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Cabinet of Ministers Regulations No. 301 in Riga, 8 May 2007 (pr. 10. § 28) the rules on the individual merchant accounts Issued in accordance with the law "on accounting" in article 13, sixth part i. General questions 1. determines the order in which sole proprietors whose turnover (revenue) from the previous financial transactions reporting (tax) year exceeds LVL 200000 (sole proprietor), prepare and submit the balance sheet and the revenue and expenditure account (hereinafter financial report), as well as the content of the financial statements. 2. a sole proprietor shall prepare the financial statements for the current report (tax) year-calendar year or a shorter period if the sole proprietor in the year starting or ending business operations. 3. financial transactions and events in the report indicate the period in which they occur, regardless of when payment is made. 4. the financial statements used in the monetary unit of the Republic of Latvia-lats, numbers rounded to whole numbers. The financial statements shall be prepared in the national language. 5. the financial statements shall be drawn up on the basis of these provisions, annex 1 and 2 these schemes and subject to the following conditions: 5.1 items reflect each individual schemes in that order;
5.2. each item indicates the relevant previous review (tax) year data, if any;
5.3. posts that contain no numbers, only when the previous report (tax) year was with the amount of the item;
5.4. the scheme with Arabic numerals designated items can be divided into further details or add new items if sole proprietor feels that it brings greater clarity;
5.5. the roles of figures based on the entries in the source documents, the accounting records and summaries;
5.6. If the review (tax) year unveiled the previous report (tax) years encountered an error, to the right, respectively, the edit data of financial statements, starting with the report (tax) year in which the error was encountered. II. preparation of the balance sheet the balance sheet indicates 6. economic activity and source of funds used for the balance of the reporting (tax) on the last day of the year (balance sheet date). Features indicate active balance, but their sources-balance sheet liabilities. The balance sheet total assets must equal the total liabilities of the balance sheet. 7. Economic activity means used (including cash, credit, or credit unions) accounting separate from the individual's personal needs for funds. 8. The balance sheet indicates the part of the individual trader's property, which he detached, the economic activities and economic activities related to the claim and the amount of the commitment, they also incurred for the lease-purchase (financial leasing) checked out (check in) the asset (the personal needs of individual trader's property provided for the portion of the balance point). 9. balance sheet indicates the active funds, the distribution of long-term investments and current assets. For long-term investment funds considered for long-term use (more than one year) or invested in durable property. Other features are current assets. 10. The item "intangible investment" indicates the fees for the use of intangible property (such as patents, license) the net book value, which is a valid life is longer than one year. 11. Under "real estate" indicates the site of the original value (original value of the land shall not be amortised), as well as buildings, structures and the proportion of the residual value of the plantations. 12. Under "other assets" indicates the real property (such as equipment or fixtures, appliances, machinery or equipment, vehicle, computer, copier) residual value fit life is longer than one year. 13. Intangible assets and fixed assets residual value is calculated from their original values minus all value write-downs, and the record of the year and the (tax) in the previous report (fiscal) years accounting records posted annual intangible impairment of investments and asset depreciation amounts. 14. Annual intangible investment and asset impairment the depreciation amount calculated, the intangible investments or the original value of fixed assets evenly distributed over the years their useful life (linear method) or using other depreciation methods (for example, the declining-balance method, the unit of production method). Intangible assets and fixed assets useful life is the period (in years) in which they are to be used, or the period of time (years), which provides for the production of the planned production unit. Intangible assets and fixed assets useful life is determined by the individual merchant. 15. Purchased fixed assets and intangible investment in the original value include: 15.1 the purchase price;
15.2. other direct expenditure;
