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., Act no. 504/2009 Coll., Act no. 486/2010 Coll., Act no. 547/2011 Coll., Act no. 440/2012 Coll. and Act no. 352/2013 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,
c) financial statements register (hereinafter “register“).
(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.

5)	For the purposes of this Act, an enterprise, cooperative, natural person under article 1(1)(a)(3) keeping accounts in the double-entry bookkeeping system, natural person pursuant to a separate regulation4b) and land community4c) are considered a micro accounting entity if
a)	for the accounting period in which they were established, they have decided to operate as a micro accounting entity; or
b)	as of the financial statements date and for the immediately preceding accounting period, they have not exceeded two of the following conditions:
1.	its total assets did not exceed EUR 350,000; 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 did not exceed EUR 700,000; 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 did not exceed 30 during the accounting period; or
c)	it exceeded two of the conditions under (b) only in one of two consecutive accounting periods and was considered a micro accounting entity in the first of these two accounting periods under (a) and (b).
(6)	An accounting entity that meets the conditions under paragraph 5(b) and (c) becomes a micro accounting entity if it decides so; that accounting entity shall keep accounts and reports as a micro accounting entity for the period during which it meets the conditions under paragraph 5(b) and (c).
(7)	Paragraph 5 does not apply to the accounting entity referred to in article17a.
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 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 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, procedures and location of filing 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, consolidated financial statements, if applicable, issued an annual report according to article 20 or a consolidated annual report, if applicable, published the data according to article 23d, deposited documents according to article 23a 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.
(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) 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.
(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 the accounting period from the date of entering into liquidation proceedings to the date of their conclusion shall open its books of account as of the date of entering into liquidation proceedings and shall close its books of account as of the date when the proceedings are concluded.
(8) An accounting entity in the accounting period from the date, on which a declaration of bankruptcy takes effect, to the date, on which a decision on the discharge of bankruptcy takes effect, shall open its books of account as of the date, on which a declaration of bankruptcy takes effect, and shall close its books of account as of the date, on which 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.
(13) An accounting entity keeping accounts in the single-entry bookkeeping system shall observe the principle that the closing balances of assets and liabilities in individual books of account as at the date of financial statements must be identical to the opening balances of assets and liabilities in individual books of account as of the first day of the following accounting period.
PART THREE
Financial statements

Article 17
(1)	Financial statements are a structured representation of the facts, representing the subject to accounting, to persons who use this information (hereinafter referred to as "Users"). An accounting entity shall prepare financial statements in cases provided for by this Act in the structure, which follows the bookkeeping system used by the accounting entity. The financial statements represent an integral whole.

(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 their place of business, 

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 pursuant to article 1(1)(a)(3).

(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) 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 pursuant to separate regulations22a) shall be prepared by the following accounting entities:
a)	a bank, the Export-import bank of the Slovak Republic, an asset management company, an insurance company except for a health insurance company,19) a reinsurance company, the Slovak Office of Insurers, a pension asset management company, supplementary pension company, the Stock Exchange and an accounting entity established under a separate regulation;22aaa)

b)	a branch of foreign bank, a branch of a foreign asset management company, a branch of an insurance company from another Member State, a branch of a foreign insurance company, a branch of a reinsurance company from another Member State and a branch of a foreign reinsurance company.

(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 170 000 000; while total assets being defined as total assets ascertained from the balance sheet before adjustments by items specified in article 26(3),
b)	its net turnover exceeded EUR 170 000 000, the term ‘net turnover’ for this purpose means revenues from the sale of goods, merchandise and services, as well as other revenues from the ordinary course of the accounting entity’s business, less any discounts,
c)	the average calculated number of employees exceeded 2,000 in a particular accounting period.

(3) An accounting entity, except for accounting entities referred to in paragraph 1 or paragraph 2, may decide to prepare individual financial statements pursuant to a separate regulation22a) if it
a)	has issued securities in the accounting period and they have been admitted to trading on a regulated market;22aa) or
b)	is a payment institution,22ad) an  electronic money institution, a broker, a branch of a foreign broker that is not a bank at the same time, a branch of a foreign bank, an asset management company or a branch of a foreign asset management company; or
c)	is a successor accounting entity and the accounting entity being wound up, or the successor accounting entity, prepared individual financial statements pursuant to a separate regulation22a) prior to the decisive date7a); or
d)	is a newly established subsidiary accounting entity that meets, as at its first individual financial statements date, the conditions pursuant to paragraph 2 and, at the same time, its parent accounting entity that is governed by the laws of any of the European Union Member States prepared individual financial statements pursuant to a separate regulation. 22a)

(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)

(7) An accounting entity preparing financial statements according to paragraphs 1 through 6 must prepare an overview of data selected from financial statements. The scope, method, location and deadline for the filing of the overview of data selected from financial statements shall be stipulated by a Measure of the Ministry of Finance. The Ministry of Finance shall promulgate the Measure by announcing its publication in the Collection of Laws of the Slovak Republic.

