The accounting methodology is focused on a small reporting period (this is usually a month). However, the legislation does not support this tradition. In this regard, key dates used during the calendar year must be recorded in the accounting policy. 
Balance sheet reporting period
It is fixed in Federal Law No. 402. The main reporting period is the year. This term is used for the preparation of interim and final documents. It always starts on January 1. At the end of the reporting period, that is, on December 31, all documentation is formed reflecting the financial and economic activities of the organization. This rule applies to all companies. The exception is liquidated and reorganized firms. A special procedure for determining key dates is established for them. For example, for a business company, the calendar number of dividend payment acts as a control.
Intermediate Documents
They are not compiled in all cases, but only when such a duty is provided for the company. For the reporting period, the company draws up monthly and quarterly documents cumulatively from the beginning of the year, unless otherwise specified in the standards. This wording is present in the Federal Law No. 402 (Article 13, paragraph 5). The obligation may arise in accordance with the law, other regulations, as well as at the corporate level. In the latter case, in particular, we are talking about company contracts, decisions of owners and constituent documentation. At the same time, for each intermediate document, its own key date and reporting period should be established. This is due to the requirements of regulatory acts, as well as PBU. At the key date, the value of the net asset is determined. For example, during state registration of an issue prospectus, the issuer needs to submit interim reports for the last ended reporting period. It can be three, six or nine months. 
Nuance
The norm regarding the preparation of intermediate documentation was introduced in the Federal Law No. 402 by Law No. 251. She began to act on 01/01/2013. This norm saved the company from compiling monthly final documents. Based on it, the last day of the month is not automatically considered a key date. Accordingly, the majority of companies do not form interim documentation legally. In this case, the general rule that the reporting period is a year applies.
Application specifics
In practice, there are many problems associated with the fact that accounting standards are not adapted to the innovations of the Federal Law No. 402. As mentioned above, the official methodology, which is based on the Instructions for using the Chart of Accounts, still provides for monthly cyclic procedures. The key place among them is given to the closure of synthetic accounts 91 (“Other expenses and income of the reporting period”) and 90 (“Sales”). With a monthly increase, the normative basis was in force - para. 79 PVBU. 
Explanations
It should be noted that the accounting loss / profit is the final result identified for the period based on the accounting of all business operations of the enterprise and the assessment of balance sheet items. In accordance with the norms in force today, there is no need to determine it at the end of each month. The financial result must be identified at the reporting dates. If they are not specifically defined, then closing the account. 90 and 91 are allowed once a year - December 31. At first glance, the work of an accountant in this case will be greatly simplified.However, it should be said that the application of this technique will require a significant restructuring of the accounting system.
Recommendations of specialists
To minimize the difficulties that may arise during the restructuring of the financial accounting system, it is advisable for companies adhering to the traditional methodology to make appropriate adjustments to the firm’s policy. In particular, it should be indicated that for accounting purposes the reporting day will be the last day of the month. So formally, the organization will retain its previous understanding of reporting periods. It’s worth saying here that accounting policy does not oblige to "automatically" generate intermediate documentation. 
Advantages and disadvantages of the new method
Quite a lot of companies approve accounting policies in accordance with applicable standards, indicating that the reporting period is a year. This relieves the organization of the need to close monthly accounts 90 and 91. Meanwhile, this decision has a negative side. Company management may lose control over the financial result of current operations.
Important point
It should be remembered that PBUs are used in those parts that do not contradict the current legislation (Federal Law No. 402, in particular). The organization determines the frequency of closing accounts for general business expenses / income, as well as implementation costs, independently. Concerning depreciation of intangible assets and OS, then it is charged exclusively on a monthly basis, which is directly provided for in PBU. As practice shows, companies that use PBU 2/2008 are in a winning position. Accountants are not very fond of this standard, since it provides for monthly costing. However, if December 31 is taken as the only reporting date, then it will be necessary to distribute expenses / income under the transitional agreements only between years. This undoubtedly simplifies the work. 
Additionally
For the accountant are always relevant solutions to bring tax and accounting closer together. For the purposes of taxation, as you know, periods are formed on a monthly or quarterly basis. According to experts, it is advisable to establish the corresponding time periods in accounting. The definitions provided by PBU 4/99 are relevant at the present time. The provisions explain the reporting period and date. The first is the time period during which the company must draw up the final documentation. Key date - a calendar number, as of which the company draws up paper and closes all accounts in order to start the next reporting period with a “clean sheet”. It is worth mentioning another problem that accountants face. In the activities of the company there is a need to draw up balances for making management decisions based on the information presented in them by the management of a business company. For example, such documentation is used to differentiate large transactions, to determine the amount of payment to a retired company participant. The accrual of dividends for a quarter or a half year, in turn, requires interim reporting on financial results. This is due to the fact that these payments are possible only if there is a net (current) profit. 
Conclusion
Experts agree that it is advisable to preliminarily fix the used reporting dates in accounting policies. If this is not done, then the determination of the control calendar number will be carried out by decision of the meeting. It, in turn, must be organized and carried out in strict accordance with established rules. It should be said that earlier, when the month was the reporting period, there was no such need.
