Specific requirements for financial statements in different jurisdictions
Today, most financial statements are prepared in full accordance with generally accepted accounting principles (GAAP). However, you should always consider the specific requirements for the chosen jurisdiction. For example:

The fiscal year. In the vast majority of countries (particularly EU member states) the financial year ends on December 31st. Other jurisdictions may have different approaches as the financial year may end in different periods depending on the company's registration date, e.g. B. (in Singapore, UK, Hong Kong and others);
Deadlines for submitting annual reports. Depending on the jurisdiction, the timeframe for filing the annual report can vary from a few months to a year: 3 months in Bulgaria and Singapore; 4 months in Latvia, up to 12 months in Cyprus or up to 8 months in the UK;
requirements for the exam. Note that some countries require each company to submit an audited report (Cyprus, Singapore, Hong Kong, Ireland). In other countries, companies can produce an audited report voluntarily or if they meet certain criteria (read more about audit).
We strongly recommend checking local national legislation before preparing or filing the annual report, as requirements may vary slightly in different jurisdictions. You can also ask our accountants for detailed information - click here to find out more.