Act no. 431/2002 Coll. on Accounting as amended 
by Act no. 562/2003 Coll., Act no. 561/2004 Coll., Act no. 518/2005 Coll.,  Act no. 688/2006 Coll., Act no. 198/2007 Coll., Act. no. 540/2007 Coll.,  Act no. 621/2007 Coll., Act no. 378/2008 Coll., Act no. 465/2008 Coll., Act no. 567/2008 Coll.,  Act no. 61/2009 Coll., Act no. 492/2009 Coll. and Act no. 504/2009 Coll.

The National Council of the Slovak Republic has passed the Act as follows:

PART ONE
Basic and general provisions

Article 1
Subject matter of the Act
(1) This Act governs: 
a) the scope, methodology and verifiability of accounting by 
1. legal persons 1) having their registered offices in the Slovak Republic,
2. non-resident persons 2) doing business or conducting other activities in the Slovak Republic under separate regulations 3),
3. natural persons doing business or undertaking other independent earning activities where they report expenses incurred for acquiring, assuring and maintaining income in order to determine their income tax base under a separate regulation 4) except for natural persons who keep tax records pursuant to a separate regulation, 4a)
b) the scope, content and verifiability of financial statements.

(2) The persons referred to in paragraph (1)(a) shall be deemed accounting entities. 
Article 2
General provisions
(1) An accounting entity shall keep accounts in the double-entry bookkeeping system or in the single-entry bookkeeping system (article 9). 

(2) The subject matter of accounting comprises the keeping record of: 
a) the state and movement of assets,
b) the state and movement of liabilities, 
c) the difference between assets and liabilities, 
d) income,
e) expenses,
f) cash receipts, 
g) cash expenditures, 
h) profit or  loss of the accounting entity;
(hereinafter referred to as "accounting transactions").

(3) The subject matter of accounting also includes the reporting in the financial statements of facts related to the transactions specified in paragraph (2), including off-balance sheet assets and off-balance sheet liabilities. 

(4) For the purposes of this Act,
a) asset means those of an accounting entity's total on- and off-balance sheet assets which result from past events and which virtually certain increase the accounting entity's future economic benefits, may be reliably valued according to articles 24 to 28, and are presented in the financial statements either in the balance sheet or in the statement of assets and liabilities,
b) liability means an accounting entity's existing obligations which arise from past events and which are expected to reduce the accounting entity's future economic benefits, may be reliably valued according to articles 24 to 28 and are presented in the financial statements either in the balance sheet or in the statement of assets and liabilities,
c) income means an increase in an accounting entity's economic benefits during an accounting period which may be reliably valued,
d) economic benefit means the possibility of directly or indirectly contributing to cash flows and cash equivalents,
e) expense means a decrease in an accounting entity's economic benefits during an accounting period which may be reliably valued,
f) cash receipt means an accounting entity's inflow of cash or cash equivalents,
g) cash expenditure means an accounting entity's outflow of cash or cash equivalents,
h) profit or loss means the valued final effect of an accounting entity's activities in an accounting period,
i) total on- and off-balance sheet assets means economic resources which arise from past events and which are expected to result in an increase in the future economic benefits; total on- and off-balance sheet assets comprise assets and off-balance sheet assets, 
j) off-balance sheet asset means total on-and off-balance sheet assets which do not meet the conditions for being recorded in the ledger accounts and which shall be presented in the notes to the financial statements,
k) total on- and off-balance sheet liabilities means the sources of assets representing the total amount of liabilities of an accounting entity, including off-balance sheet liabilities and the difference between assets and liabilities, 
l) off-balance sheet liabilities means an accounting entity's liabilities which do not meet the conditions for being recorded in the ledger accounts and which shall be shown in the notes to financial statements.
Article 3
(1) An accounting entity shall record and report transactions in the period to which they relate temporally and factually (in this Act referred to "the accounting period"). If this principle cannot be observed, such transactions shall be recorded and reported in the period when the relevant facts were identified by the accounting entity. 

(2) An accounting entity shall conduct accounting procedures during an accounting period in accordance with article 4(2). The accounting entity shall record income and expenses in the accounting period in which they are incurred regardless of the date of payment or collection thereof or the date of settlement by other methods. Cash receipts and cash expenditures shall always be recorded in the accounting period in which they are paid or collected.

(3) An accounting period shall be identical to a calendar year, unless laid down otherwise by this Act. 

(4) An accounting period may also be equivalent to a financial year. The financial year shall be a period of 12 consecutive calendar months not identical with a calendar year.

(5) Any change to an accounting period may only be effected to the first day of a calendar month. When the accounting period is changed, the period from the end of the preceding accounting period to the beginning of the next accounting period shall be an accounting period shorter than 12 calendar months. This shall apply as appropriate when an accounting entity is being incorporated or dissolved; upon the incorporation of an accounting entity the first accounting period shall commence on the date of its incorporation and the last accounting period of an accounting entity being dissolved shall terminate on the date of its dissolution. 

(6) An accounting entity shall apply an accounting period that is a financial year by written notice to the appropriate tax authority
a) within 30 days from the incorporation of the accounting entity or	
b) not less than 15 days prior to a change of an accounting period of the accounting entity.47a)
(7) If the notice according to paragraph (6) has not been delivered to the appropriate tax authority within the term determined, the accounting entity may not apply the accounting period that is a financial year. The accounting entity shall apply the accounting period that is a financial year for at least one accounting period. The accounting entity shall proceed accordingly in the case of a change of a financial year to a calendar year or at a change of a financial year to another financial year.

(8) An accounting period that is a financial year may not be applied by an accounting entity that is a subject of public administration5) (hereinafter referred to as “accounting entity of public administration“) and accounting entity referred to in article 1 paragraph (1) letter a) in the third clause.
Article 4
(1) An accounting entity that is a legal person shall keep accounts from the date of its incorporation until the date of its dissolution except as provided by paragraph (3); a natural person who reports expenses incurred for acquiring, assuring and maintaining income in order to determine their income tax base shall keep accounts for as long as they do business or conduct other independent earning activities.
(2) The Ministry of Finance of the Slovak Republic (in this Act referred to as "the Ministry") shall lay down, by decree, details regarding framework charts of accounts (article 13) applicable to individual groups of accounting entities that keep accounts in the double-entry bookkeeping system; accounting transaction dates; accounting procedures; the structure and designation of items in the individual financial statements and in the consolidated financial statements in public administration, including the contents of such items; the extent of data in financial statements intended for publication; the dates, methodologies and location for submitting financial statements and annual reports; the content of books of account in the single-entry bookkeeping system and in the double-entry bookkeeping system; accounting principles and accounting policies used to specify methods of valuation and their application, principles for creating and recording provisions; depreciation; principles for the creation and use of reserves; principles for itemising assets and liabilities; principles for maintaining analytical accounts and keeping analytical records; methods and procedures of consolidation in public administration; and accounting systems. The Ministry shall promulgate the measure by announcing its publication in the Collection of Laws8) and the accounting entity shall be required to adhere thereto. 
(3) An accounting entity which is a legal person and is being wound up without liquidation shall keep accounts up until the date preceding the decisive date. For the purposes of accounting, the ‘decisive date’ means the date set according to a separate regulation,7a) which shall not occur later than as of the effective date of the merger, amalgamation or division.7b) As of the decisive date, all bookable transactions of the wound-up legal entity shall appear on the books and in the financial statements of the accounting entity that has become its legal successor 7c) (hereinafter “successor accounting entity”).  If the successor accounting entity has not yet been incorporated, the accounts shall be kept and financial statements prepared until the effective date of the merger or division 7b) by the accounting entity that is being wound up.   As of the decisive date, the accounts shall be kept in a manner that enables clear quantification of the assets, liabilities and profit/loss of the accounting entity that is being wound up if the effects of the merger, amalgamation or division7b) do not occur”.
(4) An accounting entity shall be required to keep accounts and prepare financial statements for itself as a whole. A separate regulation may provide for cases where the accounting entity must keep separate accounts and prepare separate financial statements for itself and in respect of the assets and liabilities of third parties which the accounting entity disposes in its own name9).
(5) An accounting entity shall keep accounts in the form of a system of accounting records in accordance with article 31(2). Accounting records shall be understood to mean data containing information on the subject matter of accounts or the methodology for keeping them. The accounting entity is required to keep accounting records only for information relating to the subject matter of accounts or to the methodology for keeping them.
(6) Accounting records include especially accounting documents, accounting entries, books of account, a depreciation schedule, inventory lists, an accounting schedule, financial statements and an annual report. Individual accounting records may be grouped into accounting records containing summary information (in this Act referred to as "summary accounting records"). An accounting entity shall keep accounting records to the extent laid down by this Act.
(7) An accounting entity shall be required to keep accounts and prepare financial statements in monetary units of the Euro. Where receivables and payables, shares10)), securities11), derivatives11), cash, stamps and vouchers are expressed in a foreign currency, the accounting entity shall be required to record them in both the euro and foreign currency; this obligation shall also apply to provisions, reserves and technical provisions12) where the assets and liabilities to which they pertain are expressed in a foreign currency. 
(8) An accounting entity must keep books and draw up financial statements in the state language13). Any accounting document executed in a language other than the state language must satisfy the condition of comprehensibility according to article 8(5). 
Article 5
(1) An accounting entity may entrust the keeping of its accounts to another legal or natural person.

(2) The entrustment under paragraph (1) does not relieve the accounting entity of its responsibility to keep accounts, to prepare and submit financial statements and to ensure the verifiability of its accounts to the extent required by this Act.
Article 6
(1) An accounting entity must substantiate all transactions with accounting documents (article 10).

(2) An accounting entity shall record transactions in its books of account only by making accounting entries based on accounting documents.

(3) An accounting entity shall take stock of its assets, liabilities and the difference between assets and liabilities according to articles 29 and 30.
(4) An accounting entity shall be required prepare its individual financial statements according to articles 17 and 18 or according to article 17a. In the cases referred to in article 22 and 22a, the accounting entity shall also prepare financial statements for the group of accounting entities irrespective of their domiciles (in this Act referred to as "a consolidated entity") in the form of consolidated financial statements. 
(5) An accounting entity shall prepare: 
a) ordinary financial statements,
b) extraordinary financial statements,
c) interim financial statements (article 18) where required by a separate regulation14).
Article 7
(1) An accounting entity shall keep accounts in such a way that its financial statements present a true and fair view of facts subject to the bookkeeping and of its financial situation. 
(2) The presentation in the financial statements is fair if the contents of individual items correspond to the respective facts and comply with the applicable accounting principles and accounting policies. The presentation in the financial statements is true if the financial statements are prepared using accounting principles and policies that lead to a fair presentation of the facts in the financial statements. 
(3) An accounting entity must apply the same accounting policies and accounting principles within the one accounting period; if an accounting entity changes the existing accounting policies and accounting principles in the course of an accounting period, the new accounting principles and accounting policies must be applied as of the first date of that accounting period. An accounting entity shall be required to provide information about a change in its accounting principles and accounting policies in the notes to the financial statements. If an accounting entity establishes that the accounting principles and accounting policies applied in the accounting period are incompatible with the true and fair view requirement, the accounting entity shall be required to prepare its financial statements in such a way that gives a true and fair view. The accounting entity shall provide information thereof in the notes to the financial statements.
(4) An accounting entity shall apply accounting principles and accounting policies based on the assumption that it is a going concern and that there are no facts that could restrict or prevent it from being a going concern in the near future, that is, within 12 months of the preparation of the ordinary financial statements. If the accounting entity possesses information about any such facts, it is required to use the corresponding accounting methodology and to state information on the use of the methodology in its notes to the financial statements. 
(5) An accounting entity shall record assets and liabilities, income and expenses, cash receipts and cash expenditures in its books of account, and present them separately without mutual setoffs in its financial statements, except for transactions regulated by accounting principles applicable to accounting entities established under separate regulations15).
Article 8
(1) An accounting entity shall keep accounts correctly, completely, verifiably, comprehensibly and in a way that ensures the permanence of the accounting records.
(2) An accounting entity keeps accounts correctly if its bookkeeping is carried out in accordance with this Act and other separate regulations.
(3) An accounting entity's accounts and books are complete if the accounting entity has recorded all transactions during the accounting period in its books of account according to article 3, and if for this period it has prepared individual financial statements or consolidated financial statements, issued an annual report according to article 20 or a consolidated annual report, published the data according to article 21, and has kept accounting records of all of these facts.
(4) An accounting entity keeps accounts verifiably if all of its accounting records are verifiable (article 32) and the accounting entity has taken stock of its inventory.
(5) An accounting entity keeps accounts comprehensibly if, in accordance with article 4(8), it is possible to determine reliably and unequivocally the contents of transactions both individually and in connection with the applied accounting principles and accounting policies (article 4(2)), as well as the contents of accounting records in connection with the form of records used by the accounting entity (article 31(2)). 
(6) An accounting entity shall keep accounts in a manner that ensures the permanence of accounting records, provided that the accounting entity is capable of ensuring such permanence for the duration of processing and safekeeping under articles 31 to 36.
PART TWO
Accounting systems, accounting documents, accounting entries and books of account 

Article 9
Accounting systems
(1) An accounting entity shall keep accounts in the double-entry bookkeeping system, except as provided for in paragraph (2).