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. The profit and loss statement under the interim financial statements of a micro accounting entity shall show the information according to the first sentence as at the date of the interim financial statements prepared for the relevant part of the accounting period.
(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.
(7)	The interim financial statement provided by a separate regulation 22ca) is delivered to a tax authority within the time limit for filing the tax return.
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 without any delay, however not later than one month from the resignation or dismissal of an auditor, the Oversight Authority for Audit Performance in writing about the resignation or dismissal of an auditor during the course of execution of an audit and explain the reasons leading to the resignation or dismissal.
(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 35 000, 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, except for an accounting entity referred to in article 17a(1)(b) and a branch of a foreign broker 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
delete
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 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, 
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, 
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,
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) A parent accounting entity has no obligation to prepare consolidated financial statements unless as of the date of financial statements and for the immediately preceding accounting period, based on its individual financial statements and the individual financial statements of all its subsidiary accounting entities, any two of the following conditions have been met: 

a) total assets of the parent accounting entity and subsidiary accounting entities exceeded EUR 17,000,000; the term "total assets” being defined for this purpose as total assets ascertained from the balance sheets adjusted for items specified in article 26 paragraph 3, 

b) the net turnover of the parent accounting entity and subsidiary accounting entities exceeded EUR 34,000,000; the term „net turnover” being defined for this purpose as revenues from the sale of goods, merchandise and provided services, as well as other revenues from the ordinary course of the accounting entity´s business, less any discounts, and 
c) the average equivalent 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) The obligation to prepare consolidated financial statements and a consolidated annual report shall not apply to a parent accounting entity if the preparation solely of individual financial statements of the parent accounting entity has no substantial impact on the view of the financial situation, costs, revenues and profit/loss for the consolidated group; the provisions of paragraph 10 and 11 shall not apply in that case.

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

(14) 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.

(15) 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.

(16) 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.

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

(18) An accounting entity that prepares financial statements pursuant to paragraphs 1 through 17 shall be 
obliged to prepare an overview of selected data from financial statements. The scope, method, location and deadline for the filing of the overview of data selected from financial statements shall be stipulated by a Measure of the Ministry of Finance. The Ministry of Finance shall promulgate the Measure by announcing its publication in the Collection of Laws of the Slovak Republic.

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 the general government shall be prepared by the Ministry of Finance on the basis of consolidated financial statements of the central government according to paragraph 2, consolidated financial statements of municipalities, consolidated financial statements of higher territorial units, financial statements of general government entities,5) that do not prepare consolidated financial statements according to paragraph 1, and financial statements of legal persons with state equity participation established pursuant to separate regulations.29b)

(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 and consolidated financial statements of the central administration shall be audited by a statutory auditor.
(6) An accounting entity that prepares consolidated financial statements according to paragraph 1 shall be obliged to prepare a consolidated annual report. If an accounting entity specified under paragraph 1 holds an obligation to prepare an individual annual report, it may include data from the individual annual report into the consolidated annual report and thereafter not prepare the individual annual report as a separate document. 

(7) Accounting entities included in the consolidated financial statements pursuant to paragraphs 1 and 2, and accounting entities included in the summary financial statements of the general government pursuant to paragraph 3, shall be obliged to provide their individual financial statements and other information required for the preparation of consolidated financial statements and summary financial statements by the deadline and in the structure stipulated by the accounting entity that prepares the consolidated financial statements and summary financial statements, apart from such information and individual financial statements, the content of which is deemed confidential pursuant to separate regulations.29c)

PART FOUR

REGISTER

§ 23

(1) The register constitutes an information system of the general government, 29d) whereby the Ministry is its administrator (hereinafter “register administrator“). 

(2) The following is deposited in the register:
a)	ordinary individual financial statements;
b)	extraordinary individual financial statements;
c)	ordinary consolidated financial statements;
d)	extraordinary consolidated financial statements;
e)	summary financial statements of public administration;
f)	reports on selected data from financial statements pursuant to article 17a and 22;
g)	auditor’s reports;
h)	individual annual reports;
i)	consolidated annual reports;
j) 	annual financial reports under a separate regulation.29da) 

(3) An accounting entity may deposit financial statements in the register at its own initiative. Accounting entities that prepare annual financial reports under a separate regulation29da) shall deposit financial statements and annual report as part of an annual financial report within the deadline specified by a separate regulation.29da)

(4) The register administrator shall 

a) build, maintain and operate the register, 

b) collect and process data from financial statements, 

c) collect and process data from annual reports, 

d) perform a formal check of data presented in financial statements, 

e) render and provide access to documents specified under paragraph 2 to general government bodies and other entities in line with this Act. 

(5) Documents specified by paragraph 2 shall be kept in accordance with Article 35. Documents specified by paragraph 2 must be drawn up and deposited in the state language, and may be deposited also in a foreign language if decided so by the accounting entity. 

(6) The register has a public part and a non-public part. 

The public part of the register shall contain documents specified by paragraph 2 limited to the following entities: 

a) accounting entity that prepares financial statements pursuant to articles 17a and 22 except for an accounting entity referred to in article 17a paragraph 1 (b) and a branch of a foreign financial institution;29db), 

b) business enterprise, 

c) cooperative, 

d) state-owned company, 

e) general government entity, 

f) other accounting entity, provided that a separate regulation29e) requires that documents referred to in paragraph 2 of such an entity should be available to public. 

(7) The register administrator shall maintain and update the list of accounting entities. 

Article 23a

(1) Documents specified by Article 23 paragraph 2 shall be kept in either electronic or hardcopy form. 

