Deadline extension for the preparation & disclosure of financial statements

Overview

The National Council approved the extension of the existing easements of the “Company Law COVID-19 Act” (Gesellschaftsrechtliches COVID-19-Gesetz) regarding the deadlines for the preparation and disclosure of annual financial statements at the Company Register on 19 May 2022. The regulation entered into force on 11 June 2022.

Details on the deadline extension

The deadline for preparing annual financial statements with a balance sheet date as of 31 December 2021 (and for annual financial statements with balance sheet dates prior to this date for which the deadline for preparation had not expired on 16 March 2020) is extended from five to nine months. Further the disclosure deadline is extended from nine to twelve months. Accordingly, annual financial statements with a balance sheet date as of 31 December 2021, must be prepared no later than 30 September 2022, and disclosed no later than 31 December 2022.

For balance sheet dates after 31 December 2021 but before 30 April 2022, the following rule applies: The deadline for the preparation of the annual financial statements is 30 September 2022 and the deadline for the disclosure is 31 December 2022.

For annual financial statements with balance sheet dates from 30 April 2022, the general deadlines of five and nine months apply again.

Conclusion

In view of the ongoing challenges for companies due to the COVID-19 pandemic, the extension of the existing easements regarding deadlines for the preparation and disclosure of financial statements is appreciated. Nevertheless, we recommend the early preparation of the documents to be filed and the timely planning of the deadline-compliance.