15.3. the received loan interest paid for the period up to the fixed assets or intangible investment for putting into service. 16. fixed assets Purchased by other direct expenditure is, for example, the fixed costs of delivery to the place of use, preparation, as well as the intended use of the customs duties paid. 17. individual economic operator created the asset's original cost includes the costs directly related to the creation of fixed assets (construction or building) and preparation for the commissioning, as well as the creation of the asset received loan interest paid for the period until its commissioning. 18. If a sole proprietor business activities as asset investing (from use) of personal property purchased or created before the commencement of business, giving the property to the acquisition or creation of expenditure amount to its acquisition or creation time received source documents, then the initial value of the fixed asset that is considered the net book value of the assets on the date on which the fixed asset invested (by) economic activity. The following fixed asset net book value calculated from the acquisition or creation of documents specified amount minus the depreciation amount calculated for years, before the asset invested (by) economic activity. 19. If the business activities are not used for fixed asset acquisition or creation of the document or If a fixed asset obtained donations, donation, inheritance or restoring ownership, sole proprietor can independently choose the following fixed asset listing only in kind (including accounting records without evaluation in monetary terms) or evaluate in monetary terms and specify the balance. Assessing the monetary value of the original asset is determined: 19.1. the value in the contract or any other document certifying the donation or gift of fixed assets;
19.2. the value in the inheritance receipt supporting document;
19.3. the value established for the renewal of fixed assets in accordance with the Cabinet of Ministers on 26 September 2006, the provisions of the law "793" on personal income tax "for the application of the rules";
19.4. the real property cadastre value;
19.5. the market value of the fixed asset in the day when it is evaluated. 20. The item "fixed assets creation" period of the asset life of initiation (commissioning) indicates expenditures directly related to the (manufacture or construction) and the commissioning the preparation (such as costs for materials, wages and social security payments, the establishment of fixed asset depreciation of fixed assets used in, pay for services received), as well as to the putting into fixed assets for the creation of fixed asset loans received interest paid. 21. The item "other long-term investment in fixed assets" refers to the residual value of the expenses incurred in relation to the economic activity and without the assessment used in money terms (in kind) for asset listed improvements made, the restoration or reconstruction that significantly increases the production potential of this asset or extend life. This item shall also indicate the residual value of the expenditure incurred in the context of other long term investments fixed assets other than those referred to in point 22 of these rules (for example, investments in connection with the lease of fixed assets leased out in reconstruction, improvement or restoration work that is not intended to compensate the lessor). 22. the expenses incurred in connection with the business activities and accounting records used in money terms listed fixed asset improvements made, the restoration or reconstruction that significantly increases the production potential of this asset or extend the lifetime of the asset, plus the original (remaining) value. From these values the report excluded the asset component or part, the original (remaining) value, if it is separately calculated. If it is not calculated separately report the depreciated replacement cost. Depreciated replacement cost is the value of the fixed asset, calculated by deducting from the core of a new, equivalent asset acquisition value depreciation after the replaced asset depreciation rates, accounting for depreciation on such a long period of economic activity used to replace the asset. 23. The item "shares" indicates participation in the share capital company and a portion of the purchase price if the shares were acquired, to gain income (dividends) in the future, and they are not intended for sale during the year after the balance sheet date. 24. The item "long-term loan" indicates the money lent to other people, which creates a certain maturity later than one year after the balance sheet date, as well as a tenant for the rental with the debt redemption law (financial lease) of the asset given up. 25. The item "other long-term financial investments indicate the overall participation (for example, participation in the cooperative society) and other long-term financial investments the acquisition value, which acquired profit in the future, and is not intended for sale during the year after the balance sheet date. 26. the long-term investment value of the object that is significantly greater than the purchase price or production cost, or the assessment of the previous report (tax) year's balance sheet may be revalued to a higher value if it can be assumed that the value of the platform will be lengthy. If long-term investment value at the balance sheet date is below its net book value, and expected that the impairment will be sustained, the object is under the lowest value. As a result of the revaluation increase in value or impairment booked to the economic activities of capital sa. 27. If an intangible fixed asset investment or overrated according to the object to higher or lower value, annual intangible assets impairment of fixed assets the depreciation amount is calculated in the future, taking into account the respective object value after revaluation. 