Accounting for 21st century
The government approved a revision to the Accounting Act that will simplify accounting and facilitate the use of electronic documents. Scans of paper documents will no longer need a guaranteed conversion and documents will be archived electronically, including those created before the revision came into force. Clear rules are laid down for the content of closing accounts and annual reports of NGOs. Before closing down, companies must inform FS, the tax authority, about how they have secured their accounting documents.
