Financial report
Financial reporting includes:
- the Financial Statements of all beneficiaries and, where applicable, their affiliated entities
- the corresponding Explanation on the Use of Resources (i.e. explanations on the use of resources) or, if necessary, a detailed cost breakdown table
- where required, a Certificate on the Financial Statements (CFS)
The Financial Statement must include all eligible costs incurred during the respective reporting period, reported completely and accurately – regardless of whether the requested EU contribution is lower than these costs.
Each beneficiary (and, where applicable, each affiliated entity) prepares its own Financial Statement, which is then electronically signed by the Financial Signatory (FSIGN) and submitted to the coordinator. The coordinator submits the complete report to the European Commission within 60 days after the end of the reporting period. If a beneficiary misses this deadline, the Financial Statement can generally only be submitted in the next reporting period.
Errors in already submitted Financial Statements must be corrected via so-called adjustments.
- Adjustments can be made directly in the portal from the second reporting period onwards (“add adjustment”).
- Only the difference compared to the originally reported amount is entered.
- Corrections must be assigned to the correct reporting period (i.e. one adjustment per reporting period).
Important: Adjustments may only be used to correct errors (e.g. omitted or incorrectly reported costs) – not to retroactively change calculation methods (e.g. for personnel costs).
Other important aspects
- Foreign currencies: Costs incurred in foreign currencies must be converted into euro according to the organisation’s usual accounting practices.
- Final report: In addition to costs, revenues must also be declared. Where required, a CFS must be submitted.
- Submission and assessment: Reports are assessed as a whole package and are either accepted or rejected in full. In case of rejection, the report must be revised and resubmitted. This may delay payments.The European Commission generally has 90 days to make the corresponding payment (interim or final) after submission of an accepted report.
Further information