(2) Documents referred to in article 3 paragraph 2 (c) through (i) and documents that the accounting entity has decided to deposit in a foreign language must be deposited in an electronic form. The documents referred to in article 23 paragraph 2 (a) and (b) in electronic form must be deposited by an accounting entity referred to in article 17a paragraph 1 and 3, the Investment Guarantee Fund, the Deposit Protection Fund, a health insurance company and persons referred to in a separate regulation.29f) Other accounting entities may deposit the document referred to in article 23 paragraph 2 (a) and (b) in either electronic or hardcopy form. The obligation to deposit documents referred to in article 23 paragraph 2 does not apply to the Slovak Information Service, an accounting entity not incorporated or established for commercial, purposes except for a public administration entity, if it is not required to submit a tax return pursuant to a separate regulation29g), or is not required to have its financial statements audited pursuant to a separate regulation29h), or is not required to deposit the documents under a separate regulation.29ha) 

(3) An accounting entity shall deposit its ordinary individual financial statements and extraordinary individual financial statements in the register no later than within six months of the date of its financial statements unless stipulated otherwise by separate regulations.29i) An accounting entity obliged to prepare ordinary consolidated financial statements or extraordinary consolidated financial statements according to Articles 22 or Article 22a shall be obliged to deposit the ordinary consolidated financial statements and extraordinary consolidated financial statements along with the Auditor's Report in the register within one year of the end of the accounting period. 

(4) Should an accounting entity fail to have its financial statements approved within the period stipulated under paragraph 3, it shall declare that its deposited financial statements have not been approved and that a notification of the date of financial statements approval will be deposited in the register later, in any case no later than within five working days of their approval. 

(5) An accounting entity obliged to have its financial statements audited pursuant to Articles 19, 22 and 22a, shall also deposit the Auditor's Report in the register. Should an accounting entity fail to have its financial statements audited within the period stipulated under paragraph 3, it shall declare that its deposited financial statements have not been audited and that the Auditor's Report shall be deposited at later stage, in any case no later than within one year of the end of the accounting period covered by the financial statements. An accounting entity making a subsequent deposit of an Auditor's Report shall specify the financial statements to which the deposited Auditor's Report pertains. 

(6) Should an accounting entity open its books of account according to Article 16 paragraph 10 after having deposited its financial statements, it shall deposit the new approved financial statements without undue delay, no later than within five working days of their approval. If the accounting entity changes the content of the financial statements already deposited in the register, it shall deposit new financial statements to the register without undue delay.

(7)	An accounting entity required to prepare an individual annual report shall deposit an ordinary individual annual report and extraordinary individual annual report in the register not later than within one year from the end of the accounting period for which that individual annual report is prepared, unless otherwise provided by a separate regulation.29ha) An accounting entity required to prepare a consolidated annual report shall deposit an ordinary consolidated annual report and extraordinary consolidated annual report in the register not later than within one year from the end of the accounting period for which those consolidated annual reports are prepared. The deposited annual reports do not have to contain financial statement and auditor’s report provided that those documents have already been deposited in the register separately.

(8)	An accounting entity shall bear responsibility for the correctness of deposited documents specified by Article 23 paragraph 2. An accounting entity obliged to have its financial statements audited pursuant to Articles 19 or 22, must not disclose any unaudited information in a manner that may mislead the information user into thinking that it has been audited. 

(9)	If the document served by the accounting entity contains personal information, the register administrator shall process such information in accordance with article 23b paragraph 4.

Article 23b

(1) Unless otherwise provided in paragraph 2, the documents referred to in article 23 paragraph 2 prepared as a hardcopy are served to a tax authority. For the purposes of this Act, the document served to a tax authority means a document containing correctly completed general requisites specified in article 17 paragraph 2 (a) and (b). The tax office shall convert the hardcopy documents into an electronic form and verify whether they contain correctly completed general requisites specified in article 17(2)(a) and (b). If the accounting entity failed to correctly complete the general requisites, the tax office shall invite that accounting entity to remove any incorrect information within a time limit prescribed by the tax authority. The tax authority shall forward, through the Financial Directorate of the Slovak Republic, the served document and notification pursuant to article 23a(4) in an electronic form to the register administrator within 10 business days for accounting entities referred to in article 23(6)(a) through (d) and within 30 calendar days for other accounting entities.

(2) Documents specified by Article 23 paragraph 2 of general government accounting entities shall be filed with the register administrator by using the State Treasury system.29j) 

(3) Documents pursuant to Article 23 paragraph 2 in electronic form shall be filed by using the electronic registry, the operation of which is specified by separate regulations.29k) The filing of documents is governed by separate regulations.29k) The Financial Directorate of the Slovak Republic shall forward the documents specified by Article 23 paragraph 2, which have been filed in electronic form, to the register administrator without undue delay. 

