Act of  23 March 2007 No. 198/2007 Coll.
 amending Act No. 431/2002 Coll. on Accounting as amended 
and on amendments of some acts

The National Council of the Slovak Republic has passed the Act as follows:
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. and Act No. 688/2006 Coll. is amended as follows:

1.	In Section 2, Subsection 4 letter a), the word "probably” shall be replaced by the words "virtually certain".

2.	In Section 3, Subsections 6 and 7 shall read as follows: 
„(6) An accounting entity shall apply an accounting period that is a financial year by written notice to the appropriate tax authority
a) within 30 days from the incorporation of the accounting entity or
b) not less than 15 days prior to a change of an accounting period of the accounting entity.47a)
(7) If the notice according to Subsection 6 has not been delivered to the appropriate tax authority within the term determined, the accounting entity may not apply the accounting period that is a financial year. The accounting entity shall apply the accounting period that is a financial year for at least one accounting period. The accounting entity shall proceed accordingly in the case of a change of a financial year to a calendar year or at a change of a financial year to another financial year.“.
3.	Section 3 shall be supplemented with Subsection 8, which shall read as follows:
„(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 Section 1 Subsection 1 Letter a) in the third clause.”.
The footnote to reference 5 shall read as follows:
“5) Section 3 of Act No. 523/2004 Coll. on Budgetary Rules of Public Administration and on the Amendments of some Acts.” 
4.	 In Section 4, Subsection 2 the words “in public administration“ shall be inserted behind the words “consolidated financial statements“ and the words “in public administration“ shall be inserted behind the word “consolidation“.
5.	The footnote to reference 9 shall read as follows:
“9) Act No. 594/2003 Coll. on collective investment making and on the amendments of some Acts.”.
6.	In Section 6, Subsection 4 the words “or according to Section 17a“ shall be inserted behind the words  “Sections 17 and 18“  and the words “and 22a“ shall be inserted behind the words “referred to in Section 22“.
7.	In Section 7, Subsection 4 shall be deleted.
The current Subsections 5 and 6 shall be renumbered to Subsections 4 and 5.
8.	The footnote to reference 15 shall read as follows:
“15) For example Section 1 of the Act of the National Council of the Slovak Republic No. 566/1992 Coll. on the National Bank of Slovakia as amended, Section 3 of Act No. 594/2003 Coll. as amended.“.
9.	 In Section 8, Subsection 5, the number "7" shall be replaced by the number "8". 
10.	 In Section 9 (2), Letter c) shall be deleted.
The current Letters d) and e) shall be remarked to Letters c) and d).
11.	In Section 10, Subsection 1 Letter a) shall read as follows:
”a) the word and numeric designation of the accounting document,“.
12.	In Section 16 the words “or settlement“ shall be deleted in the entire text.
13.	 In Section 16, Subsection 9, the number "9" shall be replaced by the number "10".
14.	In Section 17 (2), Letter c) shall be deleted. 
The current Letters d) through g) shall be remarked to Letters c) through f). 
15.	 In Section 17, Subsection 7, Letter c); the words “or settlement“ shall be deleted.
16.	In Section 17, Subsection 9, the words "to 5" shall be replaced by the words "and  4".
17.	In Section 17a Subsection 1, the full stop at the end shall be replaced by a semicolon and the following words shall be added: ”an accounting entity established by a separate regulation22aaa) shall proceed accordingly“.
The footnote to reference 22aaa) shall read as follows:
“22aaa) The Act of the National Council of the Slovak Republic No.258/1993 Coll. on Railways of the Slovak Republic as amended.”.
18.	 In Section 18, Subsection 1, the words "Section 25, Subsection 2” shall be replaced by the words "Section 26 Subsection. 3“.
19.	In Section 18, Subsection 1, a new sentence shall be added at the end to read as follows: ”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 statement shall be considered to be interim financial statements, while such financial statements have to be prepared in the extent of ordinary financial statements. .“.
20.	 In Section 18, Subsection 3 shall read as follows:
”(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 section 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 section 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.“.
21.	 In Section 18, Subsection 4, the second sentence shall read as follows: ”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.“.