28. The inventory items show the raw materials, materials, semi-finished products and finished products, and products, goods for sale, working animals and food-producing animals. 29. the purchased inventory are shown in the balance sheet at purchase value (purchase price). Own inventory balances shown in the balance sheet or in the production costs below market prices. 30. The item "accounts receivable" indicates the individual economic operator claims from other persons (for example, customers, recipients, beneficiaries of loans to tenants) on the outstanding loan or money or other things, as well as the State budget or local budgets pārmaksāto taxes and fees. 31. If customer debt payable in foreign currency, the amount originally calculated in lats in accordance with the Bank of Latvia, the foreign exchange rate, which has been in force on the day of the transaction. If such a receivable at the balance sheet date has not yet been paid, the balance sheet indicates recalculate in lats in accordance with the Bank of Latvia, the foreign exchange rate that was in effect at the balance sheet date. After the foreign currency payable in the accounts receivable balance recalculation for the assessment of an increase in local currency (hereinafter referred to as the positive difference) are recorded in revenue, but the reduction in LCY of the evaluation (hereinafter referred to as the negative difference) are written off. 32. Under "prepaid expenses" expenses made during the current or previous reporting (tax) in years, but will be included in the operating expenditure in the next report (fiscal) years (such as the paid rent on several for years, the expenditure incurred in connection with the Earth, this installation of the dziļaršan pasture, regional planning). 33. The item "accrued income" refers to the amounts receivable under the agreements are clearly known, but the source document for the preparation of the date has not been reached. 34. The item "securities" indicates the participation shares of other supporting documents and debt securities in the acquisition value, if they are purchased for resale (trading) or if they have a short deletion (buy-back). 35. If the working capital (for example, stock, securities) market price is significantly lower than the original book value shown in the balance sheet of a lower value. The difference is scrapped. 36. The item "cash" refers to the individual trader's existing cash and credit or savings accounts with existing non-cash amount in lats and foreign currencies. If the box or credit or savings account is the clear or non-cash foreign currency, it initially valued in lats in accordance with the Bank of Latvia, the foreign exchange rate, which has been in force on the day of the transaction. Cash and non-cash foreign currency balances are shown in the balance sheet, translated into lats according to the Bank of Latvia, the foreign exchange rate that was in effect at the balance sheet date. After this balance recalculation for the positive difference recorded in the revenue, but the negative difference is scrapped. 37. The balance sheet liabilities indicates individual equity traders, as well as long-term and short-term Payables. 38. Capital thinks the difference between total assets and balance long-term and short-term creditors debt totals. 39. The debts payable later than one year after the balance sheet date are considered long-term Payables. Over in debt are considered short-term Payables. 40. The item "economic capital" indicates the amount that corresponds to the value in the accounting balance for the reporting (tax) at the end of the year. 41. The initial opening of accounts that are listed in the economic capital, as the balance of this account you can specify the amount corresponding to the provision in paragraph 38 of the order calculated on equity. Below each report (taxation) at the beginning of this account shall be carried over at the end of the previous year indicated the balance of this account and the account balance of the accounts that are listed in the report (tax) year difference between revenue and expenses, but at the end of the year also recorded this provision the amount specified in paragraph 42. 42. The individual merchant reporting (tax) year to further invest the resources (such as money or asset) economic activity (hereinafter referred to as personal investments) or withdraw funds from operating activities to use for their own personal needs (hereinafter-the personal needs of the removed features). Personal investment and personal needs the withdrawn funds report (tax) year lists the accounting records for this purpose open accounts or two separate accounting accounts that report (tax) year end closing. This account of the closing entries, they listed the amounts recorded in the account that is listed in the economic capital. 