(4) The register administrator shall register, publish and provide access to any served document referred to in article 23(2) as deposited by the accounting entity not later than within five business days from its delivery to the register, either in the public or non-public part of the register. Any published documents referred to in article 23 paragraph 2 that are deposited and form content of the collection of deeds of the Companies Register29ka) are continuously sent by the register administrator, within 30 calendar days of their publication, through the Ministry of Justice of the Slovak Republic, to the collection of deeds of the Companies Register. These documents, including the information on the date of their deposition, are sent in an electronic form. At the same time, the register administrator shall send an annual financial report deposited pursuant to article 23 paragraph 2 (j), including the information on the date of its deposition, to the operator of the central register of registered information.29kb) The register administrator shall also apply the same procedure with respect to an additional delivery of notification referred to in 23a paragraph 4 and additional delivery of an auditor’s report referred to in article 23a paragraph 5.
(5) The delivery of documents referred to in article 23 paragraph 2 and notification referred to in article 23a paragraph 4 to the tax authority or to an electronic registry pursuant to paragraph 3 or through the state treasury system is considered the fulfilment by the accounting entity of its obligation to deposit and publish documents and notification.

(6) In the case of any doubts as to the correctness, veracity or completeness of documents, the accounting entity, notified to that extent by the register administrator, shall be obliged to address the doubts, supplement the incomplete data, correct the untruthful data or duly demonstrate the veracity of data. 

(7) The details of electronic communication and of the provision of electronic services shall be published by the register administrator on its website. 

Article 23c

(1) On its website, the register administrator shall provide in an electronic form as deposited by the accounting entity to the documents specified by Article 23 paragraph 2 of accounting entities under article 23 paragraph 6, that are in the public part of the register, to all persons free of charge. 

(2)	The documents of the accounting entities referred to in article 23 paragraph 2 that are deposited in the non-public part of the register pursuant to article 23 paragraph 6 shall be made available to the National Bank of Slovakia and a general government entity for the purposes related to their operations, and to the accounting entity to which they pertain; the National Bank of Slovakia and the general government entity have access to the documents through the register, the accounting entity to which they pertain has access to the documents based on a written request sent to the register administrator. In justified cases, access to the documents may also be provided to the National Bank of Slovakia and to a general government entities based on a written request, namely where technical conditions prevent access to the documents through the register. The register administrator shall provide access to these documents to other persons if so provided by a separate regulation.29l) The provision of information pursuant to a separate regulation29m) does not apply to the facts contained in the documents referred to in article 23 paragraph 2 deposited in the non-public part of the register.

(3)	The request referred to in paragraph 2 contains 
a)	applicant’s identification data, including the name of the accounting entity, registered office of a legal person or place of business of a natural person, and entity identification number;
b)	a list of documents the applicants seeks access to;
c)	a proof of authorisation to access the requested documents.
(4) The documents referred to in paragraph 2 may be provided in an electronic or hardcopy form; the documents in an electronic form are provided free of charge. A request delivered in an electronic form must be signed by a qualified electronic signature, otherwise it can be rejected. The procedure pursuant to paragraph 2 is governed by a general regulation on administrative proceedings.29n)

(5) Upon request and payment of an administrative fee, the register administrator shall provide to the requesting party a copy of the filed document specified by Article 23 paragraph 2 or a notice confirming that a specific document has not been filed with the register. The request for a copy of a filed document or for a notice confirming that a specific document has not been filed with the register may be submitted by electronic means as well. In the case that the electronic format of a filed document or the electronic format of a notice confirming that a specific document has not been filed with the register is requested, the register administrator shall provide it by electronic means 29d) signed by a guaranteed electronic signature. A copy of a document or a notice confirming that a specific document has not been filed with the register shall be issued by the register administrator within five working days of the payment date of the administrative fee.
Article 23d
(1) Individual financial statements are published through deposition in the register. Consolidated financial statements required to be prepared under this Act are published through deposition in the register. Individual financial statements and consolidated financial statements are deposited in the register as specified in article 23 through 23c.
(2) The accounting entity required to have its financial statements audited by an auditor pursuant to paragraph 19, 22 and 22a shall publish an auditor’s report through deposition in the register, unless otherwise stipulated by a separate regulation.29h) The auditor’s report is deposited in the register as specified in article 23 through 23c.
(3) The individual annual report and consolidated annual report are published through deposition in the register. The individual annual report and consolidated annual report are deposited in the register in a manner and within deadlines specified in article 23 through 23c.
(4) An accounting entity operating in compliance with article 22 paragraph 8 shall deposit consolidated financial statements prepared pursuant to article 22 paragraph 9 (a), along with an auditor’s report and a consolidated annual report, in the collection of deeds of the Companies Register within one year of the end of its accounting period; the consolidated financial statements may be deposited as part of the consolidated annual report.
(5) An accounting entity referred to in article 17a, except of an accounting entity referred to in article 17a paragraph 1 (b), shall publish the information on the deposition of individual financial statements in the register at its website at least for one year; the complete individual statements shall be published on the entity’s website at least for one year in the same scope and the same time limit as it is deposited in the register. 
(6) An accounting entity whose activities are classified in the category of industrial production according to a separate regulation29a) and whose net turnover for the immediately preceding accounting period exceeded EUR 250 000 000, shall 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 five 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.
(7) The provision of paragraph (6) shall apply to an accounting entity in which a public authority has a majority of voting rights because it holds an interest in that accounting entity or shares of that accounting entity carrying a majority of voting rights, even if held indirectly through other entities in which the authority holds a majority of voting rights.

PART FIVE
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) (hereinafter “reference rate“)
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) Apart from valuation specified under paragraph 4, the valuation of an increase in foreign currency purchased in EUR shall be based on the exchange rate at which the foreign currency was purchased, or on the reference rate as at transaction date. Apart from valuation specified under paragraph 4, the valuation of an increase in EUR in foreign currency purchased in an other foreign currency shall be based on the value of the other foreign currency in EUR, or the valuation of a foreign currency increase in EUR shall be based on the reference rate as at the transaction date. 

