{"id":58592,"date":"2023-08-17T12:33:52","date_gmt":"2023-08-17T09:33:52","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=58592"},"modified":"2023-08-17T12:33:52","modified_gmt":"2023-08-17T09:33:52","slug":"%d8%a7%d9%84%d8%aa%d8%ac%d8%a7%d8%b1%d8%a9-%d8%aa%d8%af%d8%b9%d9%88-%d8%a7%d9%84%d8%b4%d8%b1%d9%83%d8%a7%d8%aa-%d9%84%d8%a5%d8%b9%d8%af%d8%a7%d8%af-%d9%88%d8%a5%d9%8a%d8%af%d8%a7%d8%b9-%d8%a7%d9%84","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/58592\/","title":{"rendered":"Commerce calls on companies to prepare and file financial statements electronically to avoid violations"},"content":{"rendered":"<p>She called <strong><span style=\"color: #800000;\"><a style=\"color: #800000;\" href=\"https:\/\/amlak.net.sa\/en\/?s=%D9%88%D8%B2%D8%A7%D8%B1%D8%A9+%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9\">Ministry of Commerce<\/a><\/span><\/strong> Companies are required to prepare and file their financial statements electronically via the \u201cFinancial Statements Platform\u201d to avoid violating the provisions of the Companies Law.<\/p>\n<p>The Ministry clarified that simplified companies, simplified joint-stock companies, limited liability companies, general partnerships, and simple limited partnerships \u00abin accordance with their legal form\u00bb must prepare financial statements at the end of each fiscal year in accordance with the accounting standards adopted in the Kingdom and file them within six (6) months from the end of the fiscal year, pursuant to Article 17 of the new Companies Law.<\/p>\n<p>It explains <span style=\"color: #800000;\"><strong><a style=\"color: #800000;\" href=\"https:\/\/qawaem.bc.gov.sa\/\">Financial statements<\/a><\/strong><\/span> The company\u2019s financial position, income and expenses, net cash flow, and changes in owners\u2019 equity; the responsibility for filing these reports lies with: (the company\u2019s president, the company\u2019s director, or the chairman of the board of directors).<\/p>\n<h4><span style=\"color: #800000;\">The filing of financial statements contributes to the following:<\/span><\/h4>\n<p>\u2022 Comply with regulatory requirements based on the company's legal structure.<br \/>\n\u2022 Provide an overview of the company's operations and performance.<br \/>\n\u2022 The company's commitment to market standards and performance indicators.<br \/>\n\u2022 The company is not subject to legal liability for violating the Companies Law.<br \/>\n\u2022 Assist shareholders and partners in monitoring corporate performance and conducting financial analysis of financial statements.<br \/>\n\u2022 Access to all government services provided to businesses.<br \/>\n\u2022 Assess the level of corporate governance and transparency.<br \/>\n\u2022 Build confidence in the company among financing and lending institutions.<\/p>\n<p>She explained <strong><a href=\"https:\/\/amlak.net.sa\/en\/?s=%D9%88%D8%B2%D8%A7%D8%B1%D8%A9+%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9\">Ministry of Commerce<\/a> <\/strong>A company that fails to fulfill its duty to prepare and<span style=\"color: #800000;\">Filing of Financial Statements <\/span>Failure to prepare financial statements in accordance with approved accounting standards or to file them in accordance with the provisions of the law is punishable by a fine of up to 500,000 riyals, pursuant to Article (262) of the Companies Law.<br \/>\nThe Ministry calls on companies to prepare and file their financial statements electronically via the qawaem.bc.gov.sa platform.<\/p>","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading time: <\/span> <span class=\"rt-time\"> &lt; 1<\/span> <span class=\"rt-label rt-postfix\">Minute<\/span><\/span>The Ministry of Commerce has called on companies to prepare and file their financial statements electronically via the \u201cQawaim Platform\u201d to avoid violating the provisions of the Companies Law. The Ministry clarified that simplified companies, simplified joint-stock companies, limited liability companies, joint liability companies, and simple partnerships \u00abin accordance with their legal form\u00bb to prepare financial statements at the end of each fiscal year in accordance with the accounting standards adopted in the Kingdom, and to file them \u2026 <a title=\"Commerce calls on companies to prepare and file financial statements electronically to avoid violations\" class=\"read-more\" href=\"https:\/\/amlak.net.sa\/en\/58592\/\" aria-label=\"Read more about the Ministry of Commerce calling on companies to prepare and file their financial statements electronically to avoid violations\">Read more<\/a><\/p>","protected":false},"author":27,"featured_media":58593,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_seopress_news_disabled":"","_seopress_video_disabled":"","_seopress_video":[],"_seopress_pro_schemas_manual":[],"_seopress_pro_rich_snippets_disable_all":"","_seopress_pro_rich_snippets_disable":[],"_seopress_pro_schemas":[],"amlak_video_sent":"","footnotes":""},"categories":[104],"tags":[],"class_list":["post-58592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-and-regulations"],"acf":{"amlak_post_excerpt":"","amlak_post_excerpt_source":{"label":"Amlak 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