(2) The following accounting entities may keep accounts in the single-entry bookkeeping system:
a) an entrepreneur who is allowed to do so under a separate regulation 16),
b) a natural person (article 1(1)(a)(3)), 
c) civic associations and their branches which have a legal personality, branches of Matica slovenská which have a legal personality, associations of legal persons, association of owners of flats and non-residential premises, non-investment funds, hunting organisations and non-profit organisations providing generally beneficial services, provided they are not conducting business and that their income did not reach EUR 200,000 in the preceding accounting period,
d) churches and religious societies, their bodies and denominational institutions which have a legal personality, provided that they do not conduct business,
e) land communities, if their income not reached in the previous financial year EUR 200,000.

(3) An accounting entity that fails to meet the conditions for single-entry bookkeeping as set out in article 2 shall be required to change over from the single-entry bookkeeping system to the double-entry bookkeeping system. A transition from the single-entry bookkeeping system to the double-entry bookkeeping system and from the double-entry bookkeeping system to the single-entry bookkeeping system shall always take effect as of the first day of the accounting period following the accounting period when the accounting entity ascertained the facts justifying such a transition.
Article 10
Accounting documents
(1) An accounting document shall be a verifiable accounting record stating the following:
a) the word and numeric designation of the accounting document,
b) the content of the accounting transaction and identification of parties thereto,
c) the monetary sum or price per measuring unit and the valuation of the amount,
d) the date of issue of the accounting document,
e) the accounting transaction date if not the same as the date of issue,
f) a signature record of the person (article 32(3)) responsible for the transaction by the accounting entity and a signature record of the person responsible for the entry,
g) the designation of accounts wherein a transaction shall be entered by an accounting entity keeping accounts in the double-entry bookkeeping system, unless such a designation is generated in the applicable software.
(2) An accounting entity shall make out an accounting document without undue delay upon learning of the fact evidenced by the accounting document, so that the content of each individual transaction can be determined in the manner pursuant to article 8(5). 
Article 11
Accounting entries
(1) Accounting entries are records made in the books of account. 

(2) An accounting entity shall hereby record accounting entries during the accounting period continuously. 

(3) Accounting entities shall be allowed to make accounting entries only in books of account.
Article 12
Books of account in the double-entry bookkeeping system
(1) An accounting entity keeping accounts in the double-entry bookkeeping system shall keep the following books of account:
a) a general journal showing accounting entries in chronological order as evidence of having duly entered all transactions in the accounting period,
b) a general ledger showing accounting entries systematically from a substantive point of view, as evidence of the fact that all transactions have been recorded in the accounts of assets, liabilities, the difference between assets and liabilities, expenses and income.

(2) The general ledger shall comprise synthetic accounts and analytical accounts as specified in the accounting schedule, showing the following information in particular:
a) the states of accounts as at the opening date of the general ledger,
b) the turnovers of the Credit and Debit sides in individual accounts, summarised at least every month,
c) balances and states of accounts as at the date of preparation of the financial statements. 

(3) Accounting entries made in the synthetic account shall be itemized in detail in analytical accounts. 

(4) All transactions recorded in the general journal shall be entered in the general ledger as well. 

(5) An accounting entry not recorded in the books of account pursuant to paragraph (1) shall be recorded in the off-balance sheet accounts.

(6) An accounting entity shall neither record transactions in accounts unspecified in the accounting schedule, nor shall open account outside the books of account.
Article 13
Framework chart of accounts and accounting schedule
(1) A framework chart of accounts shall comprise classes of accounts or groups of accounts or synthetic accounts used to record individual transactions, including the numerical and verbal designation thereof, and off-balance sheet accounts, all of which must be arranged in compliance with the requirements applying to the preparation of financial statements.
(2) In accordance with the framework chart of accounts pursuant to paragraph (1), an accounting entity shall draw up an accounting schedule containing the synthetic accounts and analytical accounts necessary for recording all transactions in the accounting period and for preparing financial statements and off-balance sheet accounts. An accounting entity may, if necessary, extend the accounting schedule during the accounting period. 
Unless the list of accounts is changed as at the first day of a new accounting period, the accounting entity may continue to use the accounting schedule applicable in the preceding accounting period. 
Article 14
(1) Financial sums entered in the analytical accounts must correspond with the respective totals of financial sums in the opening balances, turnovers of the Credit and Debit account sides, ending balances and closing balances of the synthetic accounts to which the analytical accounts are related.
(2) Analytical accounts are part of analytical records kept in monetary units. If required by the nature of assets, analytical accounts may also be expressed in quantitative units and may show other information as required by the accounting entity. 
(3) An accounting entity shall keep lists of its books of account and lists of numerical codes or other symbols and/or acronyms used in the books of account and other accounting records, including the necessary explanations.
Article 15
Books of account in the single-entry bookkeeping system
(1) An accounting entity keeping accounts in the single-entry bookkeeping system shall keep the following books of account:
a) a cash receipts journal,
b) a receivables ledger,
c) a payables ledger,
d) subsidiary ledgers where required for the purpose of documenting and reporting the subject matter of accounting in the financial statements; for example, a subsidiary ledger of individual assets or of liabilities arising from labour relations.
(2) The cash receipts journals shall state especially information on:
a) the financial position of the accounting entity in cash and in its bank accounts,
b) revenues in the accounting period, itemized as required for determining the income tax base,
c) expenses in the accounting period, itemized as required for determining the income tax base,
d) interim items used to monitor cash flows which are not as yet income or expenses in the sense of letters (b) and (c).
(3) The receivables ledger shall state especially information on:
a) debtors,
b) cash receivables,
c) advance payments,
d) loan receivables,
e) income tax receivables
f) receivables from indirect taxes,
g) receivables from the Social Insurance Company17) and the respective health insurance company19).

(4) The payables ledger shall state especially information on:
a) creditors,
b) cash payables,
c) advance payments,
d) loan payables,
e) income tax liabilities,
f) liabilities for income tax,
g) payables to the Social Insurance Company17) and the respective health insurance company19).
Article 16
The opening and closing of books of account
(1) An accounting entity that is a legal person shall always open its books of on the following dates:
a) the date of its incorporation except as laid down by paragraph (2),
b) the first day of an accounting period,
c) the date of entering into liquidation proceedings,
d) the date that a declaration of bankruptcy takes effect,
e) as of the decisive date. 
(2) The successor accounting entity shall open the accounting books as of the decisive date”.  If the successor accounting entity has not yet been incorporated, the accounting books shall be opened on its behalf by the accounting entity that is being wound up. In the case of a merger, the successor accounting entity shall continue to keep its books after having added accounts from the opening balance sheet.
(3) An accounting entity that is a natural person shall always open its accounting books as of the following dates: 
a) the date of commencing business or other earning activities, 
b) the first day of an accounting period,
c) the date that a declaration of bankruptcy takes effect.
(4) An accounting entity that is a legal person shall always close its accounting books as of the following dates
a) the date of dissolution where so provided by a separate regulation20),
b) the last day of an accounting period, 
c) as of the date preceding the decisive date,
d) the day immediately preceding either the date of entering into liquidation proceedings or the date that a declaration of bankruptcy takes effect.
(5) Unless laid down otherwise by a separate law21), an enterprise undergoing a transformation of its legal status shall not close its accounting books.
(6) An accounting entity that is a natural person shall always close its accounting books as of the following dates:
a) the last day of an accounting period, 
b) the date of termination of business or other earning activities, 
c) the day immediately preceding the date that a declaration of bankruptcy  takes effect.

(7) An accounting entity in liquidation proceedings shall close its books of account as of the date when the proceedings are concluded.
(8) An accounting entity in bankruptcy proceedings shall close its books of account as of the date when a decision on the discharge of bankruptcy takes effect.
(9) Unless laid down otherwise by this Act, the closed accounting books shall not be reopened after the financial statements have been prepared except as provided for in paragraph (10).
(10) Closed books of account may be reopened before approval of the financial statements where this is necessary to ensure a true and fair view of facts subject to the bookkeeping (article (7)).
(11) An accounting entity that after having approved its financial statements identifies any incompatibility in its data for the preceding accounting period (article 17(9)) shall correct the data in the accounting period when the incompatibility was identified, and supply information thereof in the notes to the financial statements. 
(12) An accounting entity keeping accounts in the double-entry bookkeeping system shall observe the principle that the closing balances of accounts reported in the balance sheet as of the last day of the accounting period must be identical to the opening balances of the same accounts as of the first day of the following accounting period. The same shall apply to accounts kept in the book of off-balance sheet accounts.
PART THREE
Financial statements

Article 17

(2) The financial statements shall state the following general requisites:

a) the business name or designation of the accounting entity; a legal person shall state its registered office, and a natural person shall state his/her permanent residence and place of business if it differs from the permanent residence, 
b) the identification number of the accounting entity if one has been assigned,
c) the balance sheet date,
d) the date of preparation of the financial statements,
e) the period for which the financial statements are prepared,
f) a signature record of the statutory body or that of a member of the statutory body of the accounting entity, or a signature record of a natural person as well as a signature record of the person responsible for the preparation of the financial statements and the person responsible for bookkeeping.

(3) Financial statements in the double-entry bookkeeping system shall include the following components in addition to the general requisites specified in paragraph (2):
a) a balance sheet,
b) a profit and loss statement,
c) notes to the financial statements.

(4) Financial statements in the single-entry bookkeeping system shall include the following components in addition to the general requisites specified in paragraph (2):
a) an income and expenses statement,
b) an assets and liabilities statement.

(5) An accounting entity shall prepare financial statements not later than six months before the balance sheet date, unless laid down otherwise by a separate regulation. The financial statements shall be deemed prepared when the information required under paragraph (2) and the individual components of the financial statements are provided with signature records.

(6) An accounting entity shall always prepare financial statements at the time when it closes accounting books pursuant to article 16. In the case of a merger, the accounting entity shall not close its accounting books and shall establish closing balances on the accounts for the purpose of preparing the opening balance sheet. The accounting entity shall prepare ordinary financial statements if the accounting books are to be closed as of the last day of the accounting period, and it shall prepare extraordinary financial statements in other cases specified in article 16. If the date as of which the ordinary or extraordinary financial statements are prepared is identical with the date of the interim financial statements, the interim financial statements shall not be prepared. If the date as of which extraordinary financial statements are prepared coincides with the date of the ordinary financial statements, the thus prepared financial statements shall be considered ordinary financial statements.

(7)  An accounting entity shall prepare an opening balance sheet 
a)	as of the date of its incorporation, except for the accounting entity whose opening balance sheet has been prepared as of the decisive date;
b)	as of the date of entering into liquidation proceedings;
c)	as of the date on which bankruptcy declaration takes effect;
d)	as of the decisive date.

(8) An accounting entity shall be required to ensure that its financial statements show information reflecting the state existing as of the balance sheet date; the same shall apply mutatis mutandis to all accounting entries made as of that date, unless laid down otherwise by this Act. In so doing, the accounting entity shall also take into consideration information which relates to the state existing as of the balance sheet date and which the accounting entity has acquired by that date.

(9) Information shown in the financial statements shall be valued in terms of significance; it must be useful to the user as well as comprehensible, comparable and reliable. Information shall be considered significant if its absence or incorrect presentation in the financial statements could influence the judgement or decision-making of the user. Information in the financial statements shall be deemed comprehensible if it meets the conditions set out in article 8(5); however, information shall not be excluded for the sole reason that the user finds it incomprehensible. Information in the financial statements shall be deemed comparable if it meets the conditions set out in article 7(3) and (4). Information in the financial statements shall be deemed reliable if it meets the conditions set out in article 7(1), and if it is complete and timely. The completeness of information in the financial statements shall be ensured by taking into account its significance and the cost of its acquisition. Information in the financial statements shall be deemed timely if it meets the conditions set out in article 5.

(10) Apart from financial statements prepared in accordance with this Act, an accounting entity may also provide accounting records containing information compiled in accordance with the international accounting standards published by the International Accounting Standards Board in London, or with other recognised accounting principles.