(4) The valuation of foreign currency, acquired as part of the construction of a currency derivative, as at the valuation date shall be based on the rate of a bank or branch of a foreign bank, which is a party to the currency derivative in question, or the valuation as at the valuation date shall be based on the reference rate as at the valuation date. If neither a bank nor a branch of a foreign bank is a party to the currency derivative, the valuation of foreign currency shall be based on the reference rate as at the valuation date.

(5) An accounting entity shall apply (Article 24(1)) the reference rate as at valuation date to convert 
a) securities denominated in foreign currency, 

b) money market instruments denominated in foreign currency,11) 

c) contracts for difference (CFD) denominated in foreign currency, 11) 

d) underlying instruments of derivatives denominated in foreign currency apart from the underlying instruments of currency derivatives, 

e) receivables and payables linked to assets pursuant to subparagraphs a) through d) hereinabove denominated in the same foreign currency as the assets. 

(6) The valuation of a decrease in the same foreign currency held in cash or in a foreign currency account may use for the conversion of foreign currency to EUR a price based on the weighted average principle or a method using the initial price for the valuation of an increase in the asset represented by foreign currency as the first price for the valuation of the disposal of this asset in EUR. If this foreign currency decrease is associated with the settlement of a payable, the valuation according to the first sentence shall be applied to the conversion of the foreign currency settlement of the payable amount into EUR. The rate applied for the valuation of receivables and payables in foreign currency associated with the accounting entries reflecting a paid or received advance in foreign currency shall be the rate as at the time of advance receipt or payment. 

(7) An accounting entity shall apply the selected accounting method of foreign currency translation to all accounting entries within a given transaction and to all transactions under paragraphs 1 through 6, and to their valuation during the accounting period and in the financial statements.

(8)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.
(9) 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 registered capital of business enterprises, derivatives and securities except for securities, interests in the share capital of enterprise that are not in the form of securities and derivatives specified under the third indent of subparagraph (e),
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,

      3. securities, derivatives and interests in the share capital, namely
3a.	securities held for trading;
3b.	securities being in the possession of a fund,35a) unless otherwise provided by a separate regulation;35ab) 
3c.	securities held for sale of a broker, in a payment institution and electronic money institution that do not operate pursuant to, article 17a paragraph (3), and in branch of a foreign financial institution29db) except for a branch of a foreign asset management company;  
3d.	derivatives being held in the possession of a fund;35a) 
3e.	derivatives of a broker, in a payment institution and electronic money institution that do not operate pursuant to article 17a paragraph (3), and in branch of a foreign financial institution29db) except for a branch of a foreign asset management company 
3f.	interests in the share capital of enterprises that are not in the form of securities and are in the possession of a fund;35a)

      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) acquired as investment instruments, except for bank deposits, and accounts payable of a fund35a) acquired to finance the fund shall be valued at their present 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 the requirement of true and fair presentation of facts pursuant to article 7 paragraph 1 has been met, and that the assets consist of identical types of inventory and identical types of securities in the portfolio of the accounting entity, a disposal valuation based on the weighted average principle or on the method applying the initial price used for the valuation of an increase in the respective type of asset as the first price for the valuation of the disposal of this asset, may be deemed a valuation method in compliance with Paragraph 1. 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.
(7) A micro accounting entity, an accounting entity not incorporated or established for commercial purposes, and an accounting entity that keeps accounts in the single-entry bookkeeping system, is not required to value assets and liabilities referred to paragraph 1(e)(3).

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 regulation.35b) An accounting entity not incorporated or established for commercial purposes is not required to apply the provision of paragraph 1 through 4, except for depreciation of assets in which case it may apply a depreciation method pursuant to a separate regulation.35c)

Article 27
(1) Individual assets and liabilities shall be valued as of the valuation date pursuant to article 24 paragraph 1 (b) or (c): 

a) securities and interests in the share capital: 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) and interests in the share capital of enterprises that are not in the form of securities and have been acquired into the possession of a special share fund of alternative investments under a separate regulation37b),  
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 in the relevant assets, which a stock exchange arranges, is an active market, if the price is not stated on this date, an accounting entity not referred to in article 25 paragraph 1 letter (e)(3) may use the immediately preceding final price announced not sooner than on the tenth day before this date; or
b)	the most numerous offer price at another active market on the date of valuation according to article 24 paragraph 1 where the valuation according to (a) cannot be applied; if no offer price is stated on this date at the market, an accounting entity not referred to in article 25 paragraph 1 letter (e)(3) may use the immediately preceding final offer price announced not sooner than on the tenth day before this date.
(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) Where the market price cannot reliably be established, the fair value shall be set using a qualified estimate that is generally based on the present value of future cash revenues from assets and future cash expenses on assets; a discount rate shall be determined as an internal rate of return required by investors for the given type of assets as at the date of their valuation.
(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 paragraph (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.
(11) A micro accounting entity, an accounting entity not incorporated or established for commercial purposes, and an accounting entity that keeps accounts in the single-entry bookkeeping system does not value, as at a financial statements date, its assets and liabilities at their fair value, except for the assets and liabilities referred to in paragraph 1(d), and does not value its assets using the equity method referred to in paragraph 9.
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. An accounting entity referred to in article 9 paragraph 2 that keeps accounts in the single-entry bookkeeping system and an accounting entity not incorporated or established for commercial purposes may determine, in a depreciation plan, depreciation under a separate regulation35c), if determined differently to this act in that separate regulation.
(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 SIX
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 paragraph 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 four years. The accounting entity shall take stock of cash as at the financial statements date.
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  or person 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 SEVEN
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:
a) 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,
b) 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 paragraph 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 23d), 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 be secured by a signature record. The accounting record shall be secured 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 overviews of selected financial statements data specified in Articles 17a and 22 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 obliged to have its financial statements audited pursuant to Articles 19 or 22, shall be obliged to store the Auditor's Report for a period of ten years following the respective audited year. 
(5) 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) paragraph 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 EIGHTH
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 NINE
Final provisions