22.	Section 18 shall be supplemented by Subsection 6, which shall read as follows:
„(6) The notes shall contain also a specification and amount of the expenses for the accounting period in a classification into the expenses for 
a) statutory audit of the financial statements  carried out by an auditor according to Sections 19 and 22 (12),
b) other assurance services,
c) tax advisory services and
d) other related services provided to the accounting entity by the auditor or auditing company in question.”.
23.	Section 19 (1) shall be followed by a new Subsection 2, which shall read as follows:
”(2) A general meeting or members’ meeting shall appoint and dismiss an auditor of the accounting entity according to Section 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 appoinmnet or dismissal of an auditor, on the basis of recommendation of the audit committee  or supervisory board. 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 auditorial procedures24a) may not be a reason for a dismissal of the auditor.“.
The existing Subsections 2 and 3 shall be renumbered to Subsections 3 and 4.
The footnote relating to reference 24a shall read as follows:
“24a) Section 31 of Act No. 466/2002 Coll. on Auditors and the Slovak Chamber of Auditors”. 
24.	 In Section 19, Subsection 4, the full stop at the end shall be replaced by a comma and the following words shall be added: ”for the accounting period, in which those financial means were used.“.
25.	 Section 19 shall be followed by Section 19a, which shall, including the title, read as follows:
"Section 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 Section 4.
(2) The audit committee shall consist of the members of board of directors or of members appointed by the general meeting. 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 monitors 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 Subsection 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 Subsection 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.”.
The footnote to reference 26a shall read as follows:
“26a) Section 2 Subsections 1 and 2 of Act No. 466/2002 Coll.”.
26.	 Section  20 shall be supplemented by new Subsections 6 and 8, which shall read as follows:
“(6) The accounting entity, which has issued securities, which has 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 directors and its committees,
g) information according to Subsection 7.
(7) The accounting entity that has issued securities, which has 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) a means of control of the system of employee shares, if the rights connected with these shares are not exercised by employees directly, 
f) the limitations of the rights to vote,
g) 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, 
h) the rules governing the appointment and removal of members of its statutory body or a change of by-laws,
i) the powers of its statutory body, especially about their power to decide about shares issue or about a repurchase of shares,
j) 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, 
k) 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 Subsections 6 and 7 to the general meeting.“.
Footnotes to references 28aa and 28c shall read as follows:
“28aa) Section 8 Letter (f) of Act No. 566/2001 Coll.
  28c) For example, Section 18 of Act No. 429/2002 Coll. on the Stock Exchange as amended.”.
27.	In Section 21(4) in the first sentence, a comma and the words "to which a duty to prepare the consolidated financial statements according to Section 22 shall apply," shall be inserted after the word “entity“.
28.	 In Section 21, Subsection 5 the words “within the same term“ shall be inserted after the words “within the same scope“.
29.	 In Section 22, Subsection 3, in the introductory sentence, the words “or a cooperative“ shall be replaced by a comma and the words “a cooperative or an accounting entity of public administration“.
30.	 In Section 22, Subsection 11, the number "9" shall be replaced by the number "8". 
31.	Section 22 shall be followed by Section 22a, which shall, including the title, read as follows:
"Section 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 Section 22, Subsection 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 Subsection 1, prepared by the chapters’ administrators. If the administrator of chapters is not obliged to prepare the consolidated financial statement according to Subsection 1, the individual financial statement of the administrator of chapters shall be used as a basis for preparation of the consolidated financial statements of the central administration.
(3) Summary financial statements of public administration shall be prepared by the ministry on the basis of the consolidated financial statements according to Subsection 2, consolidated financial statements of municipalities and consolidated financial statements of higher territorial units.  If a municipality or higher territorial unit is not obliged to prepare the consolidated financial statements according to Subsection 1, the individual financial statements of the municipality of the individual financial statements of the higher territorial unit shall be used as a basis for preparation of the summary financial statements. 
(4) Consolidated financial statements of accounting entities of public administration and summary financial statements of public administration shall be prepared pursuant to methods and principles of the consolidation established according to Section 4 Subsection 2.
(5) Consolidated financial statements of accounting entities of public administration, consolidated financial statements of the central administration and summary financial statements of public administration shall be audited by a statutory auditor.“. 
32.	The footnote related to reference 33 shall read as follows:
“33) For example, Act No. 483/2001 Coll. as amended, Act No. 566/2001 Coll. as amended, Act No. 594/2003 Coll. as amended.”.