(11) The gathering or requesting of information under a separate regulation shall not be regarded as preparation of financial statements 22). 

Article 17a
   
(1) Individual financial statements according to special regulations22a) shall prepare the accounting entity which is a bank, a branch of foreign bank, the Export-import bank of the Slovak Republic, an asset management company, a branch of an asset management company, an insurance company except for a health insurance company,19) a branch of a foreign insurance company, a reinsurance company, a branch of a foreign reinsurance company, the Slovak Office of Insurers, a pension asset management company, supplementary pension company, the Stock Exchange and payment institution22ad); an accounting entity established by a separate regulation22aaa) shall proceed accordingly.

(2) Paragraph (1) shall also apply to an accounting entity that is not listed in paragraph (1) if such an accounting entity is a company that has met, in at least two successive accounting periods, no fewer than two of the following requirements:
a)	its total assets exceeded EUR 165 969 594.40; while total assets being defined as total assets ascertained from the balance sheet before adjustments by items specified in article 26(3),

(3) An accounting entity, except for an accounting entity according to paragraph (1), which has issued securities in the accounting period and these have been admitted to trading on a regulated market,22aa) which does not meet the conditions under paragraph (2); shall prepare the individual financial statements according to special regulations,22a) according to its optional decision. An accounting entity, which is a broker or a branch of a foreign broker and at the same time is not a bank, a branch of a foreign bank, an asset management company or a branch of an asset management company, shall prepare the individual financial statements according to special regulation, 22a) , according to its optional decision.

(4)  An accounting entity referred to in paragraphs (1) through (3) shall prepare also the individual financial statements 22a) for the purposes of a special regulation22ab) in which securities and interests shall be recognised  according to a special regulation 22ac)

(5) An accounting entity referred to in paragraphs (1) through (3) that has begun to prepare individual financial statements according to the special regulations22a) shall prepare such financial statements even if the conditions referred to in paragraphs (1) through (3) have ceased to exist. 

(6) This Act shall apply to the accounting entities referred to in paragraphs (1) through (2), unless the special regulations22a) stipulate it otherwise; it shall apply also to the accounting entities referred to in paragraph (3), if they take a decision to prepare the individual financial statement according to special regulations.22a)

Article 17b

(1) The accounting entity that is the National Bank of Slovakia shall keep the books according to the special regulations.22b)

(2) The accounting entity that is the National Bank of Slovakia shall prepare the individual financial statements according to the special regulations.22b)

(3) This Act shall apply to the accounting entity that is the National Bank of Slovakia unless a special regulation22b) or international accounting standards issued by the International Accounting Standard Board with its registered office in London stipulate it otherwise.
Article 18
(1) In addition to ordinary and extraordinary financial statements, an accounting entity shall also prepare interim financial statements in the course of an accounting period if so required by a special regulation14). When preparing interim financial statements, the books of account shall not be closed and stocktaking shall only be carried out for purposes of valuation pursuant to article 26(3); the provisions of this Act regulating the financial statements shall apply similarly to interim financial statements. If a special regulation established a duty to prepare  financial statements in the course of an  accounting period for the purposes of this act, that financial statements shall be considered to be interim financial statements, while such financial statements have to be prepared in the extent of ordinary financial statements.
(2) An accounting entity shall prepare interim financial statements in a full version or in a short version. Interim financial statements in the short version shall correspond to items in the full version of the financial statements.
(3) A balance sheet accompanying ordinary or extraordinary financial statements shall show information on the assets and  liabilities of the accounting entity and the difference between them, to a date to which the financial statements are prepared for and to the date to which the financial statements are prepared for the immediately preceding accounting period. The balance sheet of the interim financial statements, in the article of the current accounting period shall show the information according to the first sentence to a date, to which the interim financial statements are prepared, and in the article of immediately preceding accounting period it shall show the information according to the first sentence, to a date, to which the regular financial statements or extraordinary financial statements for the immediately preceding accounting period are prepared.
(4) The profit and loss statement of the annual or extraordinary financial statements shall show expenses, revenues and profit or loss for the accounting period and for the immediately preceding accounting period. The profit and loss statement of the interim financial statements shall show the information according to the first sentence to a date, to which the interim financial statements are prepared for the reported part of the accounting period and cumulatively from the beginning of the accounting period to a date, to which the interim financial statements and comparable information to it are prepared according to the first sentence to a date, to which the interim financial for the reported part of the accounting period are prepared and cumulatively for the beginning of the accounting period up to a date, to which the interim financial statements for the immediately preceding accounting periods are prepared.
(5) The notes to the financial statements shall contain information explaining and supplementing the information contained in the balance sheet and the profit and loss statement and/or other explanatory and supplementary statements and information. The notes to the financial statements shall also contain information concerning the application of the accounting principles and accounting policies, as well as other information according to the requirements specified in this Act. In the notes to the financial statements, the accounting entity shall also provide information on events which have not been presented in other parts of the financial statements as of the balance sheet date, but whose effects materially influence the view of the accounting entity's financial position. 
(6) The notes shall also contain specification and quantification of expenses relating to the auditor or audit firm 22c) (hereinafter “auditor”) for the accounting period broken down as follows:
a)	audit of financial statements;
b)	 auditor’s assurance services, except for the audit of financial statements;
c)	related auditor’s services;
d)	tax advisory services;
e)	 other non-audit services.
Article 19
Audit of financial statements
(1)	Individual financial statements must be audited if the accounting entity:
a) a company, which is required to create share capital, or a cooperative, if, as at the date of financial statements and for the immediately preceding accounting period, at least two of the following conditions have been met: 
1. its total assets exceeded EUR 1,000,000; total assets are defined as total assets determined from the balance sheet before adjustments by items specified in article 26(3);
2. its net turnover exceeded EUR 2,000,000; for this purpose, a net turnover is defined as revenue from the sale of products, goods and the provision of services, and other revenue related to ordinary activities of the accounting entity after deduction of discounts and rebates;
3. its average calculated number of employees exceeded 30 in a single accounting period;
b) an enterprise and cooperative whose securities have been admitted to trading on a regulated market,
c) is subject to this requirement under a separate regulation24),
d) should prepare its financial statements in accordance with article 17a.

(2) A general meeting or members’ meeting shall appoint and dismiss an auditor of the accounting entity according to article 1 Letters a), b) and d). In the accounting entities with an audit committee established, or those, in which the supervisory board performs the offices of the audit committee, the board of directors submits a proposal for the appointment or dismissal of an auditor, on the basis of recommendation of the audit committee  or supervisory board. If an accounting entity does not have a board of directors, a general meeting or members’ meeting, the approval and removal of auditors of the accounting entity shall establish a special rule. 24aa). Dismissal of the auditor has to be duly justified, while the difference in standpoints in relation to the use of procedures at preparing of financial statements according to this Act or in relation to use of procedures of auditing24a) may not be a reason for a dismissal of the auditor. An accounting entity is required to inform the Oversight Authority for Audit Performance on the dismissal or resignation of an auditor during the course of execution of an audit and explain the reasons leading to the resignation.
(3) The financial statements of the accounting entity under paragraph (1) shall be audited within one year from the end of the accounting period for which they are prepared, unless laid down otherwise by a separate regulation25).

(4) The obligation to have the financial statements audited shall also apply to legal persons specified by a separate regulation26), whose sum annual ratio of received tax exceeds EUR 33 193.92, for the accounting period, in which those financial means were used; such financial statements shall by audited by an auditor within one year from the end of the accounting period, unless otherwise stipulated by a separate regulation. 26aa)
(5) The accounting entity does not have to have interim individual financial statements and interim consolidated financial statements audited by an auditor.
Article 19a
Audit Committee 
(1) The accounting entity, which has issued securities, which have been admitted to trading on regulated market, a bank, a branch office of a foreign bank, the Export-Import Bank of the Slovak Republic, an insurance company, a branch office of a foreign insurance company, a reinsurance company, a branch office of a foreign reinsurance company, asset management company, a branch office of an asset management company, pension asset management company and supplementary pension asset management company are obliged to establish the audit committee, with the exception of the accounting entity according to article 4.
(2) The audit committee shall consist of the members of board of directors or of members appointed by the general meeting. If an accounting entity does not have the general meeting, the appointment of members of the audit committee shall establish a special rule24aa), in this case an accounting entity shall disclose the composition of the audit committee in its annual report. At least one member of the committee must have five years’ special experience in the sphere of accounting or auditing and be independent. The independent member is a natural person not connected to the accounting entity or its subsidiary accounting entity, its shareholders, members of statutory bodies and auditor of the accounting entity through a property or personally, nor he/she is not their close person and has no income from the accounting entity or its subsidiary besides a remuneration for work on the supervisory board or in the audit committee. 
(3) The audit committee shall
a) monitor the preparing of the financial statements and observation of the special regulations,22a)
b) monitor the efficiency of internal control and systems of risk management in the accounting entity,
c) monitor the audit of the individual financial statements and audit of the consolidated financial statements,
d) examine and monitor the independency of the auditor, especially services provided by the auditor according to a special regulation,26a)
e) recommend an auditor for appointment for carrying out of audit for the accounting entity,
f) set a date for an auditor to submit  a statutory declaration about his/her independency.
(4) The accounting entity according to paragraph (1) need not to establish the audit committee in case that 
a) it is a subsidiary accounting entity and its parent accounting entity has the audit committee established and this committee performs activities according to paragraph (3) also for the subsidiary accounting entity,
b) it has its registered office in another Member State of the European Union (hereinafter referred to as “Member State“) or in a state, which is the contractual party of the agreement on the European Economic Area (hereinafter referred to as “State of the European Economic Area“) and it has authority, performing the activities like the audit committee created, which is established and performs its activities according to the legal regulations valid within this member state or state of the European Economic Area; if this is the case, the accounting entity shall publish which authority performs these activities and the structure of it in the annual report,
c) its supervisory board performs the activities of the audit committee; the activities of the audit committee may not be performed by the chairman of the supervisory board,
d) it is the National Bank of Slovakia,
e) it is the Ministry.
Article 20
Annual report
(1) An accounting entity required to have its financial statements audited under article 19 shall be required to issue an annual report whose compliance with the financial statements prepared for the same accounting period must be audited, except for annual reports whose issue is required under a separate regulation27). The annual report shall contain, unless laid down otherwise by a separate regulation, the financial statements for the relevant accounting period, including the auditors´ report thereon and especially information on: 
a) the development of the accounting entity, its current position and material risks and uncertainties to which the accounting entity is exposed; such information shall be provided in the form of a balanced and comprehensive analysis of the situation and development forecast and shall contain important financial and non-financial indicators, including information on the impact of the accounting entity's activities on the environment and employment, with a reference to the respective information presented in the financial statements,
b) the events of special importance that occurred after the end of the accounting period for which the annual report is prepared,
c) the expected future development of the accounting entity's activities, 
d) the costs associated with research and development activities, 
e) the acquisition of the accounting entity's treasury shares27a), temporary certificates, ownership interests and shares, and temporary certificates and ownership interests of a parent accounting entity according to article 22, 
f) the proposal for the distribution of profits or settlement of losses,
g) the information required by special regulations, and 
h) whether the accounting entity has a branch abroad.
(2) A separate regulation may stipulate that an annual report has a different content to that pursuant to paragraph (1) 28)
(3) The annual report of an accounting entity under paragraph (1) must give a true and fair view and its compliance with the accounting entity's financial statements must be reviewed by an auditor within one year of the end of the accounting period.
(4) Interim financial statements shall be accompanied by an interim report where required by a separate regulation28a).