Article 38
(1) An accounting entity shall be considered to have committed an administrative delict, if 

a) it failed to prepare financial statements pursuant to article 6 paragraph 4, 

b) failed to open its books of account or failed to close its books of account pursuant to article 16, 

c) has not deposited the documents and notification pursuant to article 23a and 23b and has not published documents pursuant to article 23d, 

d) failed to have the financial statements audited or to verify the correlation of data in the financial statement with data in the annual report, thus violating provisions in articles 19, 22 or 22a, 

e) failed to provide for the appointment of an auditor or for the dismissal of the auditor pursuant to article 19 paragraph 2, 

f) failed to constitute an audit committee pursuant to article 19a, 

g) failed to ensure bookkeeping pursuant to article 8 and this failure led to incorrect presentation of facts in the financial statements, 

h) failed to ensure bookkeeping pursuant to article 8 and this failure did not frustrate the presentation of facts in the financial statements, 

i) breached provisions of article 9, 

j) breached provisions of article 17, 

k) failed to apply valuation procedures pursuant to articles 24 through 28, 

l) breached provisions of article 31, 

m) breached provisions of article 34, 

n) breached provisions of article 35. 

(2) The tax authority shall penalize administrative delicts 

a) pursuant to paragraph (1)(a) by a fine of up to 1,000,000 euro, 

b) pursuant to paragraph (1) subparagraphs (b) through (g) by a fine of up to two per cent of the amount of total assets reported 

1. in the balance sheet covering the inspected accounting period with valuation adjustments for items under article 26 paragraph (3), however not exceeding 1,000,000 euro, 

2. in the statement of assets and liabilities prepared for the inspected accounting period, however not exceeding 1,000,000 euro, 

c) pursuant to paragraph (1) subparagraphs (i) through (n) by a fine of up to two per cent of the amount of total assets reported 

1. in the balance sheet covering the inspected accounting period with valuation adjustments for items under article 26 paragraph (3), however not exceeding 100,000 euro, 

2. in the statement of assets and liabilities prepared for the inspected accounting period, however not exceeding 100,000 euro, 

d) pursuant to paragraph (1) subparagraph (h) by a fine of up to two per cent of the amount of total assets reported 

1. in the balance sheet covering the inspected accounting period with valuation adjustments for items under article 26 paragraph (3), however not exceeding 1000 euro, 

2. in the statement of assets and liabilities prepared for the inspected accouting period, however not exceeding 1000 euro. 

(3) The bookkeeping and reporting, which is in compliance with separate regulations,22a) shall not be considered a violation of the obligations laid down by this Act in the accounting entities for which these obligations arise from article 17a. 

(4) The tax authority shall be entitled to conduct an inspection of the accounting entity's compliance with the provisions of this Act. The Tax Code shall apply mutatis mutandis to the conduct of inspections, procedure of fine imposition and its enforcement, and to appeal procedures against fine decisions. 

(5) When imposing a fine pursuant to paragraph (2), the tax authority shall take into account the gravity, scope, duration, consequences and circumstances of the administrative delict. When imposing a fine for the inspected accounting period, the tax authority shall take into account whether the accounting entity recorded, pursuant to article 3 paragraph (1), accounting entries that rectified the mistakes in the inspected accounting period in some other accounting periods. Furthermore, the tax authority shall take into consideration whether the accounting entity has notified in writing the local competent tax authority of the accounting entry type and amount, which rectified the mistakes in the inspected accounting period, recorded in the current accounting period, and has done so before the inspection started pursuant to separate regulations48). 

(6) The tax authority shall impose a fine according to paragraph (2) within one year from the day it became aware of the administrative delict, however, no later than within five years as of the end of the accounting period, in which the administrative delict was committed. 

(7) Collected fines shall represent a revenue source of the state budget.
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 legally binding acts of 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 39h
Transitional provision concerning amendments effective as of 31 December 2010
 
The provision of Article 22, paragraph 12, applicable as of 31 December 2010, shall for the first time be applied to assessing the obligation to prepare consolidated financial statements and a consolidated annual report compiled as at 31 December 2010 and onwards.
Article 39i
Transitional provisions to the amendments effective as of 1 January 2012

(1) An association of landowners that kept its accounts in the single-entry bookkeeping system, shall start keeping its accounts in the double-entry (accrual) bookkeeping system as of 1 January 2012 if its accounting period equals a calendar year, or as of the first day of the accounting period beginning after 1 January 2012 if its accounting period equals a financial year. 

