Preparation of financial statements

All transactions and events registered in the accounting records are incorporated into the financial statements of the period.

Very small entities, specifically sole proprietorships with a turnover not exceeding 1,500,000 Euros, may only prepare the Income Statement of B6 model pursuant to the Law 4308/2014.

MODEL B6 of Law 4308/2014

Statement of Results for very small entities

	20Χ1	20Χ0
Turnover (net)	Χ	Χ
Other usual income	Χ	Χ
Inventory changes (commodities, products, semi-finished)	Χ	Χ
Purchase of commodities and materials	Χ	Χ
Benefits to employees	Χ	Χ
Depreciation of tangible and intangible assets	Χ	Χ
Other costs and damages	Χ	Χ
Other income and profits	Χ	Χ
Interest and related funds (net amount)	Χ	Χ
Profits/losses before tax	Χ	Χ
Tax	Χ	Χ
Profits/losses after tax	Χ	Χ

The preparation of financial statements for the period must be completed as soon as possible, namely:

a) six months from the end of the period or

b) the time limit allowed by the tax administration for fulfillment of your obligations.

You should know that:

When the turnover of your sole proprietorship exceeds 1,500,000 Euros for two consecutive annual periods, you shall no longer fall within the category of very small entities.

Remember:

For more information regarding the simplifications and reliefs that apply to very small entities, please read Article 30 of Law 4308/2014.