(5) If it is material for the assessment of total on- and off-balance sheet assets, total equity and liabilities, and the financial position of an accounting entity that uses instruments according to a separate regulation11), the accounting entity is also required to provide in its annual report information on the following:
a) the objectives and methods of risk management in the accounting entity, including its policy for ensuring the main types of planned transactions in which hedging derivatives will be used, and
b) price risks, credit risks, liquidity risks and risks related to cash flows, to which the accounting entity is exposed.
(6) The accounting entity, which has issued securities that have been admitted to trading on a regulated market, is obliged to provide, as a separate part of the annual report, a corporate governance  statement that shall contain the following: 
a) a reference to the corporate governance code to which the accounting entity is subject, or to the one it has decided upon to observe at the managing and a reading about it, where the corporate governance code is available for public,
b) all the important information about management methods and the reading, where information about the methods are published,
c) information on deviations from the corporate governance code28c) and reasons for these deviations or information on the non-application of any corporate governance code and the reasons for such a decision,
d) a description of the systems of internal controls and risk management,
e) information about the activities of a general meeting, its powers, a description of powers of shareholders and the procedure of their application,
f) information on the structure and activities of the boards of the company and their committees,
g) information according to paragraph (7).
(7) The accounting entity that has issued securities, which have been admitted to trading on a regulated market, shall be obliged to provide the following data in the annual report: 
a) the structure of the share capital including data on securities that have not been admitted to trading on a regulated market in any Member State or State of the European Economic Area, with the giving of types of shares, a description of rights and duties connected with them for each type of shares and their percentage on the total share capital, 
b) the restriction of transferability of securities,
c) the qualified participation in the share capital according to a special regulation,28aa)
d) the owners of securities with special rights of control with a description of these rights,
e) the limitations of the rights to vote,
f) the agreements between owners of securities, which are known to the accounting entity and which may lead to the restrictions of transferability of securities and limitations of the rights to vote, 
g) the rules governing the appointment and removal of members of its statutory body or a change of by-laws,
h) the powers of its statutory body, especially about their power to decide about shares issue or about a repurchase of shares,
i) all the significant agreements, where it is the contractual party and which shall come into force, change or the validity of which shall terminate as a result of a change of its control circumstances, which have occurred in relation to an offer for a takeover and about its effects with the exception of a case when publication should seriously harm it; this exception shall not apply if it is obliged to publish such data within the framework of a fulfilment of obligations established by special regulations, 
j) all the agreements concluded by the accounting entity and members of its bodies or employees, on the basis of which compensation is to be provided to them, if their office or employment terminates by an abdication, by a notice from the part of an employee, by their removal, by a notice from the part of the employer without the giving of a reason or their office or employment terminates as a result of the offer for a takeover. 
(8) The members of the board of directors of the accounting entity, which has issued the securities admitted to trading on a regulated market, shall submit the explanatory report about the content requirements of the annual report according to paragraphs (6) and (7) to the general meeting.
Article 21
Publication of information
(1) The following accounting entities shall have the obligation to deposit with the collection of deeds of the Companies Register their ordinary financial statements and extraordinary financial statements, either separately or as part of the annual report:
a) joint-stock company, limited liability company, cooperative and state-owned company within 30 days of the approval of the financial statements or within the time limit laid down in a separate regulation,28d)
b)  the Export-Import Bank of the Slovak Republic within 30 days of the approval of its financial statements,
c)  general commercial partnership and limited partnership within seven months of the end of the accounting period.
(2) The accounting entity to which the audit requirement according to article 19(1)(a), (b) and (d) applies, shall publish the balance sheet and profit and loss statement contained in its ordinary and extraordinary financial statements in the commercial bulletin within 30 days of the approval of the financial statements. The accounting entity shall at the same time state that the published financial statements are incomplete. An auditor's opinion must not be published in the commercial bulletin; only the information describing the opinion contained in the auditor's report shall be published. 28b) If the auditor's report contains facts which had no effect on the presentation of the auditor's opinion contained in the report, but the auditor wanted to emphasise such facts, this information must be published. 
(3) An accounting entity required to prepare consolidated financial statements according to article 22 shall be required to deposit the ordinary consolidated financial statements and the extraordinary consolidated financial statements and a consolidated annual report in the collection of deeds of the Companies Register within one year of the end of an accounting period; the consolidated financial statements may be filed as part of the consolidated annual report.
(4) The accounting entity to which a duty to prepare the consolidated financial statements according to article 22 shall apply, shall publish in the commercial bulletin the balance sheet and profit and loss statement contained in its ordinary and extraordinary consolidated financial statements within one year of the end of the accounting period. The accounting entity shall at the same time state that the published financial statements are incomplete. An auditor's opinion must not be published in the commercial bulletin; only the information describing the opinion contained in the auditor's report shall be published28b). If the auditor's report contains facts which had no effect on the presentation of the auditor's opinion contained in the report, but the auditor wanted to emphasise such facts, this information must be published. 
(5) An accounting entity under article 17a shall at the same time publish on the Internet the complete financial statements, except for the publication of information according to paragraphs (2) and (3) within the same term and to the same extent as they were deposited in the collection of deeds of the Companies Register under paragraph (1), and it shall publish in the commercial bulletin the internet address at which the financial statements are available. The financial statements must be published in this manner for at least one year after publication.
(6) An accounting entity under article 19(1)(c) shall publish information from its financial statements in a manner stipulated by a separate regulation.29)
(7) An accounting entity subject to the audit requirement according to article 19 may not publish any unaudited information in a manner that may mislead the user into thinking that it has been audited.
(8) An accounting entity whose activities are classified in the category of industrial production according to a separate regulation 29a) and whose net turnover for the immediately preceding accounting period exceeded  EUR 250,000,000, shall be required to submit to the Ministry an annual report and minutes of the general meetings held in the accounting period for which the annual report is submitted and shall do so not later than 5 days after the discussion on the annual report, and not later than the end of the eighth month after the end of the accounting period for which the annual report is submitted; such an accounting entity must without undue delay also submit to the Ministry other related information if the Ministry so requests. The Ministry shall submit to the European Commission the accounting entity's annual report, and the minutes of its general meetings held in the accounting period for which the annual report is submitted, by the end of the ninth month after the end of the accounting period for which the annual report is submitted.
(9) Paragraph (8) shall apply to accounting entity in which the authority of public power has significant interest on voting rights due to its interest in accounting entity or shares of accounting entity with significant voting rights or indirectly through other entities in which the authority has the significant interest on voting rights.
Article 22
Consolidated financial statements
(1) Consolidated financial statements shall be understood to mean financial statements which provide information on a consolidated group according to article 6(4). Consolidated financial statements shall be prepared in compliance with the methods and principles defined by special regulations.22a) 
(2) Consolidated financial statements and a consolidated annual report shall be prepared by a parent accounting entity.

(3) For the purposes of this Act, a parent accounting entity shall be defined as an accounting entity that is an enterprise, a state-owned company, a cooperative or an accounting entity of public administration which meets the following criteria with respect to another accounting entity that is an enterprise:
a) it controls a majority of voting rights in the accounting entity, or
b) it has the right to appoint and recall the majority of members of the accounting entity's statutory or supervisory body and, at the same time, is a member or shareholder of the respective accounting entity, or
c) it has the right to control the accounting entity of which it is a member or shareholder based on an agreement concluded with this accounting entity or based on a memorandum of association or articles of association of this accounting entity, if provided for by the law governing this accounting entity, or
d) it is a member or shareholder of the accounting entity, and the majority of members of the accounting entity's statutory or supervisory body holding their office during the accounting period and the immediately preceding accounting period up to the preparation of consolidated financial statements were appointed exclusively by the exercise of voting rights by the member or shareholder that is the parent accounting entity, or
e) it is a member or shareholder and controls a majority of voting rights under an agreement with the other members or shareholders of the respective accounting entity.
(4) An accounting entity in which a parent accounting entity has the rights mentioned in paragraph (3) is a subsidiary accounting entity.
(5) When calculating the voting rights according to paragraph 3(a), (b), (d) and (e), the following shall be added to the voting rights and rights to appoint and recall statutory or supervisory body members: 
a) rights controlled by another subsidiary accounting entity of the parent accounting entity,
b) rights of a natural or legal person that acts on its own behalf but for the account of the parent accounting entity or its other subsidiary accounting entity.
(6) When calculating the voting rights according to paragraph 3(a), (b), (d) and (e), those voting rights shall be subtracted that relate to shares or ownership interests which:
a) are held for the account of an accounting entity other than the parent accounting entity or its subsidiary accounting entity, or
b) are held as collateral, if such voting rights are exercised in line with the instructions issued by the accounting entity that provided the collateral.
(7) When calculating the voting rights according to paragraph 3(a), (d) and (e), those voting rights shall be subtracted from the total voting rights of members or shareholders of the subsidiary accounting entity that relate to the shares or ownership interests held by the subsidiary accounting entity, any of its subsidiary accounting entities or a person acting on its own behalf but for the account of those accounting entities.
(8) A parent accounting entity which is a subsidiary accounting entity and whose parent accounting entity is governed by the laws of any of the European Union Member States is released from the obligation to prepare consolidated financial statements and consolidated annual report (hereinafter "the release"), provided that its parent accounting entity controls:
a) all shares and ownership interests of the subsidiary accounting entity, or
b) at least 90 per cent of shares or ownership interests of the subsidiary accounting entity, and other shareholders or partners of the accounting entity have agreed to such release.

(9) The release according to paragraph (8) may only be applied if: 
a) the subsidiary accounting entity and all its subsidiary accounting entities are incorporated into the parent accounting entity's consolidated financial statements prepared according to legislation of the European Union and the European Communities, 
b) the consolidated financial statements of the parent accounting entity referred to in letter (a) and the compliance of the consolidated annual report of the parent accounting entity with the financial statements are reviewed by an auditor in accordance with legislation of the European Union and European Communities, 
c) the consolidated financial statements of the parent accounting entity referred to in letter (a) and the consolidated annual report of the parent accounting entity are published in accordance with legislation of the European Union and European Communities,
d) in the notes to the individual financial statements, the subsidiary accounting entity states the name and the registered office of the parent accounting entity preparing the consolidated financial statements referred to in letter (a), and it refers to the fact that it has been released from the obligation.
(10) The obligation to prepare consolidated financial statements and an annual report in the following accounting period shall apply to the parent accounting entity if, based on the information contained in the last individual financial statements of the parent accounting entity and individual financial statements of its subsidiary accounting entities at all levels of consolidation in each of the two successive accounting periods, at least two of the following conditions were met: 
a) total assets of the parent accounting entity and subsidiary accounting entities exceeded EUR 17,000,000; total assets being defined as total assets ascertained from the balance sheet before adjustments by items specified in article 26(3), 
b) the net turnover of the parent accounting entity and subsidiary accounting entities exceeded EUR 34,000,000; net turnover being defined as revenues from the sales of products and goods and from the provision of services,
c) the average calculated number of employees of the parent accounting entity and 
subsidiary accounting entities exceeded 250 during the accounting period.

(11) A parent accounting entity that has issued securities that have been admitted to trading on a regulated market of a member state or a state of the European Economic Area, or if any of its subsidiary accounting entities has issued securities that were permitted to be traded on a regulated market of a member state or a state of the European Economic Area, is required to prepare consolidated financial statements; the provisions of paragraph (10) shall not apply to the preparation of consolidated financial statements in this case. Paragraph (8) shall not apply to a parent accounting entity that is at the same time a subsidiary accounting entity and has issued securities that were permitted to be traded on a regulated market of a member state or a state of the European Economic Area.

(12) Consolidated financial statements must be audited by an auditor.

(13) The parent accounting entity shall be required to give the subsidiary accounting entities and other accounting entities incorporated into the consolidated financial statements timely notice of its obligation to prepare consolidated financial statements.

(14) The subsidiary accounting entities and other accounting entities incorporated into the consolidated financial statements shall be required to provide the parent accounting entity, in good time, with their individual financial statements and information required for the preparation of the consolidated financial statements.

(15) The provisions of article 20 shall apply mutatis mutandis to a consolidated annual report. If an accounting entity is required to prepare individual financial statements and consolidated financial statements, information from the individual annual report and the consolidated annual report may be incorporated into a single annual report.

(16) Paragraphs (1) to (15) shall accordingly apply to the preparation of extraordinary consolidated financial statements and interim consolidated financial statements.