33.	 In section 24, Subsection 3 shall read as follows:
“(3) An accounting entity purchasing or selling a foreign currency in exchange for the Slovak currency shall use the exchange rate at which the corresponding values have been purchased or sold. If the sale or purchase of a foreign currency is performed at an exchange rate different than the one offered by a bank, a branch of foreign bank or an exchange office in the exchange list, it shall use the exchange rate offered by a bank, a branch of foreign bank or an exchange office on the date of the transaction settlement for a purchase of sale of the currency in the exchange list. If the purchase or sale is not made with a bank, a branch of foreign bank or an exchange office, an exchange rate declared by the National Bank of Slovakia on the date of a transaction settlement shall be used.“.
34.	Section 24 shall be supplemented by Subsection 6, which shall read as follows:
“(6) Subsection 2 shall not apply to advance payments received and advance payments made to a balance sheet date.“.
35.	In Section 25, Subsection 1, in the introductory sentence, a comma and the words “unless this Act stipulates otherwise” shall be inserted after the word “liabilities”. 
36.	In Section 25, Subsection 1 Letter e) shall read as follows:
“(e) at the fair value according to Section 27 Subsection 2
      1.	assets and liabilities acquired as a result of  the contribution or purchase of an enterprise or a part thereof and assets and liabilities acquired by an exchange with the exception of the accounting entity recording in the system of single-entry accounting and the accounting entity not established or constituted for the purpose of enterprises,
      2. securities being in the possession of a fund35a) and securities held for trading and available for sale of brokers, which do not proceed according to Section 17a Subsection  1,
      3. 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“),
      4. precious metals being in the possession of a fund.9)“.
The footnote to reference 35a shall read as follows:
“35a) Act No. 594/2003 Coll. as amended, Act No. 43/2004 Coll. on old-age pension savings and on amendment of some acts as amended, Act No. 650/2004 Coll. on Supplementary pension savings and on amendment of some acts as amended.”.
37.	In Section 25, Subsection 2 shall read as follows:
“(2) The accounting entity having a duty of audited financial statements by a statutory auditor according to Section 19, Subsection 1 Letters a) and  b), shall value the receivables and liabilities with the maturity date longer than a year at present value, with the exception of deferred tax receivable and deferred tax liability. The accounting unit shall value the receivables and liabilities at the present value also after the termination of a duty to audit the financial statements by an auditor. The receivables and liabilities being in the possession of a fund35a) shall be valued at the present value, with the exception of the receivables and liabilities not payable in instalments and their agreed maturity date is shorter than a year; such receivables can be measured at a nominal value.“.
38.	In Section 25, Subsection 2 shall be followed by a new Subsection 3, which shall read as follows:
”(3) 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 outlfows shall be calculated as a sum of products of future monetary expenses and the relevant discount factors.“.
The current Subsections 3 and 4 shall be renumbered to Subsections 4 and 5.
39.	Section 26 shall read as follows:
“§ 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, then the liabilities shall be recorded in the financial statements at this determined valuation. For long-term liabilities, the discount factor 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) Subsections 1 to 4 shall not be applicable to accounting entities keeping accounts in the single-entry bookkeeping system, except for depreciation of assets and the creation of provisions being the recognized tax expense according to a special regulation35b).
The footnote to reference 35b shall read as follows:
“35b) Section 20 Subsection 9 of Act No. 595/2003 Coll. as amended.“
40.	 In Section 27, Subsection 1 Letter a) shall read as follows: 
 “a) securities: valued at market price or qualified estimate except for securities held until maturity, securities issued by the accounting entity itself and interests in the share capital of trading companies of which the accounting entity is a parent accounting entity or in which the accounting entity has a significant influence, understood to be a share of least 20 per cent of the voting rights, except for ownership interest in a property company according to special regulation37a), 
The footnote to reference 37a shall read as follows:
“37a) Sections 73a to 73j of Act No. 594/2003 Coll. as amended by Act No. 213/2006 Coll.”. 
41.	In Section 27, Subsection 1 shall be supplemented by Letters g) and h) which shall read as follows:
”g) commodities at market price,
  h) precious metals being in the possession of fund9) at market price.“.