(2) Article 22 paragraph (10), in its wording effective as of 1 January 2012, shall be applied for the first time to the assessment of conditions underlying the preparation of consolidated financial statements and a consolidated annual report for the accounting period starting 1 January 2012 and later. 

(3) Article 23a shall be applied for the first time to the filing of documents related to the financial statements prepared as of 31 December 2012 and later. 

(4) Any procedure pursuant to article 38 that was launched prior to 1 January 2012 shall be governed by the provisions effective up to 31 December 2011. Fines for a violation of the provisions of this Act that occurred prior to 1 January 2012 shall be governed by the provisions of this Act in their wording effective as of 1 January 2012 if these are more favourable for the accounting entity.
Article 39j
Temporary provisions on amendments effective from 1 January 2014
(1) The provisions of article 2 paragraph 5 through 7 in the wording effective from 1 January 2014 shall for the first time apply to an accounting period commencing on or after 1 January 2014.
(2) The provisions of article 17a paragraph 2 (a) and (b) in the wording effective from 1 January 2014 shall for the first time apply to financial statements prepared as at or after 1 January 2014.
(3) The provisions of article 17a paragraph 3 (c) and (d) in the wording effective from 1 January 2014 shall for the first time apply to financial statements prepared as at or after 1 January 2014.
(4) An accounting entity required to have its financial statements audited by an auditor pursuant to article 19 paragraph (4) shall, after 1 January 2014, comply with this requirement in accordance with the regulations effective until 31 December 2013 where an annual ratio of received tax, received before 31 December 2013, is involved. 
(5) An accounting entity required to publish its balance sheet and profit and loss statement in the Commercial Bulletin pursuant to article 21 paragraph (2) in the wording effective until 31 December 2013 shall, after 1 January 2014, comply with this requirement in accordance with the regulations effective until 31 December 2013 where it involves the publication of balance sheets and profit and loss statements for an accounting period ending not later than 31 December 2008.
(6) An accounting entity required to publish its balance sheet and profit and loss statement in the Commercial Bulletin pursuant to article 21 paragraph (2) in the wording effective until 31 December 2013 shall, after 1 January 2014, comply with this requirement in accordance with article 23b where it involves the publication of balance sheets and profit and loss statements for an accounting period ending between 1 January 2009 and 31 December 2012.
(7) An accounting entity required to publish its financial statements audited by an auditor in the Commercial Bulletin pursuant to a separate regulation29h) in the wording effective until 31 December 2013 shall, after 1 January 2014, comply with this requirement in accordance with the regulations effective until 31 December 2013 where it involves the publication of financial statements audited by an auditor for an accounting period ending not later than 31 December 2008.
(8) An accounting entity required to publish its financial statements audited by an auditor in the Commercial Bulletin pursuant to a separate regulation29h) in the wording effective until 31 December 2013 shall, after 1 January 2014, comply with this requirement in accordance with article 23b where it involves the publication of financial statements audited by an auditor for an accounting period ending between 1 January 2009 and 31 December 2012.
(9) The provisions of article 23 paragraph (2)(h) and (i) in the wording effective from 1 January 2014 shall for the first time apply to the deposition of annual reports prepared for an accounting period ending on or after 31 December 2013.
(10) The provisions of article 25 paragraph (7) and article 27 paragraph (11) shall for the first time apply to an accounting period commencing on or after 1 January 2014. The change in the valuation method shall be reported in financial statements covering an accounting period commencing on or after 1 January 2014.

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.

This Act (no. 468/2010 Coll.) shall come into effect on 31 December 2010.

This Act (no. 547/2011 Coll.) shall come into effect on 31 December 2011 except for Art. I paragraphs 1, 2, 4 through 11, 16, 17, 19, 20, Article 23, and Article 23a paragraphs 21, 22 through 35, which shall enter into force on 1 January 2012, and Art. I paragraphs 3, 13 through 15, Article 23b and Article 23c paragraph 21, and Art. II through V and Art. VII through XL, which shall enter into force on 1 January 2013.
This Act (no. 440/2012 Coll.) shall come into effect for the Art. III (Act. No. 431/2002 Coll.) and VII (Act. No. 547/2011 Coll.) on 30 December 2012.
This Act (no. 352/2013 Coll.) shall come into effect on 1 January 2014.
This Act (no. 463/2013 Coll.) shall come into effect on 1 January 2014.
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(11) of Act 595/2003 Coll. as amended.
4b) Article 27(2)(c) of the Commercial Code as amended.
4c) Act No. 97/2013 Coll. on land communities.

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) Act No. 492/2009 Coll. on payment services and on amendments to certain acts, as amended.
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.
22ca) Article 14 paragraph (2) of Act. No. 595/2003 Coll. as amended by Act. No. 688/2006 Coll.
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.
29a) Decree of the Statistical Office of the Slovak Republic No. 306/2007 Coll. establishing the statistical classification of economic activities.

