs that can be directly added to the purchase value, that is, to the purchase costs, reduced for discounts and rebates.
Article 18 of the rule book on accountancy of non-for-profit organizations should also be taken into consideration:
(1) The recognition of revenues and expenditures of non-profitable organizations is implemented in a way determined in accordance with Article 13 of the Law.
(2) The revenues of non-profitable organizations are considered to be available in terms of Article 13, paragraph (2) of the Law when revenues are realized (paid) in the statement period they refer to, that is until 31 December in the current business year or realized (paid) within 30 days after the expiry of the statement period they refer to, that is until 31 January the following year provided they refer to the statement period and serve for cover of the obligations of that statement period.
(3) The expenditures of non-profitable organizations in terms of Article 13, paragraph (3) of the Law are recognized within the statement period they have occurred, that is until 31 December in the current business year if paid in the statement period they refer to, that is, until 31 December in the current business year or paid within 30 days after the expiry of the statement period, that is until 31 January in the following year provided the obligation for payment to have occurred in that statement period.
(4) The expenditures for spending short-term means: food, medical materials and medicaments, are recognized at the very moment in the amount of real spending.
This principle in fact means the following:
The revenues are recognized within the statement period they have occurred according to the criteria of:
a) measurability (to be able to be expressed valuably), and
b) availability (to be realized, that is paid not later that 31.01.2008 and to refer to the previous year and to serve for cover of obligations from 2007)
The expenditures to be paid until 31.01.2007.
Here it should be mentioned that, in case in 2007 you paid an old obligation from 2006 or earlier, and which obligation was as an expenditure included in the balances from the previous years, it shall not be registered as an expenditure in the statement for 2007. The same refers to the revenues and paid claims from the previous years.
Depreciation of long-term means reduces the sources of financing, it is carried out with special rates, rectilinearly and the marginal single amount is 100 Euro.
Small inventory is one-off written off at purchase.
Revalorization is done in exceptional cases when the inflation is higher than 30%.
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