Measure No 16317/2007-74 of the Ministry of Finance of the Slovak Republic of 5 December 2007 amending Measure of the Ministry of Finance of the Slovak Republic No 23054/2002-92 of 16 December 2002 laying down the details of accounting procedures and a framework chart of accounts for entrepreneurs keeping double-entry accounting as amended

In accordance with Section 4 (2) of Act No 431/2002 Coll. on accounting as amended, the Ministry of Finance of the Slovak Republic stipulates as follows:

Article I

Measure No 23054/2002-92 of the Ministry of Finance of the Slovak Republic of 16 December 2002 laying down the details of accounting procedures and a framework chart of accounts for entrepreneurs keeping double-entry accounting (Notice No 740/2002 Coll.) as amended by Regulation No 25167/2003-92 of 11 December 2003 (Notice No 560/2003 Coll.), Measure No MF/10069/2004-74 of 24 November 2004 (Notice 689/2004 Coll.), Measure No MF/26670/2005-74 of 14 December 2005 (Notice 616/2005 Coll.) and Measure No MF/25814/2006-74 of 12 December 2006 (Notice No 671/2006 Coll.) is hereby amended as follows: 

1. In Section 4 subsection 1(k) point three, the wording “receive state aid pursuant to special legislation3a)“ shall be replaced with the wording “receive consideration for this activity in any form”.

The footnote to reference 3a shall be deleted.

2. In Section 11(1), subsection b) shall be deleted.

What has been subsection c) shall be designated subsection b).

3. Subsection 9 shall be added to section19 reading as follows:
“(9) Provision for bonuses, rebates, discounts and purchase price refunds in connection with complaints shall be created as a deduction from the original revenue with corresponding entry to the balance sheet account of provision.”.

4. Subsection 7 shall be added to Section 21 reading as follows:
“(7) Fixed assets acquired in exchange pursuant to Section  25 subsection 1(e) of Item One of the Act shall be measured at fair value  in accordance with  Section  27 of the Act. For accounting purposes, exchange shall be treated, mutatis mutandi, in the same manner as purchases and sales. Differences between the fair value of acquired fixed assets and the book value of surrendered assets shall be accounted for taking into consideration the nature of the differences in the relevant expense account where asset outflows are recorded or in the relevant income account where income generated by the asset is recorded.”

5. Subsection 7 shall be added to  Section 22 reading as follows:
“(7) Inventories acquired in exchange pursuant to Section 25 subsection 1(e) of the Item One of the Act shall be measured at fair value  in accordance with  Section 27 of the Act. For accounting purposes, exchange shall be treated, mutatis mutandi, in the same manner as purchases and sales. Differences between the fair value of acquired inventories and the book value of surrendered assets shall be accounted for taking into consideration the nature of the differences in the relevant expense account where asset outflows are recorded or in the relevant income account in which income generated by the asset is recorded.“

6. In Section 30b (2), the following sentences shall be added at the end:
“Purchased emission rights that meet the criteria pursuant to Section 25 subsection 1(e) of Item Three of the Act shall be measured at fair value. On the balance sheet date, the emissions shall be accounted for as valued in accordance with Section 27 subsection 1(g) of the Act. Changes in the fair value of purchased emission rights on the balance sheet date shall be accounted for taking into consideration their nature in Account 564 – Losses from securities revaluation or in Account 664 – Gains from securities revaluation.”

7. In Section 30b (5), the third sentence shall read as follows:
“Differences between the liability and provision amounts shall be accounted for taking into consideration the nature of those differences as debits or credits to Account 548 – Other operating expenses.”

8. In Section 52 subsection 9(a), the wording “excise tax-relevant documents31)” shall be replaced with the wording “special regulations31)”.

9. In Section 56(12), the following sentence shall be added at the end:
“The subsidy granted to acquire tangible fixed assets in case of transient uses of a structure23a) and for temporary uses of a structure23b) shall be diluted in revenues in time and  factual  relation  with the accounting of  creation of  adjusting entries pursuant to Section  33(1).”

Article II

This Measure shall  enter into force  on 1 January 2008.