Article 22a
Consolidated financial statements of an accounting entity of public administration, consolidated financial statements of the central administration and summary financial statements of public administration 

(1) The consolidated financial statements of an accounting entity of public administration shall be prepared by an administrator of a chapter of the state budget (hereinafter referred to as “chapter“), municipality or higher territorial unit for the budgetary organization established by them, allowance organizations or subsidiary accounting entities according to article 22, paragraph (4) on the basis of their individual financial statements.
(2) Consolidated financial statements of the central administration shall be prepared by the ministry for all the chapters on the basis of the consolidated financial statements according to paragraph (1), prepared by the chapters’ administrators. If the administrator of chapters is not obliged to prepare the consolidated financial statement according to paragraph (1), the individual financial statement of the administrator of chapters shall be used as a basis for preparation of the consolidated financial statements of the central administration.
(3) Summary financial statements of public administration shall be prepared by the ministry on the basis of the consolidated financial statements according to paragraph (2), consolidated financial statements of municipalities and consolidated financial statements of higher territorial units.  If a municipality or higher territorial unit is not obliged to prepare the consolidated financial statements according to paragraph (1), the individual financial statements of the municipality of the individual financial statements of the higher territorial unit shall be used as a basis for preparation of the summary financial statements. 
(4) Consolidated financial statements of accounting entities of public administration and summary financial statements of public administration shall be prepared pursuant to methods and principles of the consolidation established according to article 4 paragraph (2).
(5) Consolidated financial statements of accounting entities of public administration, consolidated financial statements of the central administration and summary financial statements of public administration shall be audited by a statutory auditor.
PART FOUR
Valuation methods

Article 24
(1) An accounting entity shall value assets and liabilities as of the valuation date, namely:

a) the accounting transaction date, by methodologies specified in article 25,
b) as of the balance sheet date, by methodologies specified in article 27,
c) as of another date in the accounting period by methodologies specified in article 27, if so required by a separate regulation33).
(2) Where this Act provides otherwise, the accounting entity shall convert the assets and liabilities denominated in foreign currency to euros by reference exchange rate determined and declared by the European Central Bank or the National Bank of Slovakia 33a)
a) the day preceding the accounting transaction date or in the other day, if so required by a separate regulation, 34) 
b) the balance sheet date (the date on which the compiled financial statements).
c) on the day identical with the decisive date as of which the assets and liabilities are assumed from a foreign person that is being wound up.
(3) An accounting entity purchasing or selling a foreign currency in exchange for the euro shall use the exchange rate at which the corresponding values have been purchased or sold. If the sale or purchase of a foreign currency is performed at an exchange rate different than the one offered by a bank, a branch of foreign bank or an exchange office in the exchange list, it shall use the exchange rate offered by a bank, a branch of foreign bank or an exchange office on the date of the transaction settlement for a purchase of sale of the currency in the exchange list. If the purchase or sale is not made with a bank, a branch of foreign bank or an exchange office, shall be used reference exchange rate determined and announced by the European Central Bank or the National Bank of Slovakia 33a) on the day preceding the date of settlement trade.

(4) Upon the transfer of funds from an bank account set up in foreign currency to the account set up in euros and set up from an bank account in euros to an bank account set up in foreign currency shall be the rate under paragraph (3) first sentence.

(5) The provisions of this Act concerning the valuation of assets and liabilities shall apply mutatis mutandis to the valuation of off-balance sheet assets and off-balance sheet liabilities.
(6) Paragraph (2) shall not apply to advance payments received and advance payments made to a balance sheet date.
Article 25
(1) Individual assets and liabilities shall be valued unless this Act stipulates otherwise:

a) at acquisition cost where they are 
1. tangible assets other than those created by own activities,
2. inventory other than that created by own activities,
3. interests in the share capital of enterprises, securities, or derivatives,
4. receivables acquired against payment, or receivables acquired by contribution35) to share capital,
5. intangible assets other than those created by own activities,
6. assumed liabilities,

b) at conversion cost where they are
1. tangible assets created by own activities,
2. inventory created by own activities,
3. intangible assets created by own activities,
4. livestock breeding and increments,

c) at nominal value where they are
1. cash, stamps and vouchers,
2. receivables at inception,
3. payables at inception,

d) at replacement cost where they are
1. assets acquired free of charge except for cash, stamps and vouchers and receivables valued at nominal value,
2. intangible assets created by own activities if the conversion cost cannot be determined, 
3. livestock breeding and increments if the conversion cost cannot be determined,
4. assets converted from personal to corporate ownership except for cash, stamps and vouchers and receivables valued at nominal value,
5. intangible and tangible assets newly identified in the inventory and not yet recorded,
6. assets procured by a contracting authority from a concessionaire in lieu of the services provided under a concession for construction works pursuant to a separate regulation,35aa)
e) at the fair value according to article 27 paragraph (2)
      1.	assets acquired and liabilities assumed through the purchase of an enterprise or a part thereof, 
      2. assets acquired and liabilities assumed as a result of the contribution of an enterprise or a part thereof and assets acquired and liabilities assumed through exchange, with the exception of the accounting entities that keep their books in the single-entry accounting system and the accounting entities not established or constituted for the purpose of doing business,

      3. securities being in the possession of a fund35a) and securities held for trading and available for sale of brokers, which do not proceed according to article 17a paragraph (1),
      4. commodities traded on a public market, not produced by the accounting entity itself and acquired for the purpose of their further sale on public market (hereinafter referred to as “commodities“),
      5.  precious metals being in the possession of a fund.9)

f) at the fair value determined according to article 27, paragraph (1)(d), the assets acquired and liabilities assumed by the successor accounting entity from an enterprise or a cooperative wound up without liquidation,
g)  at the fair value determined according to article 27, paragraph (2)(d), the intangible assets on the books of a concessionaire in the case of a concession for construction works according to a separate regulation;35aa)  such intangible assets shall be booked by the concessionaire provided that the concessionaire bears most of the risk of demand and the contracting authority acquires ownership at the beginning of the works construction or upon putting the works to use.

(2) The successor accounting entity shall value, at their real value under this Act, the assets acquired and liabilities acquired from a foreign enterprise or cooperative which is being wound up, if the wound-up enterprise or cooperative does not have its assets and liabilities thus valued.

(3) The accounts receivable and payable of the Fund35a) shall be recognised at the present value. The accounts receivable and payable of the Fund35a) that do not fall due in instalments and have an agreed maturity of less than a year may be recognised at nominal value.
(4) The present value of future cash inflows shall be calculated as a sum of products of future monetary incomes and the relevant discount factors. The present value of future cash outflows shall be calculated as a sum of products of future monetary expenses and the relevant discount factors
(5) Provided that it complies with the true and fair view requirement laid down in article 7(1), and that the assets consist of identical types of inventory, identical types of securities in the portfolio of the accounting entity, and cash denominated in the same foreign currency in the treasury of the accounting entity, then the disposal value based on the weighted average principle may be considered to be in compliance with paragraph (1) where the initial price used for the valuation of an increase in the respective type of asset is used as the first price for the valuation of the disposal of this asset. Identical types of securities may be valued by applying the above valuation method only if they have been issued by the same issuer and in the same currency.
(6) For the purposes of this Act,
a) acquisition cost means the price at which the assets are acquired, including costs related to their acquisition,
b) replacement cost means the price at which the an asset would be acquired at the time it is recorded,
c) conversion cost means,
1. for inventories created by own activities: the direct costs of production or other activities, as well as indirect costs proportionally related to such production or other activities,
2. for tangible assets other than inventories and for intangible assets other than receivables: the direct costs of production or other activities, and the indirect costs related to such production or other activities,
d) nominal value means the value stated on cash, stamps and vouchers, or the sum shown for a receivable or payable.

Article  26
(1) If the future economic benefits are lower than their accounting valuation to a balance sheet date, they shall be valued at net realisable value. Net realisable value means the assumed sales price of the inventory reduced by the assumed sales costs for their completion and costs related to their sale.
(2) If to the balance sheet date the amount of liabilities is higher than their book value,  the upward adjusted liabilities shall be reported in the financial statements and the discount factor applied to the long-term liabilities of the Fund35a) shall be reassessed.
 (3) The accounting entity shall be obliged to adjust valuation of the assets value, to create provisions and to deduct the assets in accordance with the accounting principles and accounting methods to the balance sheet date.
(4) The valuation of assets shall be adjusted by adjusting entries if there is a justified assumption of a reduction of assets value under their book value. Adjusting entries shall be cancelled or their value shall be changed if a change of an assumption of value reduction occurs.
(5) Provisions shall mean liabilities with uncertain time specification or amount. 
(6) For the purposes of this Act, assets damage shall be understood as permanent deterioration destruction, theft or loss of an asset. The theft or loss of asset detected by stocktaking means a shortage.
(7) Paragraphs (1) to (4) shall not be applicable to accounting entities keeping accounts in the single-entry bookkeeping system, except for depreciation of assets and the creation of provisions being the recognized tax expense according to a special regulation35b)

Article 27
(1) Individual assets and liabilities shall be valued as of the valuation date pursuant to article 24(1)(b) or (c): 
a) securities: valued at market price or qualified estimate except for securities held until maturity, securities issued by the accounting entity itself and interests in the share capital of trading companies of which the accounting entity is a parent accounting entity or in which the accounting entity has a significant influence, understood to be a share of least 20 per cent of the voting rights, except for ownership interest in a property company according to special regulation37a),  
b) derivatives: by market price or qualified estimate,
c) financial allocations: by an expert opinion; technical provisions of accounting entities that are insurance companies and reinsurance companies under separate regulations 12): by a qualified estimate,
d) enterprises or cooperatives being wound up without liquidation38: by market price, qualified estimate, or expert opinion, or in another case according to a separate regulations39), 
e) hedging derivatives: by market price or qualified estimate,
f) real properties in a special interest fund of real properties and real properties in which the means of technical provisions of accounting entities are placed, which are insurance companies according to special regulation19) at a fair value,
g) commodities at market price,
h) precious metals being in the possession of fund9) at market price.

(2) For the purposes of this Act, a fair value shall be understood as
a) the market price,
b) a valuation by a qualified estimate or an expert opinion if the market price is not available or does not accurately express the fair value,
c) a valuation laid down by a separate regulation39), if it is not possible to proceed according to paragraph (a) and (b).
d) the value of the works provided by a concessionaire to the contracting authority in exchange for which the concessionaire acquires the intangible assets referred to in article 25, paragraph (1)(g).

(3) Market price means
a)	final price stated on a stock exchange on the date of valuation according to article 24 paragraph (1), if a market with the relevant assets, which a stock exchange arranges, is an active market, if the price is not stated on this date, the immediately preceding final price announced not sooner than on the tenth day before this date shall be used, or if such price is not available,
b)	the most numerous price of offer at another active market on the date of valuation according to article 24 paragraph (1); in the case of no offer price on this date at the market, the price from the immediately preceding date shall be used in which was the offer price, but no earlier than from the tenth day before the date according to article 24 paragraph (1).
(4) The active market according to article 3 is a market at which
a)  the assets according to types of assets with similar properties under similar conditions are traded,
b)  there are persons willing to purchase or sell, and
c)  information on prices on the market is available to the public.
(5) If the assets are not traded on a domestic stock exchange, but they are traded on a foreign-controlled public markets, the market price shall mean a price according to paragraph (3) letter a) the final price stated on a decisive controlled market. If there was no business at the decisive controlled market with assets being the subject of valuation on the date of valuation, the market price shall mean according to paragraph (3) letter a) the highest prices from the final ones stated on a foreign controlled public markets, which are available for the accounting entity for business making.

(6) If the market price cannot be reliably determined, the fair value shall be determined by a qualified estimate representing the sum of all future expenses or revenues, while using the interest rate most frequently appearing for a similar instrument of the issuer11) that is subject to analogous valuation, or an interest rate that reduces the nominal value of that instrument by the interest discount to the price at which the instrument would be sold.
(7) In cases not mentioned in paragraph (6), the qualified estimate shall also be understood to mean another professional estimate.
(8) When making a valuation by fair value, an accounting entity shall proceed appropriately in accordance with article 26(3). 
(9) If the fair value as of the valuation date cannot be reliably determined, the fair value shall be deemed the valuation made by applying the valuation methods under article 25. Regarding securities held until maturity, their valuation shall be gradually increased by the interest yield accrued from the date of payment of the purchase price until the maturity date. Interests in the share capital of enterprises of which the accounting entity is a parent accounting entity or in which the accounting entity has a decisive influence may be valued by applying the equity method. Once this valuation method has been applied, the accounting entity shall be bound to use such a method in the valuation of all such interests. Regarding securities issued by the accounting entity itself, their valuation shall be gradually increased by interest  accrued from the date of payment of the issue price until the maturity date.
(10) A participating certificate in fund assets35a)  shall be valued in the amount of its proportion of net assets of the relevant fund.
Article 28
(1) An accounting entity shall depreciate both non-inventory tangible assets and intangible assets other than receivables in accordance with accounting principles and accounting policies, unless laid down otherwise by this Act or by a separate regulation. Regarding a loan agreement41) during the period where the payable is secured by a transfer of title42) or regarding the acquisition of title to movable assets other than by takeover of the assets43), as well as other cases laid down by separate regulations, the assets shall be recorded and depreciated by the accounting entity which uses them. 
(2) Land, objects made of precious metals and other assets specified in a special regulation44) shall not be depreciated. 

(3) The accounting entity referred to in paragraph (1) shall be obliged to prepare a depreciation schedule and to depreciate assets on the basis thereof. The assets shall only be depreciated to the level of their book values.
(4) Tangible assets, except for inventory, and intangible assets, except for receivables, shall be depreciated by the accounting entity over their expected period of use corresponding to the consumption of future economic benefits. Intangible assets that are development costs shall be amortised by the accounting entity within 5 years of their acquisition. If the development costs are not amortised in their full amount, the accounting entity may only pay out dividends, shares and director’s fees if the aggregate amount of net profit/net loss and funds created from profit intended to be paid out exceeds the total amount of unamortised development costs. Internally generated intangible assets shall not be capitalised, except for software and costs of development which are capitalised according to accounting procedures.