43. Economic activities (used) invested the original value of the asset, calculated (a) in accordance with the provisions of paragraphs 18 and 19, lists the accounting records as a personal investment. On the operating income of the population paid income tax and personal income tax advance amount if paid by the sole proprietor of the economic activities of the segregated cash, accounting records as personal needs the withdrawn funds. 44. The item "Report of the (tax) revenue and expenditure of the year difference" indicates an amount equal to the revenue and expenditure account under "the difference between revenue and expenditure" in the amount you specify. If this item is negative, the balance sheet also indicates a negative number. 45. If the creditor debt payable in foreign currency, the amount originally assessed in lats in accordance with the Latvian Bank by the exchange rate that was in effect on the day of the transaction. If such accounts payable at the balance sheet date has not yet been paid, the balance sheet indicates recalculate in lats in accordance with the Bank of Latvia, the foreign exchange rate that was in effect at the balance sheet date. After the foreign currency payable accounts payable balance recalculation for the positive difference in transcription editions, but the negative difference recorded in revenue. 46. Under "long-term borrowings from credit institutions" indicates a loan principal from credit institutions and credit unions whose due date set later than one year after the balance sheet date. 47. The item "other long-term debt" indicates a long term borrowing of money from other people, as well as the amount of debt for the lease-purchase (financial leasing) checked out an asset due later than one year after the balance sheet date. 48. The item "short term loans from credit institutions" indicates the remaining debts to credit institutions and credit unions, which are not listed under "long-term borrowings from credit institutions". 49. The item "taxes and State social security payments" indicate the commitment of the individual merchant total for the State budget and municipal budgets of payable taxes and duties, including the individual's employer obligations of employees calculated payroll tax and the State social insurance compulsory contribution amounts, as well as with those of late payment and fines. 50. From operating activities calculated income personal income tax accounting records do not record and the balance sheet and the revenue and expenditure shall not be included in the report. 51. The item "other creditors" indicates the individual's obligations to other persons for short-term loans, goods received and services rendered, obligations to employees for salaries or other payments and other short-term Payables, also shows the amount of the lease-purchase (financial leasing) take the asset, due within one year of the balance sheet date. 52. The item "deferred income" refers to income received in cash, in other cases or service in a way, related to reporting (tax) year (such as advance payments for the production or supply of goods or the right to use the property of the individual economic operator). 53. The item "accrued liabilities" indicates the amounts due under the contracts concluded have clear, but they are not received in the source document. III. Preparing the statement of revenue and expenditure of 54. the revenue and expenditure account shall specify the individual trader's operating income, with those associated expenses and the wound margin report (tax) year. 55. the income and expenditure of foreign exchange revenue and expenditure report indicates LCY according to recalculated the Latvian Bank by the foreign exchange rate, which has been in force this revenue generating or spending the day. 56. in a group of items in the "income" as a whole, but with Arabic numerals in the positions indicated by separate revenue-types-accounts (tax) year operating income totals, regardless of their form (in cash, other things or services). 57. The item "income from agricultural production" indicates income from sales of agricultural products and tourist services, not including amounts received as State aid to agriculture or the European Union's support for agriculture and rural development. 58. The item "income from other economic activities" indicates income from other economic activities (except agricultural production). 59. The item "income from support for agriculture", indicate the amount received as a State aid to agriculture or European Union support for agriculture and rural development. 60. The item "other non-taxable income" indicate other revenue received relating to economic activity and which according to the law "on personal income tax" is not subject to income tax. 61. The item "income from the rest of the aid received," lists other amounts received that are not state aid, agriculture, or European Union support for agriculture and rural development. 62. Under "other revenues" indicates the other revenue relating to economic activity and which according to the law "on personal income tax" is subject to personal income tax revenue also received remuneration from insurance, fixed assets, other long-term investment or working capital sales. This item also indicate positive difference arising on the translation of foreign currency in dollars accounts payable accounts receivable balances and foreign exchange balance, as well as the negative difference arising on the translation of foreign currency in dollars accounts payable accounts payable balance. 