42.	In Section 27, Subsections 3 through 5 shall read as follows:
”(3) Market price means
a)	final price stated on a stock exchange on the date of valuation according to Section 24 Subsection 1 Letter b), if a market with the relevant assets, which a stock exchange arranges, is an active market, if the price is not stated on this date, the immediately preceding final price announced not sooner than on the tenth day before this date shall be used, or if such price is not available,
b)	the most numerous price of offer at another active market on the date of valuation according to Section 24 Subsection Letter 1  b); in the case of no offer price on this date at the market, the price from the immediately preceding date shall be used in which was the offer price, but no earlier than from the tenth day before the date according to Section 24 Subsection1 Letter b).
(4) The active market according to Section 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 Subsection 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 Subsection 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.“.
43.	 In Section 27, Subsection 8, the words "Section 25, Subsection 2" shall be replaced by the words "Section 26 Subsection 3“.
44.	In Section 27(9) in the second sentence, the words “and non-negotiable securities acquired in primary issues“ shall be deleted“.
45.	Section 27 shall be supplemented by Subsection 10, which shall read as follows:
”(10) A participating certificate in fund assets35a)  shall be valued in the amount of its proportion of net assets of the relevant fund.“.
46.	In Section 28 , Subsection 1 the reference 40 shall be deleted.
      The footnote to reference 40 shall be deleted.
47.	 In Section 28, Subsection 4, the first sentence shall read as follows: 
”Tangible assets, excluding inventory and intangible assets excluding receivables shall be depreciated by the accounting entity during the assumed period of time of use corresponding to a consumption of future economic benefits from the assets.”
48.	 In Section 29, Subsection 2, the words "Section 25, Subsection 2" shall be replaced by the words "Section 26 Subsection 3“. 
49.	In Section 31, Subsection 1, the words "Subsection 4" shall be replaced by the words "Subsection  5“.
50.	In Section 31, Subsection 5 in the second sentence, the following words shall be added at the end: ”in the written form and in a technical form, if the accounting entity is keeping accounting records in a technical form.”
51.	In Section 35, Subsection 1, in the first sentence a comma and the word “theft” shall be inserted after the word “loss”.
52.	 In Section 38, Subsection 1, Letter b) shall be deleted.
53.	 In Section 38, Subsection 2, the introductory sentence shall read as follows: “For a breach of the obligations laid down in Section 4 Subsection, 1, Section 6, Section 7 Subsection, 1, Section 8 Subsection 1, Section 17 Subsections 3 and 4, Section 17a, Section 19, Section 19a, Section 20, Section 21, Section 22, Section 22a and Section 24, the tax authority may impose a fine of up to 3 per cent of the total amount of assets.”.
54.	In Section 38, Subsection 3, the full stop at the end shall be replaced by a comma and the following words added: ”in the accounting entities for which these obligations result from Section 17a.”.
55.	In Section 38, Subsection 5, the number "7" shall be replaced by the number "6".
56.	 In Section 38, Subsection 6 shall be deleted.
The existing Subsections 7 through 9 shall be renumbered as Subsections 6 through 8.
57.	  In Section 38, Subsection 6, a new sentence shall be added at the end read as follows: ”This provision shall be used only when the accounting entity does not disclose any assets.”
58.	 In Section 38, Subsection 7 the words “according to Subsection 1” shall be deleted and the word “three” shall be replaced by the word “five”.
59.	 Section 38 shall be supplemented by Subsection 9, which shall read as follows:
”(9) It is possible to appeal against the fine’s imposition.48)”.
The footnote to reference 48 shall read as follows:
“48)Section 46 of the Act of the Slovak National Council No. 511/1992 Coll. as amended.”   
60.	Section 39d shall be inserted after Section 39c, and shall read as follows:
”Section 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 Section 20 Subsection  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 Section 38 began before January 2008 the regulations effective to December 31, 2007 shall apply.”.
61.	 The Annex shall read as follows:
Annex to Act No. 431/2002 Coll. as amended

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

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

This Act shall come into force as of the date of its publication (note: 26.04.2007) except for clauses 1 through 11, 13 and 14, 16 through 25, 27 and 28, 30, 32 through 59, 61, which shall come into force on January 1, 2008 and clauses 29 and 31, which shall come into force on January 1, 2009.