Professional Documents
Culture Documents
I. BASIC PROVISION
Article 1
This Law shall regulate book keeping, business books, accounting documents
and data processing, recognition of income and expenditure, evaluation of balance
items, reevaluation, financial reports, delivery of financial statements and other
issues related to accounting to the economic relevant community, citizens
associations and foundations, and other forms of association, political parties,
religious communities, religious groups, etc. The Red Cross of the Republic of
Macedonia, Associations of foreigners, foreign and international nongovernment
organizations, humanitarian organizations and associations, trade unions, and other
legal entities established according to special regulations, prescribing them as
nonprofit organizations, if otherwise not regulated by another regulation (hereinafter
as: Nonprofit organizations).
Article 2
Nonprofit organizations shall be obliged to conduct accounting, prepare and
deliver accounting statements, in accordance with this law and the recognized
accounting principles, the accounting practice and standards, if the same are not
opposite to this law or other regulation, for the purpose of correct, truthful, secure,
comprehensive, timely and individual presentation of the balance items, the balance
sheet, liabilities, sources of asset, income and expenditure and the results from
operation.
Article 3
Nonprofit organizations shall be obliged to perform accounting according to
the system for double accounting, and according to the schedule of accounts from
the accounting plan for nonprofit organizations.
Article 4
(2) The business books shall provide uniform record and other forms of
records presenting the statement and asset movements, liabilities, sources of
assets, income and expenditures, and the results from the operation.
(3) Nonprofit organizations shall keep records for the income and
expenditures,
they shall also prepare plans, reports and analyses.
(4) The data from the business books should enable competent bodies with a
plan and realization of the profit, preparation and also delivery of financial plans for
other purposes.
Article 5
(2) All data registered in the business books and other reports must be
complete and overall, timely, updated and chronologically presented, i.e. they must
present the time period of their occurrence.
(3) An entered data in the business books may not be altered or amended in a
manner which may later prevent establishment of the initial entered content.
Article 6
(1) The business books of nonprofit organizations shall be the following: A log
book, ledger and additional auxiliary books (analytic records).
(2) Mandatory auxiliary books as stated in paragraph (1) of this article shall be
the following: Cash book, procurement book, inventory of the capital assets, book for
receivables and payables.
(3) Apart from the business books stated in paragraphs (1) and (2) of this
article, nonprofit organizations may keep other ancillary books (analytic records).
(4) The Business books from paragraph (1) of this article shall be treated as
public documents.
Article 7
(1) The business books shall be maintained for the year of operation
equal to the calendar year.
(2) The business books shall be opened at the beginning of the business year
or as of the day of incorporation of a new nonprofit organization.
(3) The initial balance in the ledger at the beginning of the business year must
be the same as the final balance at the end of the previous business year.
Article 8
(1) Nonprofit organizations at the end of a business year shall finalize and
bind the business books. The log book and the Ledger shall be signed by the legal
representative of the nonprofit organization or a an authorized person. This signature
shall confirm the accuracy and compliance with the legal provisions.
(2) If accounting data are electronically processed, after closing the log book
and Ledger, nonprofit organization shall be obliged to print that documents
and then bind it together.
(3) The business books of nonprofit organizations shall be kept for at least the
following periods:
(4) The period of maintenance of the business books shall start at the last
date of the year to which they apply.
Article 9
(2) The entry technique and data processing of the newly occurred changes,
i.e. transactions of nonprofit organizations may be performed electronically, semi-
automatically and manual data processing, complying with the principled for accurate
book keeping.
(4) The Minister of Finance shall prescribe the form and manner of book
keeping for the nonprofit organizations.
Article 10
(2) An accounting document is a written evidence for the business change, i.e.
transaction.
(3) The accounting document shall serve as the basis for data entry in the
business books.
(4) The accounting documents as stated in paragraphs (1) and (2) of this
article shall serve at the same time as the basis for monitoring and audit.
