Accounting News: Amendment to the Act on Accounting

We provide you with an overview of the major changes in connection with the improvement of the business environment. This Act is referred to by the media as "Sulíkovo kilečko 2" [Sulík's Hundred 2; refers to 100 measures prepared by the Economy Ministry led by Richard Sulík)]. The Act entered into force on 1 September 2022.

The Explanatory Statement says that the purpose of the draft law is to reduce the excessive regulatory burden on enterprises and thus increase their motivation to start and develop business, give them a competitive advantage over neighboring countries, and, in the final analysis, improve the position of the Slovak Republic in international business environment rankings.

These changes also affect Act No. 431/2002 Coll. on Accounting, namely the obligation of so-called large companies to prepare individual financial statements according to the IFRS as adopted by the EU (IFRS/EU).

Our accounting advisory experts have prepared for you a detailed summary, more information can be found on the following link.