PART FIVE
Stocktaking 

Article 29
(1) An accounting entity shall carry out stocktaking in order to verify whether the book state of assets and liabilities and the difference between assets and liabilities correspond to the actual situation.
(2) An accounting entity shall perform stocktaking as of the balance sheet date for ordinary or extraordinary financial statements. If interim financial statements need to be prepared, the accounting entity shall perform stocktaking only for valuation purposes as laid down in article 26(3). This is without prejudice to provisions regarding the performance of stocktaking under special regulations45).
(3) Regarding tangible assets other than inventory and cash, an accounting entity may take stock within a period of time other than that set out in paragraph (2), though not exceeding two years. The accounting entity shall take stock of cash at least four times during the accounting period.
Article 30
(1) Stocktaking shall be performed in order to establish the actual state of assets and liabilities and the difference between assets and liabilities. The actual state of tangible and intangible assets shall be established by physical stocktaking; for liabilities, the difference between assets and liabilities, and those assets whose physical stocktaking is impracticable, the actual state shall be established by documentary reconciliation; where possible, a combination of physical stocktaking and documentary reconciliation shall be used.
(2) An inventory list is an accounting record that ensures the verifiability of the bookkeeping (article 8(4)). The inventory list must state the following information:
a) the business name or designation of an accounting entity; a legal person shall state its registered office, and a natural person shall state his/her permanent residence and place of business if it differs from the permanent residence,
b) the stocktaking opening date, date for which the stocktaking was performed, and the stocktaking closing date,
c) the state of assets, with quantity units and prices indicated according to article 25,
d) the place of storage of assets,
e) the name, surname and signature record of the person materially responsible for the respective type of asset,
f) a list of the liabilities and their valuation according to article 25,
g) a list of the actual state of the difference between assets and liabilities,
h) recommendations for assessing the reality of a valuation of assets and liabilities as of the balance sheet date, ascertained in the course of stocktaking in order to adjust the valuation of assets and liabilities pursuant to articles 26 and 27, where such facts are known to the persons who performed the stocktaking, 
i) the name, surname and signature record of the persons responsible for establishing the actual state of assets and liabilities and the difference between assets and liabilities,
j) notes to the financial statements.

(3) The state of assets and liabilities and the difference between assets and liabilities in the inventory lists shall be compared to the state of assets and liabilities and the difference between assets and liabilities in the accounts, and the results of the comparison shall be entered in a stocktaking report. The stocktaking report is an accounting record which proves the objective correctness of accounting and which must state
a) the business name or designation of an accounting entity; a legal person shall state its registered office, and a natural person shall state his/her permanent residence and place of business if it differs from the permanent residence,
b) the results of the comparison of the actual state of assets and liabilities and the difference between assets and liabilities as stated in the accounts,
c) the results arising from the assessment of the reality of a valuation of assets and liabilities pursuant to articles 26 and 27,
d) the name, surname and signature record of persons responsible for stocktaking at the accounting entity. 

(4) The physical stocktaking of non-inventory tangible assets which cannot be performed as of the balance sheet date may be carried out during the last three months of the accounting period or in the first month of the next accounting period. The physical stocktaking may be performed by an accounting entity at any time during the accounting period. Such stocktaking must demonstrate the state of tangible assets as of the balance sheet date by using information from the physical stocktaking which is adjusted by additions to and disposals of the mentioned assets during the period from the end of the physical stocktaking until the end of the accounting period, or from the beginning of the next accounting period until the end of the physical stocktaking in the first month of the next accounting period.

(5) A stocktaking difference may take one of the two following forms:
a) a shortage, where the actual state identified is lower than the book value, and it cannot be substantiated by any accounting record; if involving cash, stamps and vouchers, it is referred to a deficit,
b) a surplus, where the actual state identified is higher than the book value, and it cannot be substantiated by any accounting record.

(6) Differences resulting from valuation adjustments made pursuant to articles 26 and 27 shall not be regarded as stocktaking differences.

(7) The accounting entity shall record stocktaking differences under the accounting period for which the state of assets and liabilities and the difference between assets and liabilities were verified by the stocktaking.

PART SIX
Accounting documentation

Article 31
Accounting record
(1) The accounting documentation of an accounting entity comprises all the accounting records created according to article 4, paragraph (5). 

(2) For the purposes of this Act, an accounting record shall be deemed to be:
b) in a written form where it is made out in handwriting, by typewriter, by printing or reprographic techniques, or by a computer printer device in a format readable for a natural person,
a) in a technical form where it is made out by electronic, optical or other methods not specified in paragraph (a), such that allow for its conversion into a written form; the conversion into a written form shall not be required for signature records according to article 32(3). 
(3) An accounting entity may convert accounting records from one form into another. In that case, the accounting entity shall ensure that the contents of the records in the original form and those of the records in the converted form are identical. This obligation shall be considered to have been fulfilled if the accounting entity submits the accounting record with identical contents in its original and converted form or demonstrate such fulfillment by another method not disputed by any of the persons using the record in their work. The accounting entity shall be required to have available the accounting records that evidence the form of bookkeeping. 

(4) All forms of accounting records are equivalent, and the contents of all accounting records have identical consequences if made out in any of the forms specified in paragraph (2). 
(5) An accounting entity keeping accounting records in a technical form must have at its disposal such equipment, carriers and devices that enable their conversion into a form readable for a natural person. For the requirements of auditing financial statements (article 19), their publication (article 21), and the requirements of bodies mentioned in article 38, the accounting entity shall upon request enable authorised persons to familiarise themselves with the content of those accounting records that such persons select in the written form and in a technical form, if the accounting entity is keeping accounting records in a technical form. The accounting entity shall be under this obligation for so long as, and to the extent that, it is required to maintain or archive the said accounting records. 
(6) An accounting entity is required, at the request of an auditor, to provide accounting records in the form requested by the auditor if it maintains accounting records in this requested form.

Article 32
Verifiability of accounting records
(1) For the purposes of this Act, an accounting record shall be deemed verifying only where:
a) its contents directly evidence the relevant fact,
b) its contents indirectly evidence the relevant fact through the contents of other verifying accounting records,
c) it is an accounting record transferred pursuant to article 33 and it meets the conditions of paragraph (a) or paragraph (b).
(2) An accounting record transferred outside an accounting entity through an information system shall be deemed verifying if the transfer is conducted in accordance with article 33. Any accounting record to be transferred must contain a signature record. The accounting record shall be signed not later than the time of its delivery for transfer.
(3) A signature record shall be understood to mean an accounting record signed by hand or a similar verifying accounting record that replaces the handwritten signature in a technical form. Both forms of signature record shall be deemed of equal validity and both may be used wherever a handwritten signature is required. 
(4) Several signature records may be attached to a single accounting record. 
Article 33
Transfer of accounting records
When transferring accounting records, an accounting entity shall ensure their protection against misuse, damage, destruction, unauthorised interference and unauthorised access. 

Article 34
Correction of accounting records
(1) Where an accounting entity ascertains that any of the accounting records in its bookkeeping is incomplete, unverifiable, inaccurate, or incomprehensible, the accounting entity shall ensure the correction thereof without undue delay in the manner specified in paragraph (2). 
(2) The correction shall be carried out in such a way that it is possible to identify the person who carried it out, the date of correction, and the contents of the accounting record before and after correction. A correction made in an accounting record shall not result in incompleteness, unverifiability, inaccuracy, incomprehensibility or a lack of transparency in the bookkeeping.
(3) For any correction to an accounting entry, it is required to make out an accounting document. 
(4) The date of an accounting record shall be recorded with such accuracy that any uncertainty in the designation of the time does not give rise to uncertainty in the designation of the contents of the accounting transactions. 
(5) An accounting record that is illegible or cannot be converted into a readable form shall be not be deemed an accounting record kept by the accounting entity. 
Article 35
Archiving and protecting accounting documentation
(1) An accounting entity shall ensure that accounting documentation is protected against loss, destruction or damage. The accounting entity shall also ensure the protection of related technical equipment, information carriers and software against misuse, damage, destruction, unauthorised interference, unauthorised access, loss, theft or appropriation.
(2) The accounting entity shall keep its accounting documentation in archives for the period stipulated in paragraph (3). The disposal of accounting documentation is subject to the general regulations on archiving.
(3) Accounting records shall be archived as follows: 
a) financial statements and annual reports shall be archived for ten years following the year to which they pertain,
b) accounting documents, books of account, lists of books of account, lists of numerical codes or of other symbols and acronyms used in bookkeeping, a depreciation schedule, inventory lists, stocktaking reports and the accounting schedule shall be archived for five years following the year to which they pertain,
c) accounting records which contain information relating to the method of bookkeeping and which the accounting entity uses to evidence the form of bookkeeping (article 31(2)) shall be archived for five years following the year in which they were last used, 
d) other accounting records shall be archived for a period of time set out in the accounting entity's archiving plan so that there is no violation of other provisions of this Act and separate regulations legislation.

(4) An accounting entity prior to its dissolution, or prior to the termination of its business or other earning activities, shall ensure that its accounting records are archived.

Article 36
Other provisions on accounting documentation
(1) The accounting entity shall keep the accounting records relating to ongoing administrative proceedings, criminal proceedings, civil judicial proceedings or other proceedings that are pending, until the end of the accounting period following the accounting period in which the time limit for their review has expired. The accounting records that are used to establish or verify a tax base or other facts critical to the proper determination of tax or tax liability shall be kept for a period laid down in this Act, but in any case at least until the expiry of the right to impose tax or a tax differential pursuant to a separate regulation 47a) or for a period laid down in separate regulations.45a)
(2) An accounting entity may use as accounting records also payroll sheets, tax documents or other documentation arising from separate regulations. Such use of documentation must meet the requirements of this Act applying to accounting records. The accounting entity shall keep such documentation for the period stipulated in article 35(3), depending on the function of the documentation in the bookkeeping.
(3) Accounting documents and other accounting records relating to warranty periods and complaint procedures shall be kept by an accounting entity for the duration of the warranty periods or complaint procedures; accounting records relating to uncollected receivables or outstanding payables shall be kept until the end of the accounting period following the accounting period in which they were collected or paid.
(4) Regarding books of analytical records for receivables, books of analytical records for payables, accounting documents and other accounting records arising directly from foreign relations before 1 January 1949, as well as financial statements relating to the transfer of property to other legal or natural persons conducted under a separate regulation46), the accounting entity shall keep them until consent for their disposal is given by the Ministry either at its own initiative or at the request of the accounting entity.
Article 37
(1) The Ministry may for the following entities lay down different details for the content of asset items and their reporting in the financial statements on grounds of their special character:
a) the Armed Forces of the Slovak Republic, in cooperation with the Ministry of Defence of the Slovak Republic, the Ministry of Interior of the Slovak Republic and the Ministry of Transport, Posts and Telecommunications of the Slovak Republic,
b) the armed security corps, in cooperation with the Ministry of Interior of the Slovak Republic and the Ministry of Transport, Posts and Telecommunications of the Slovak Republic,
c) the Prison and Court Guard Corps, in cooperation with the Ministry of Justice of the Slovak Republic, 
d) the Slovak Intelligence Service, 
e) the State Material Reserves Administration.
(2) The decree referred to in article (4)(2), setting out the accounting procedures and the framework chart of accounts for banks47), branches of foreign banks47), the National Bank of Slovakia and the Deposit Protection Fund, shall be issued by the Ministry upon consultation with the National Bank of Slovakia.
PART SEVEN
SPECIAL PROVISIONS FOR TRANSITION
FROM THE SLOVAK CURRENCY TO THE EURO
§ 37a
(1)	At the date which immediately preceding the euro introduction date in the Slovak Republic 47aa) (hereinafter referred to as “introduction of the euro”), accounting books shall be closed and  the interim financial statements shall be prepared in a full scale structure in the annual financial statements and accounting entity
a) to the accounting period which is the financial year, 
b) the accounting period is shorter than 12 calendar months due to a change in the accounting period, 
c) in bankruptcy, 
d) in liquidation.
(2)	The accounting entity, which prepares the interim financial statements according to  paragraph (1) is not obliged to have audited by the statutory auditor the financial statements under article 19, and to presentation of interim financial statements and the obligation of drawing up the interim report according to article 20 paragraph (4).
(3)	The interim financial statements under paragraph (1)  of the data from the immediately preceding financial year are not reported, if not at the same time the financial statements, the compilation is required under special legislation. 14)
(4)	The accounting entity on which the compiled financial statements and at the same time immediately preceding the euro introduction date, converted into Slovak currency
a) assets and liabilities denominated in euro, with the exception of the advances and the advances provided by the conversion rate, 47ab) 
b) assets and liabilities denominated in other foreign currency as the euro, with the exception of the advances and of the advances rate announced by the National Bank of Slovakia valid on the date immediately preceding the euro introduction date.

