Main changes in the Act on Accounting

Main changes of the amendment to the Act on Accounting, adopted by the National Council of the Slovak Republic on 15 October 2019, are:

• Changes in the annual report for some accounting entities
• The size criteria for audit of ordinary individual financial statements and extraordinary individual financial statements have been increased
• The statement of the selected data from the individual statutory financial statements prepared according to IFRS as adopted by the European Union must be audited.

Certain changes will be become effective as early as 31 December 2019, others on 1 January 2020.

You can find all changes in detail here.

National Council of the Slovak Republic adopted on 22 October 2019 Amendments to the Commercial Code and the Act on Accounting in October 2019. According to the Explanatory Statement regarding these amendments, the purpose of these changes is primarily as follows:

• to improve the functioning of the Commercial Register, in particular by means of:
  • a change in the list of entities for which it is mandatory to be registered in the Commercial Register,
  • elimination of the paper form of applications for registration of data in the Commercial Register and introduction of the requirement to file applications solely in electronic form,
  • deletion of the registered entities that have not fulfilled their statutory obligations with respect to the Commercial Register and other state authorities for a long time (so-called inactive or dormant companies; companies which have not yet translated the nominal values of their contributions and share capital to the euro currency; companies breaching the obligation to create or supplement a reserve fund; companies defaulting on the obligation to file their financial statements in the Collection of Deeds and/or in the Register of Financial Statements; etc.);
  • exclusion of the possibility of voluntary registration of a sole trader in the Commercial Register, this is intended to “cleanse” the Commercial Register,
• to streamline the process of liquidation of companies and cooperatives.

Some of these changes will enter into force on 1 January 2020; others on 1 October 2020.

You can find all changes in detail here.