New form quarterly reporting comes into force
Starting from March 23th of this year, developers using funds of real estate investors must submit reports to the regulatory authorities in a new form.
According to the provisions of the Order of the Ministry of Construction of Russia No. 656 / pr of 10/12/2018, from this point on the report, formed in the prescribed form, it is necessary to attach the accounting (financial) statements (interim for the I-III quarters and annual – for the IV quarter).
Construction companies are obliged to provide such documents to the supervisory authority only on the condition that during the reporting period at least one contract of participation in shared construction (DDU) was in force or there were unfulfilled obligations under the DDU. If the developer attracts funds from participants in shared construction by placing them on escrow accounts, reporting to the supervisory authority is not provided to them.
Source: Unified Register of Developers