(5)	Article 29 paragraph (2), second sentence shall not apply to an accounting entity, which prepares the interim financial statements in accordance with paragraph (1). When carrying out stocktaking at the balance sheet date which immediately preceding the euro introduction date.
(6)	An accounting entity which did not carried out stocktaking in a other period according to article 29 paragraph (3), shall perform a physical stocktaking of tangible assets, except inventory, which can not be performed at the balance sheet date which immediately preceding the euro introduction date, shall be carried out during the last three months before the day immediately preceding the euro introduction date. Physical stocktaking may be performed in the period from the beginning of the accounting period to the balance sheet date which immediately preceding the euro introduction date. Such stocktaking must demonstrate the state of tangible assets as of the balance sheet date by using information from the physical stocktaking which is adjusted by additions to and disposals of the mentioned assets during the period from the end of the physical stocktaking until the end of the accounting period, or from the beginning of the next accounting period until the end of the physical stocktaking to the balance sheet date which immediately preceding the euro introduction date.

Article 37b
(1) At the euro introduction date an accounting entity shall open the accounting books including off-balance sheet accounts and balance sheet accounts in euro for informative purposes in Slovak koruna.
(2) At the euro introduction date an accounting entity shall convert items of assets and liabilities from the Slovak koruna to euro by conversion rate, except in accordance with paragraphs (3) to (5). At the euro introduction date an accounting entity started in article 37a paragraph (1) converted by conversion rate of the Slovak koruna to the euro from the final states of the expenses, the final state income, the summary of revenue and total expenditure levels.
(3) An accounting entity converted at the euro introduction date individual items of the advances denominated in euro on the value of the individual items of the advances and of the advances in the euro at the time the advance and the provision of advance.
(4) At the euro introduction date shall converted from Slovak koruna to euro by historical rate the individual items of accruals accounts, which arose on the date of completion accounting in euro case, paragraph (3) applies mutatis mutandis. 
(5) An accounting entity, which is a commercial company or cooperative, converted at the date of introduction of the euro share capital denominated in euros on the value of the share capital registered in the commercial register of the euro.
(6) An accounting entity proceeds at the euro introduction date in the rounding of the amounts calculated in accordance with special regulations. 47ac)
Article 37c
Article 37a and 37b shall apply to the accounting entity which prepares separate financial statements under article 17 only if the special regulations 22a) stipulate otherwise.
Article 37d
During the period of dual circulation the increase and decrease of cash in hand47ad) denominated in Slovak koruna shall by converted using the conversion rate.

PART EIGHTH
Final provisions

Article 38
(1) For a violation of the provisions of this Act, with the exceptions mentioned in paragraph (2), the tax authority may impose a fine of up to 1 per cent of the total amount of assets:
a) ascertained from the balance sheet prepared for the inspected accounting period of an accounting entity keeping accounts in the double-entry bookkeeping system, without valuation adjustments made to items under article 26(3), 
b) reported in the statement of assets and liabilities prepared for the inspected accounting period of an accounting entity keeping accounts in the single-entry bookkeeping system.
 
(2) For a breach of the obligations laid down in article 4 paragraph (1), article 6, article 7 paragraph (1), article 8 paragraph (1), article 17 paragraphs (3) and (4), article 17a, article 19, article 19a, article 20, article 21, article 22, article 22a, article 24, article 37a, article 37b, article 37c and article 37d the tax authority may impose a fine of up to 3 per cent of the total amount of assets
a) ascertained from the balance sheet prepared for the inspected accounting period of an accounting entity keeping accounts in the double entry bookkeeping system, without valuation adjustments made to items pursuant to article 26(3), 
b) reported in the statement of assets and liabilities prepared for the inspected accounting period of an accounting entity keeping accounts in the single-entry bookkeeping system,
c) ascertained from the consolidated balance sheet prepared for the inspected accounting period of an accounting entity preparing consolidated financial statements, with valuation adjustments made to items pursuant to article 26(3). 

 (3) The keeping of accounts and reporting which is in compliance with separate regulations22a) shall not be considered a violation of the obligations laid down by this Act in the accounting entities for which these obligations result from article 17a. 
(4) For the purposes under paragraphs (1) and (2), the tax authority may conduct an inspection of compliance with the provisions of this Act at the accounting entity. The performance of the tax inspection shall apply mutatis mutandis the provisions laid down by a separate regulation47a).
(5) When imposing a fine under paragraphs (1), (2), and (6), the tax authority shall take account of, in particular, the gravity, manner and duration of the unlawful conduct, the consequences of the breach of obligations, the circumstances of the breach, as well as any aggrandisement arising from the violation.
(6) If the total sum of assets or aggregate assets under paragraphs (1) and (2) cannot be ascertained, the inspecting authorities shall set the fine by qualified estimate at up to EUR 3 319 391.88. This provision shall be used only when the accounting entity does not disclose any assets.
(7) A fine may be imposed within one year from the date when the body imposing it found out about the breach of obligation, but not later than five years from termination of the accounting period in which the breach occurred.
(8) A fine is a state budget revenue item. Fine imposition proceedings shall be subject to a separate regulation. 47a)
(9) It is possible to appeal against the fine’s imposition.48)

Article 38a
A tax authority finding a violation of accounting regulations that applied until 1 January 2003 may impose a fine of up to EUR 33 193.91, provided that the violation has resulted in incomplete, unverifiable or incorrect accounting.
Article 39
A deadline for archiving accounting documents and records that has not expired when this Act enters into force shall continue to apply according to the previously valid legislation.
Article 39b
(1) First consolidated financial statements in accordance with this Act shall be prepared for the first accounting period beginning not earlier than 1 January 2005.
(2) First individual financial statements in accordance with article 17a shall be prepared for the first accounting period beginning not earlier than 1 January 2006; until that date, article 38 (3) shall not apply to accounting entities. 
(3) 3) According to article 17b paragraph (2), the National Bank of Slovakia shall prepare the financial statements for the first time for the first accounting period in which the Slovak Republic shall establish EUR as its currency.
(4) The current legislation shall apply to proceedings commenced prior to 1 January 2005.
Article 39c
This Act transposes the legislation of the European Communities and the European Union which is set out in the Schedule.

Article 39d
(1) Declaration on the administration and management of a company shall show the accounting entity, which has issued securities and these have been admitted to trading on a regulated market, as a special part of the annual report according to article 20 paragraph  (6) through (8) for the first time for the accounting period beginning on January 1, 2007 and later.
(2) Consolidated financial statements of the central administration and consolidated financial statements of accounting entities of public administration shall be prepared for the first time for the accounting period beginning on January 1, 2009.
(3) Summary financial statements of public administration shall be prepared for the first time for the accounting period beginning from January 1, 2010.
(4) For the proceedings according to article 38 began before January 2008 the regulations effective to December 31, 2007 shall apply.
Article 39e
Provision of article 9 paragraph. (2), in wording which is effective from 1 December 2008 shall be used for drawing up the financial statement which is draw up as after the date of effectiveness of this law.
Article 39g
Transitional provisions to the regulations effective as of 1 January 2010

(1)	The amortisation of goodwill or negative goodwill, which occurred before 31 December 2009 including, shall be governed by the provisions of the law in the wording effective until 31 December 2009.
(2)	The provision of article 19 in the wording effective as of 1 January 2010 shall, for the first time, be applied to the audit of ordinary financial statements and extraordinary financial statements of joint-stock companies prepared as of 1 January 2010 and thereafter. 

Article 40
This Act repeals:
Act no. 563/1991 Coll. on Accounting as amended by Act of the National Council of the Slovak Republic no. 272/1996 Coll., Act no. 173/1998 Coll., Act no. 336/1999 Coll., Act no. 387/2001 Coll., Act no. 483/2001 Coll. and Act no. 247/2002 Coll.
Article 41
This Act (no. 431/2002 Coll.) shall come into effect on 1 January 2003 except for article 3(4) to (7), which shall come into effect on 1 January 2004. 

This Act (no. 562/2003 Coll.) shall come into effect on 1 January 2004 except for paragraphs (1), (2) and (6), which shall enter into force on 1 January 2005.

This Act (No. 561/2004 Coll.) shall come into effect on 1 January 2005 except for article I (27), which shall enter force on 1 January 2006.
This Act (no. 518/2005 Coll.) shall come into effect on 1 January 2006.
This Act (no. 688/2006 Coll.) shall come into effect on 29th December 2006.
This Act (no. 198/2007 Coll.) shall come into effect on 1 January 2008 except for  article 22a which shall come into effect on 1 January 2009 and article 20 paragraphs (6) trough (8) and article 39d which shall come into effect on the date of promulgation (i.e. 26 April 2007).
This Act (no. 540/2007 Coll.) shall come into effect on 1 January 2008.
This Act (no. 621/2007 Coll.) shall come into effect on 1 January 2008.

This Act (no. 378/2008 Coll.) shall come into effect on 1 December 2008.

This Act (no. 465/2008 Coll.) shall come into effect on 1 December 2008, except part. I, items 1 to 12, 15 and 16, part. II and XVII, which shall come into effect on 1 January 2009.

This Act (no. 567/2008 Coll.) shall come into effect on 1 January 2009.

This Act (no. 61/2009 Coll.) shall come into effect on 1 March 2009.

This Act (no. 492/2009 Coll.) shall come into effect on 1 December 2009.

This Act (no. 504/2009 Coll.) shall come into effect on 1 January 2010.

President of the Slovak Republic
President of the National Council of the Slovak Republic
Prime Minister of the Slovak Republic