63. The item group "total expenditure", but with Arabic numerals outlined items-by separate types of expenditure-indicates costs that are associated with a group of items in the "revenue" specified revenue generating and applies to reporting (tax) year. 64. The item "expenses" accounts (tax) year of used inventory value. 65. The item "income" accounts (tax) year estimated salary, remuneration, calculated the payments provided for in the law, employees in cases of disability or the gross amount of wages for other comparable payment amounts before the payroll tax and the State workers social security payment amounts deducted (-gross), as well as business risk State duty. 66. The item "social payments" indicates the report (tax) year calculated as an individual trader's employer the State social insurance compulsory contribution amounts, cash contributions to private pension funds and other social insurance of employees linked to the cash payments. 67. The item "fixed assets and intangible assets depreciation and amortization" is owned or lease-purchase (financial lease) the fixed assets depreciation (amortisation) as well as intangible investments depreciation (amortisation). 68. Under "other expenses": 68.1. property insurance and expenses or losses incurred after fixed assets and other long-term investments or liquidation;
68.2. the negative difference arising on the translation of foreign currency in dollars accounts payable accounts receivable balances and foreign exchange balance, as well as the positive difference arising on the translation of foreign currency in dollars accounts payable accounts payable balance. If the current balance in the reporting (tax) year rated lower than the original book value, this item indicates the editions called the difference;
68.3. estimated real property tax and natural resources tax payments, as well as the State budget and municipal budgets, the amount of the fees payable;
68.4. other expenses, including the expenses of other persons received services, room rental, heating, lighting, as well as stationery, postage, telephone, travel expenses and other current expenses, fines, and other contingencies. 69. The item "difference of revenue and expenditure" indicates a group of items in the "income" the specified reporting (tax) year total amount of revenue and expenditure items in a "group" of the specified report (tax) year total. Excess of revenue over expenditure expressed as a positive number, but the excess of expenses over revenue-as a negative number. IV. Submission procedures 70. Financial statement signed by the individual trader or his authorised person. No later than next April 1, sole proprietor of the financial statements together with the annual income declaration shall be lodged (by post or electronic) of the State revenue service territorial institution (by the individual's home). 71. a sole proprietor is responsible for the preparation of financial statements and submitting. For failure to submit financial statement or the submission deadline of the individual merchant called to administrative responsibility in accordance with the Latvian Code of administrative offences. V. closing question 72. provisions applicable to the 2007 report (tax) year. Financial report for 2007 report (tax) year for each item you can only specify this report (tax) year data (previously in šēj report (tax) year's data is not required). Prime Minister a. Halloween financial Prime Minister-Minister of culture h. demakova annex 1 Cabinet 8 May 2007 regulations No 301 active balance sheet fixed assets i. intangible assets.
Ii. Fixed Assets.
1. Real Estate.
2. Other fixed assets.
3. fixed asset.
4. other long-term investments in fixed assets.
III. Long-term financial investments.
2. long-term loans.
3. Other long-term financial investments.
Current assets i. inventories.
2. the goods.
1. Trade receivables.
2. Other receivables.
3. Prepaid expenses.
4. Accrued revenue.
Passive i. own capital.
1. Operating capital.
2. Review the (tax) year difference between revenue and expenses.
II. Long-term creditors.
1. long-term loans from credit institutions.
2. other long-term debt.
III. Short-term creditors.
1. Short-term loans from credit institutions.
2. taxes and State social security payments.
3. Other creditors.
4. Deferred income.
5. Accrued liabilities. Minister of finance-cultural Minister h. demakova annex 2 Cabinet 8 May 2007 regulations No 301 of the statement of revenue and expenditure of the scheme I..
1. income from agricultural production.
2. income from other economic activities.
3. income from agriculture.
4. other non-taxable income.
5. income from the rest of the aid received.
6. other income.
1. material expenses.
3. The social insurance payments.
4. Fixed assets and intangible assets depreciation and amortization.
5. Other expenditure.
III. the difference between revenue and expenses. Minister of finance-cultural Minister h. demakova
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