Article 11
(2) Accounting documents, according to their type, shall be maintained for the
following periods:
- The accounting documents based on which data are entered in the business
books shall be kept for a period of five years,
- The documents related to the payment operations shall be kept for a period
of three years;
- The sales and control blocks, auxiliary statements and similar documents
shall be kept for two years.
(3) The Minister of Finance shall prescribe the type, content, monitoring and
movement of accounting documents.
Article 12
(1) Nonprofit organizations shall organize accounting and the manner of data
entry in accounting, in accordance with the provisions of this law.
(4) The Minister of Finance shall prescribe the accounting plan as stated in
paragraph (2) of this article, as well as the content of the different accounts from the
accounting plan.
(5) The Minister of Finance shall determine which special data shall be
necessary for the system of State records and shall prescribed the form and content
of the Form for the State Records system.
(6) Nonprofit organizations may assign book keeping to an authorized
professional organization, whereas, such action shall no reduce the responsibility of
the authorized persons of the nonprofit organizations regarding overall accounting.
Article 13
Article 14
(1) The evaluation of the balance items, in context of this law, shall be
determination of the value of separate balance items.
(6) The writeoff of the value of the long-term assets shall be conducted using
the linear method for write-off with application of annual rates as prescribed by the
Minister of Finance.
(7) The basis for amortization of the long-term assets shall be the
procurement, i.e. reevaluated value of the long-term assets.
(8) Long-term assets, whose individual value at the moment of procurement is lower
than 100 EUR in denar counter value, shall be calcified as small inventory, which
shall be written- off regardless of the term of use.
Article 15
Article 16
Article 17
(2) The balance sheet presents the assets, liabilities and sources of assets
according to dates.
(3) Profit and Loss account presents income and expenditures, i.e. the surplus
or shortage realized in the business year or any other period during the business
year.
(4) The notes to the financial statements are detailed presentation and
supplement to the data from the balance sheet and profit and loss account.
(5) The basic financial statement must provide an accurate, truthful and
complete review of the assets, liabilities, sources of assets and income and
expenditures.
(6) The basic financial reports must be kept secret and in their original form.
(7) The basic financial statements from paragraph (1) of this article shall be
prepared for the business year, expressed in MKD and written in Macedonian
language.
(8) The form and content of the financial statements from paragraph (1) of this
article shall be prescribed by the Minister of Finance.
(9) The basic financial statements from paragraph (1) of this article shall be
prescribed by the legal representative of the nonprofit organization or the authorized
person.
(10) The basic financial statement shall comprise the Annual balance sheet.
Article 18
(1) Nonprofit organizations whose total asset value or annual income is less
then 2.500 EUR in denar counter value shall not be obliged to prepare financial
reports and deliver the same in accordance with the provisions from this law.
(2) Nonprofit organizations from paragraph (1) of this article shall be obliged to
maintain treasury book and the book for income and expenditures.
Article 19
Nonprofit organizations shall be obliged to deliver the annual balance sheets
the Public Revenues Office and to the Registry for annual balance sheets with the
Central Registry, until the end of February the next year, i.e. within 60 days from the
day of the status changes.
Article 20
A violation shall be sanctioned with a fine in the amount of 60.000 to 300.000
MKD charged from the nonprofit organizations, if they:
1) Fail to maintain accounting in a manner as prescribed by law or regulation
adopted based on the law (article 2 and 3);
2) Fail to maintain business books in a manner as prescribed by law or
regulation adopted based on the law (article 4 to 10);
3) Perform entry of data in the business books according to inaccurate and
unreliable documents (article 10, paragraph 1);
4) Do not assign an authorized person for the lawfulness and accuracy of the
accounting documents (article 10, paragraph 5);
Article 21
Nonprofit organizations shall continue to apply the provisions adopted based
on the Law on Accounting ("Official Gazette of the Republic of Macedonia,
No.42/93, 48/93, 6/95, 32/98, 39/99, 70/2001 and 36/2002), until the adoption of the
new regulations according to this law.
Article 22
Article 23
This Law shall enter in force on the day of publication in the Official Gazette of
the Republic of Macedonia, and shall be valid as of 1 January 2003.