Schedule to Act no. 431/2002 Coll. as amended
____________________________________________________________________________________
1) Article 18 of the Civil Code as amended by Act no. 509/1991 Coll.
2) Article 21 of the Commercial Code as amended by Act no. 500/2001 Coll.
3) For instance, Act no. 34/2002 Coll. on Foundations and consequential amendments to the Civil Code, as amended
4) Act no. 595/2003 Coll. on Income Tax as amended by Act no. 43/2004 Coll.
4a) Article 6(14) and (15) of Act 595/2003 Coll. as amended by Act No. 60/2009 Coll.
5) Article 3 of Act No. 523/2004 Coll. on Budgetary Rules of Public Administration and on the Amendments of some Acts
8) Article 4(2) of Act of the National Council of the Slovak Republic No.1/1993 Coll. on the Collection of Laws of the Slovak Republic as amended.
7a)) For example, Article 69(6)(d) of the Commercial Code.
7b)  Article 69a, paragraph (1) of the Commercial Code, as amended by Act No. 500/2001Coll.
 7c)  Article 69, paragraphs (3) and (4) of the Commercial Code, as amended.
9) Act No. 594/2003 Coll. on collective investment making and on the amendments of some Acts.
10) Article 61(1) of the Civil Code as amended by Act no. 500/2001 Coll.
11 ) Act no. 566/2001 Coll. on Securities and Investment Services and consequential amendments (Securities Act).
12 ) Act no. 95/2002 Coll. on Insurance and consequential amendments.
13 ) Act of the National Council of the Slovak Republic no. 270/1995 Coll. on the State Language as amended.
14 ) For instance, Act no. 483/2001 Coll. on Banks and consequential amendments, Article 14 of Act no. 595/2003 Coll.
15) For example Article 1 of the Act of the National Council of the Slovak Republic No. 566/1992 Coll. on the National Bank of Slovakia as amended, Article 3 of Act No. 594/2003 Coll. as amended
16 ) Article 37 of the Commercial Code as amended by Act no. 600/1992 Coll.
17 ) Act no. 461/2003 Coll. on Social Insurance as amended. 
19 ) ) Act No. 581/2004 Coll. on Health Insurance Companies, Supervision of Health Care and on the Amendment of Some Acts as amended by later regulations .
20 ) For example, article 12 of Act no. 147/1997 Coll. on Non-Investment Funds and consequential amendments to Act of the National Council of the Slovak Republic no. 207/1996 Coll.
21 ) Article 69b of the Commercial Code as amended by Act no. 500/2001 Coll.
22) Act no. 540/2001 Coll. on State Statistics
22a ) Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (special edition OJ, chapter 13/vol. 29; OJ L 243, 11.9.2002), as amended by Regulation (EC) No. 297/2008 of the European Parliament and of the Council of 11 March 2008, (OJ L 97, 9.4.2008), Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) of the European Parliament and of the Council No. 1606/2002 (OJ L 320, 29.11.2008) as amended.
22aa) Article 5 Letter j) of Act No. 594/2003 Coll.
22aaa) The Act of the National Council of the Slovak Republic No.258/1993 Coll. on Railways of the Slovak Republic as amended
22ab) For example Article 17 paragraph (1) letter c) of  Act No. 595/2003 Coll. as amended by Act No. 534/2005 Coll. – the Commercial Code.
22ac) The International Accounting Standard 27 para.point 38, International Accounting Standards 28 and 31, Regulation (EC) No. 1126/2008, as amended.
22ad) Article 64 of Act no.492/2009 Coll. on payment services and on the amendments of some Acts.
22b) Protocol on the Statute of the European System of Central Banks and of the ECB, Annex No. 18 to the Treaty Establishing the European Community (Notification No. 185/2004 Coll.)
22c) Article 2 of Act No. 540/2007 Coll. on Auditors, Audit, and Oversight of Audit and on Amendments and Supplements to Act No. 431/2002 Coll. on Accounting as amended.
23 ) Article 39 of the Commercial Code. 
24 ) For example, article 40 of Act no. 483/2001 Coll., article 34(3) of Act no. 34/2002 Coll. 
24a) Article 18 of Act No. 540/2007 Coll.
24aa) Act no. 80/1997 Coll. on the Export-Import Bank of the Slovak Republic as amended.
25 ) For instance, article 40 of Act no. 483/2001 Coll., article 35(4) of Act no. 34/2002 Coll.
26 ) Article 50 of Act no. 595/2003 Coll.
26a) Article 2 paragraph 1 and Article 21 paragraph 4 of Act No. 540/2007 Coll.
26aa) For example, Article 25 of Act No. 147/1997 Coll., Article 34 of Act No. 213/1997 Coll. on non-profit organisations providing social welfare services as amended by Act No. 35/2002 Coll.
27 ) For example, article 39 of Act of the National Council of the Slovak Republic no. 566/1992 Coll. as amended, article 35(2) of Act no. 34/2002 Coll. 
27a ) Article 161d(2) of the Civil Code.
28a) For example Act No. 581/2004 Coll. as amended.
28aa) Article 8 Letter (f) of Act No. 566/2001 Coll.
28b) Article 23 of Act No. 540/2007 Coll. 
28c) For example, Article 18 of Act No. 429/2002 Coll. on the Stock Exchange as amended.
28d) Article 40, paragraph (2) of the Commercial Code, as amended.
29) For example, Act of the National Council of the Slovak Republic no. 566/1992 Coll. as amended, article 35(4) of Act no. 34/2002 Coll.
29a) Category D of the Annex to Decree of the Slovak Statistical Office No. 552/2002 Coll., by which the Sector Classification of Economic Activities is published.
33 ) For example, Act No. 483/2001 Coll. as amended, Act No. 566/2001 Coll. as amended, Act No. 594/2003 Coll. as amended
33a) Article 28 paragraph (2) Act of the National Council of the Slovak no. 566/1992 Coll. as amended by Act no. 659/2007 Coll. Art. 12 paragraph (12.1) Protocol on the Statute of the European System of Central Banks and the European Central Bank (OJ C 321E, 29. 12. 2006). Art. 111. 1 to 3 of the Treaty establishing the European Community, as amended (OJ C 321E, 29. 12. 2006).
34) For example, Act no. 483/2001 Coll., Act no. 566/2001 Coll.
35) Article 59 of the Civil Code as amended by Act no. 500/2001 Coll.
35a) Act No. 594/2003 Coll. as amended, Act No. 43/2004 Coll. on old-age pension savings and on amendment of some acts as amended, Act No. 650/2004 Coll. on Supplementary pension savings and on amendment of some acts as amended.
35aa) Article 15, paragraph (1) of Act No. 25/2006 Coll. on Public Procurement and on modification and amendment of certain acts, as amended by Act No. 503/2009 Z. z.
35b) Article 20 paragraph 9 of Act No. 595/2003 Coll. as amended.
36) Article 20 of Act no. 595/2003 Coll.
37) Act of the National Council of the Slovak Republic no. 273/1994 Coll. as amended.
Act of the National Council of the Slovak Republic no. 274/1994 Coll. as amended.
Act of the National Council of the Slovak Republic no. 387/1996 Coll. as amended.
Act No. 280/1997 Coll. as amended.
Act of the National Council of the Slovak Republic no. 566/1992 Coll. as amended.
Act of the National Council of the Slovak Republic no.118/1996 Coll. on Deposit Protection and consequential amendments, as amended
Act No. 381/2001 Coll.
37a) Articles 73a to 73j of Act No. 594/2003 Coll. as amended by Act No. 213/2006 Coll.
38) The Commercial Code as subsequently amended.
39) Article 95 of Act No. 594/2003 Coll. on Collective Investments and consequential amendments.
40) deleted
41) Article 659 of the Civil Code as amended by Act no. 509/1991 Coll.
42) Article 553 of the Civil Code as amended by Act no. 509/1991 Coll.
43) Article 133 of the Civil Code as amended by Act no. 509/1991 Coll.
44) For example: Act no. 115/1998 Coll. on Museums and Galleries and on the Protection of Museum-Value and Gallery-Value Objects as amended; Act No. 183/2000 Coll. on Libraries and consequential amendments to Act of the Slovak National Council no. 27/1987 Coll. on State Care for Historical Monuments, and consequential amendments to Act no. 68/1997 Coll. on Matica slovenská, as amended by Act no. 416/2001 Coll.; Act no. 40/1961 Coll. on the Defence of the Czechoslovak Socialist Republic as amended; Act no. 383/1997 Coll. (Copyright Act); and the Act consequentially amending the Customs Act as amended by Act No. 234/2000 Coll.; Act of the National Council of the Slovak Republic No. 273/1994 Coll. as amended. 
45) Article 184 of the Labour Code.
45a)   For example, Act No. 222/2004 Coll. on Value Added Tax, as amended, Act No. 105/2004 Coll. on the Excise Duty on Spirit and on amendments to Act No. 467/2002 Coll. on the Production of Spirit and its Placement on the Market, as amended by Act No. 211/2003 Coll. as amended.
46) Act no. 92/1991 Coll. on the Conditions of Transfer of State Property to Other Persons as amended.
47 ) Article 2(1) and (8) of Act no. 483/2001 Coll.
47a) Act of the Slovak National Council no. 511/1992 Coll. on Administration of Taxes and Fees and on Changes in the System of Regional Financial Authorities.
47aa) Article 1 paragraph (2) letter e) of Act. 659/2007 Coll. on the introduction of the euro in the Slovak Republic and amending certain laws. 
47ab) Article 1 paragraph (2) letter c) No Act. 659/2007 Coll.
47ac) Decree of Ministry of Finance of the Slovak Republic no. 75/2008 Coll., laying down rules for reporting, conversion and rounding of monetary amounts in connection with the transition to the euro for the purposes of accounting, tax and customs purposes.
47ad) Article 1 paragraph (2) letter f) of Act. No. 659/2007 Coll. ". 

48) Article 46 of the Act of the Slovak National Council No. 511/1992 Coll. as amended.

Annex to Act. No. 431/2002 Coll. as amended

LIST OF TRANSPOSED LEGISLATION OF THE EUROPEAN COMMUNITIES AND THE EUROPEAN UNION

1.	Fourth Council Directive 78/660/EEC of  25 July 1978 based on Article 54 (3) (g) of the Treaty on the annual accounts of certain types of companies (Extraordinary issue of OJ EU, chap.17/ vol.1; OJ EC L 222, 14.8.1978), as amended by Council Directive 83/349/EEC of 13 June 1983 (Extraordinary issue of OJ EU, chap.17/ vol.1; OJEC L 193, 18.7.1983), Council Directive 84/569/EEC of 27. November 1984  (Extraordinary issue of OJ EU, chap.17/ vol.1; OJEC L 314, 4.12.1984), Council Directive 89/666/EEC of 21. December 1989 (Extraordinary issue of OJ EU, chap.17/vol.1; OJEC L 395, 30.12.1989), Council Directive 90/604/EEC of 8 November 1990 (Extraordinary issue of OJ EU, chap.17/vol.1; OJEC L 317, 16.11.1990), Council Directive 90/605/EEC of 8 November 1990 (Extraordinary issue of OJ EU, chap.17/zv.1; OJEC L 317, 16.11.1990), Council Directive 94/8/EC of 21 March 1994 (Extraordinary issue of OJ EU, chap.17/vol.1; OJEC L 82, 25.3.1994), Council Directive 1999/60/EC of 17 June 1999 (OJEC L 162, 26.6.1999), Directive of the European Parliament and Council 2001/65/EC of  27 September 2001 (Extraordinary issue of OJ EU, chap.17/vol.1; OJEC L 283, 27.10.2001), Council Directive 2003/38/EC of 13 May 2003 (Extraordinary issue of OJ EU, chap.17/vol.1; OJEU L 120, 15.5.2003), Directive of the European Parliament and Council 2003/51/EC of June 18, 2003 (Extraordinary issue of OJ EU, chap.17/vol.1; OJEU L 178, 17.7.2003), Directive of the European Parliament and Council 2006/43/EC of 17 May 2006 (OJEU L 157, 9.6.2006), Directive of the European Parliament and Council 2006/46/EC of 14 June 2006 (OJEU L 224, 16.8.2006) and Directive of the European Parliament and Council 2006/99/EC of 20 November 2006 (OJEU L 363, 20.12.2006).
2.	Seventh Council Directive 83/349/EEC of 13 June 1983 based on the Article 54 (3) (g) of the Treaty on consolidated accounts (Extraordinary issue of OJ EU, chap.17/vol.1; OJEC L 193, 18.7.1983) as amended by Council Directive 89/666/EEC of 21 December 1989 (Extraordinary issue of OJ EU, chap.17/vol.1; OJEC L 395, 30.12.1989), Council Directive 90/604/EEC of 8 November 1990 (Extraordinary issue of OJ EU, chap.17/vol.1; OJEC L 317, 16.11.1990), Council Directive 90/605/EEC of 8 November 1990 (Extraordinary issue of OJ EU, chap.17/vol.1; OJEC L 317, 16.11.1990), Directive of the European Parliament and Council 2001/65/EC of 27 September 2001 (Extraordinary issue of OJ EU, chap.17/ vol.1; OJEC L 283, 27.10.2001), directives of the European Parliament and Council 2003/51/EC of 18 June 2003 (Extraordinary issue of OJ EU, chap.17/ vol.1; OJEU L 178, 7.7.2003), Directive of the European Parliament and Council 2006/43/EC of 17 May 2006 (OJEU L 157, 9.6.2006), Directive of the European Parliament and Council 2006/46/EC of 14 June 2006 (OJEU L 224, 16.8.2006) and Directive of the European Parliament and Council 2006/99/EC of 20 November 2006 (OJEU L 363, 20.12.2006).
3.	Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions   (Extraordinary issue of OJ EU, chap.6/ vol.1; OJEC L 372, 31.12.1986) as amended by Directive of the European Parliament and Council 2001/65/EC of  27 September 2001 (Extraordinary issue of OJ EU, chap.17/ vol.1; OJEC L 283, 27.10.2001), Directive of the European Parliament and Council 2003/51/EC of 18 June 2003 (Extraordinary issue of OJ EU, chap.17/ vol.1; OJEU L 178, 17.7.2003) and Directive of the European Parliament and Council 2006/46/EC of 14 June 2006 (OJEU L 224, 16.8.2006).
4.	Council Directive 91/674/EEC of 19 December 1991 on the annual accounts and consolidated accounts of insurance undertakings (Extraordinary issue of OJ EU, chap.6/vol.1; OJES L 374, 31.12.1991) as amended by Directive of the European Parliament and Council 2003/51/EC of 18 June 2003 (Extraordinary issue of OJ EU, chap.17/ vol.1; OJEU L 178, 17.7.2003) and Directive of the European Parliament and Council 2006/46/EC of 14 June 2006 (OJ EU L 224, 16.8.2006).
5.	Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids (Extraordinary issue of OJ EU, chap.17/ vol 2; OJ EU L 142, 30.4.2004) – Art. 10(1), Art.10 (3), Art. 21.
6.	Directive 2006/43/EC of the European Parliament and of the Council  of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC (OJ EU L 157, 9.6.2006) – Art. 2(13), Article 37, Article 38 (1), Article 41, Article 49, Article 53. 
7.	Commission Directive 2006/111/EC of 16 November 2006 on the transparency of financial relations between Member States and public undertakings as well as on financial transparency within certain undertakings (codified version) (OJEU L 318, 17.11.2006) – Art. 1 through 4, Article 6, Article 8.