Annual Reports
EPOS ERIC Financial Statements 2020
April 2021
Document info
Updates
Last updated: 14/09/26
Update history
- Updated 14/09/26
- Updated 02/09/26
- Updated 08/06/26
- Updated 01/06/26
- Updated 21/05/26
- Created 30/04/26
Synthesis
from AIEPOS ERIC’s 2020 Financial Statements provide a detailed overview of the organization’s financial position, performance, and cash flows for the year ending December 31, 2020. Prepared in accordance with IPSAS (International Public Sector Accounting Standards), the statements reflect the adoption of accrual-based accounting to enhance transparency and comparability.
The balance sheet shows a significant increase in total assets (€4.22M in 2020 vs. €1.79M in 2019), primarily driven by cash and cash equivalents (€4.17M). Liabilities also rose, with deferred income and accrued expenses accounting for the largest share (€2.92M). The profit and loss account highlights revenues of €1.37M, including contributions from members, EU projects, and in-kind contributions, while operating costs totaled €363.85K, with staff and consultancy expenses as the major components.
The notes elaborate on accounting policies, asset classifications, and deferred income, emphasizing the organization’s alignment with EU harmonization efforts in public sector accounting. The statements also address COVID-19’s non-adjusting impact on operations and confirm compliance with Italian fiscal regulations, including IRAP calculations.
Key points
from AI- 01
Significant asset growth in 2020 (€4.22M vs. €1.79M in 2019), driven by cash and cash equivalents (€4.17M).
- 02
Deferred income and accrued expenses accounted for €2.92M of total liabilities (€4.22M).
- 03
Revenues totaled €1.37M, including member contributions, EU project funds, and in-kind contributions (€630K).
- 04
Operating costs were €363.85K, with staff and consultancy expenses as the largest components.
- 05
Financial statements prepared under IPSAS for transparency and comparability with EU accounting standards.
- 06
COVID-19 classified as a non-adjusting event with no impact on ongoing operations.
- 07
Compliance with Italian fiscal regulations, including IRAP calculations (€4.635K).
Key words
Key prompts
- What were EPOS ERIC's total assets and liabilities in 2020?
- How much cash and cash equivalents did EPOS ERIC hold at the end of 2020?
- What were the main sources of revenue for EPOS ERIC in 2020?
- How did EPOS ERIC's operating costs break down in 2020?
- What accounting standards were used to prepare the 2020 financial statements?
- How did COVID-19 impact EPOS ERIC's financial statements?
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