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Cyprus adopts the International Financial Reporting Standards (IFRS).

Management accounts are internal financial reports. Steps for preparation include summarizing income, expenses and cash flow, and reconciling bank statements.

All Cyprus companies must submit audited financial statements, except for companies meeting both of these criteria:

• • Annual turnover of less than €200,000
  • Total assets worth less than €500,000 (these companies may instead be subject to an assurance review).

Ensure your books of accounts are complete and reconciled. Maintain records of fixed assets, bank statements, payroll data, and supporting documents for all transactions.

All companies must maintain accurate and up-to-date accounting records, a task best handled by an accountant.

Financial records, income records, expense records, bank records, tax records, fixed assets records, inventory records, loan records, and business formation/legal documents.

Cyprus accounting software includes E-Soft Business Software and InteliSoftCy.

Failure to keep proper records is a criminal offense. The Director of the company may face imprisonment (up to one year), a fine (up to €1,768), or both.

Deadlines include submission of Annual Company Return (HE32), Temporary Tax Assessment, Corporate Income Tax Return (TD4), VIES, VAT forms, INTRASTAT return, and payroll-related submissions.