How can I present my liabilities in the annual financial statements?
July 27, 2023 | 45,00 EUR | answered by Alice Heck
Dear Tax Consultant,
I hope you can help me with my concern. I am currently in the process of preparing my annual financial statements and I am unsure of the best way to present my liabilities.
The current situation is that I have both short-term and long-term liabilities to suppliers and service providers, amounting to a total of X euros. However, I am unsure of how to correctly disclose these liabilities in my annual financial statements, in order to ensure everything is legally sound and does not cause me any problems.
My concern is that I may make mistakes in presenting the liabilities, which could potentially lead to tax or legal consequences. Therefore, it is very important for me to learn from you how best to proceed and what steps I need to take to correctly represent my liabilities in the annual financial statements.
Could you please provide me with tips on how to best present my liabilities in the annual financial statements? What information do you need from me in order to provide me with informed advice? Thank you in advance for your support.
Sincerely,
Erwin Fröhlich
Dear Mr. Fröhlich,
Thank you for your inquiry regarding the presentation of your liabilities in the annual financial statements. It is understandable that you are concerned about how to accurately disclose your liabilities in order to avoid potential tax or legal issues. I am happy to offer my expertise to assist you with your concerns.
First and foremost, it is important to know that liabilities are typically classified under the liabilities section in the balance sheet. There is a distinction between short-term and long-term liabilities. Short-term liabilities are those that are due within one year, while long-term liabilities are due after one year.
In order to accurately represent your liabilities in the annual financial statements, I will need a detailed list of all liabilities you owe to suppliers and service providers. This includes both short-term and long-term liabilities. Additionally, I will need information on the respective due dates and terms of the liabilities.
When presenting the liabilities in your annual financial statements, it is crucial that you disclose all relevant information transparently and comprehensibly. This means clearly stating the amounts of the liabilities and, if necessary, specifying their purpose. Furthermore, you should ensure that the liabilities in the balance sheet are disclosed in the correct amount and maturity.
It is advisable to seek assistance from a tax advisor or professional accountant when preparing the annual financial statements to ensure compliance with all legal requirements. An experienced professional can help you avoid potential errors and ensure that your annual financial statements are legally sound.
I hope this information is helpful to you and I am available for any further questions you may have. Please do not hesitate to contact me if you require further assistance in presenting your liabilities in the annual financial statements.
Sincerely,
Alice Heck