29b) For example, Act No. 111/1990 on state enterprises as amended, Act of the National Council of the Slovak Republic No. 258/1993 Coll. as amended
29c) Article 2 of Act No. 215/2004 Coll. on the Protection of Confidential Information amending and supplementing certain acts as amended.
29d) Act No. 275/2006 Coll. on general government information systems and on amendments to certain acts as amended. 
29da) Article 34 of Act No. 429/2002 Coll. as amended.
29db) Article 6(21) of Act No. 483/2001 Coll. as amended by Act No. 46/2011 Coll.

29e) For example, Article 24 of Act No. 147/1997 Coll. as amended by Act No. 445/2008 Coll., Article 33 of Act No. 213/1997 Coll. as amended, Article 8 of Act No. 119/2010 Coll. on packaging and on amendments to Act No. 223/2001 Coll. on waste and on amendments to certain acts as amended, Act No. 90/2008 Coll. on the European grouping of territorial cooperation and on supplements to Act No. 540/2001 Coll. on state statistics as amended. 

29f) Article 14 of Act No. 563/2009 Coll. on tax administration (Tax Code) and on amendments to certain acts. 

29g) Article 41 paragraph 1 of Act No. 595/2003 Coll. as amended by Act No. 548/2010 Coll., Article 15 of Act No. 563/2009 Coll. 

29h) For example, Article 24 of Act No. 147/1997 Coll. as amended by Act No. 445/2008 Coll., Article 33 of Act No. 213/1997 Coll. as amended. 
29ha) For example, article 25 of Act No. 147/1997 Coll. as amended by Act No. 352/2013 Coll., article 34 of Act No. 213/1997 Coll. as amended, article 35 of Act No. 34/2002 Coll. as amended.

29i) For example, Article 24(3) of Act No. 147/1997 Coll., Article 33(4) of Act No. 213/1997 Coll., Act No. 595/2003 Coll. as amended. 

29j) Article 2 paragraph 2(h) of Act No. 291/2002 on State Treasury and on amendments and supplements to certain acts as amended. 

29k) Article 13, 14, 30 through 33 of Act No. 563/2009 Coll. as amended.
29ka) Article 3 of Act No. 530/2003 Coll. on the Companies Register and on amendments to certain other acts, as amended.
29kb) Article 48 of Act No. 429/2002 Coll. as amended.

29l) For example, Act No. 308/2000 Coll. on broadcasting and retransmission and on amendment of Act No. 195/2000 Coll. on telecommunications as amended, Act No. 566/2001 Coll. as amended.
29m) Act No. 211/2000 Coll. on free access to information and on amendments to certain acts (Freedom of Information Act) as amended.
29n) Act No. 71/1967 Coll. on administrative proceedings (the Administrative Code) as amended.
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) 	Art. 219 paragraphs 1 through 3 of the Treaty on the Functioning of the European Union as amended (OJ EU C 83, 30. 03. 2010). 
Art. 12 paragraph 12.1 of the Protocol on the Statute of the European System of Central Banks and of the European Central Bank (OJ EU C 83, 30. 03. 2010). 
Article 28 paragraph 2 of the Act of the National Council of the Slovak Republic No. 566/1992 Coll. on the Slovak National Bank as amended.
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. 43/2004 Coll. on the old-age pension saving scheme and on amendments to certain acts as amended.
Act No. 650/2004 Coll. on the supplementary old-age pension saving scheme and on amendments to certain acts as amended.
Act No. 203/2011 Coll. on collective investments and on amendments to certain acts.
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.
35ab) Article 88b of Act No. 43/2004 Coll. as amended by Act No. 334/2011 Coll.

35b) Article 20 paragraph 9 of Act No. 595/2003 Coll. as amended.
35c) Article 22 through 29 of Act No. 563/2003 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.
37b) Article 119 of Act No. 203/2011 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. 183/2000 Coll. on libraries, on supplementing Act of the National Council of the Slovak Republic No. 27/1987 Coll. on state conservation and preservation of monuments and historical sites and on the amendment of Act No. 68/1997 Coll. on Matica slovenska as amended, Act No. 49/2002 Coll. on the protection of monuments and historical sites as amended, Act No. 319/2002 Coll. on the defense of the Slovak Republic as amended, Act No. 618/2003 Coll. on copyrights and rights associated with copyrights (Copyright Law) as amended, Act No. 581/2004 Coll. as amended, Act No. 206/2009 Coll. on museums and galleries and on the protection of cultural valuables and on the amendment of the Act of the National Council of the Slovak Republic No. 372/1990 Coll. on minor offences 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 No. 563/2009 Coll.

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

LIST OF TRANSPOSED LEGALLY BINDING ACTS OF 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.
8.	Directive 2009/49/EC of the European Parliament and of the Council of 18 June 2009 amending Council Directives 78/660/EEC and 83/349/EEC as regards certain disclosure requirements for medium-sized companies and the obligation to draw up consolidated accounts (OJ L 164, 26.6.2009).
9.	Directive 2009/101/EC of the European Parliament and of the Council of 16 September 2009 on the coordination of safeguards which, for the protection of interests of members and third parties, are required by Member States of companies within the meaning of the second paragraph of Article 48 of the Treaty, with a view to making such safeguards equivalent (OJ EU L 258, 1. 10. 2009).
10.	Directive 2012/6/EU of the European Parliament and of the Council of 14 March 2012 amending Council Directive 78/660/EEC on the annual accounts of certain types of companies as regards micro-entities (OJ L 81, 21.3.2012).