The Act of 6 December 2006 No. 688/2006 Coll. amending Act No. 595/2003 Coll. on income tax as amended  and on the amendment of some Acts

Act No. 431/2002 Coll. on Accounting as amended by Act No. 562/2003 Coll., Act No. 561/2004 Coll. and Act No. 518/2005 Coll. is amended as follows:

1. The footnote relating to reference 19 shall read as follows:
"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.”

2. Section 17a shall read as follows:
"Section 17a
   
    (1) Individual financial statements according to special regulations22a) shall prepare the accounting entity which is a bank, a branch of foreign bank, the Export-import bank of the Slovak Republic, an asset management company, a branch of an asset management company, an insurance company except for a health insurance company,19) a branch of a foreign insurance company, a reinsurance company, a branch of a foreign reinsurance company, the Slovak Office of Insurers, a pension asset management company, supplementary pension company and the Stock Exchange. 
  (2) Subsection (1) shall also apply to an accounting entity that is not listed in Subsection (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:
its total assets exceeded SKK 5,000,000,000; while total assets being defined as total assets ascertained from the balance sheet before adjustments by items specified in section 26(3),
its net turnover exceeded SKK 5,000,000,000,
c)	the average calculated number of employees exceeded 2 000 in a particular accounting period.
   (3) An accounting entity, except for an accounting entity according to Subsection (1), which has issued securities in the accounting period and these has been admitted to trading on a regulated market,22aa) which does not meet the conditions under Subsection (2); shall prepare the individual financial statements according to special regulations,22a) according to its optional decision. An accounting entity, which is a broker or a branch of a foreign broker and at the same time is not a bank, a branch of a foreign bank, an asset management company or a branch of an asset management company, shall prepare the individual financial statements according to special regulation, 22a) , according to its optional decision.
    (4)  An accounting entity referred to in Subsections (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 Subsections (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 Subsections (1) through (3) have ceased to exist. 
   (6) This Act shall apply to the accounting entities referred to in Subsections (1) through (2), unless the special regulations22a) stipulate it otherwise; it shall apply also to the accounting entities referred to in Subsection (3), if they take a decision to prepare the individual financial statement according to special regulations.22a)“.

The footnotes 22aa through 22ac shall read as follows:
 "22aa)      Section 5 Letter j) of Act No. 594/2003 Coll.
 22ab) 	For example Section 17 Subsection 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. 37, International Accounting Standards 28 and 31, Commission Regulation (EC) No. 2238/2004 of 29 December 2004 amending Regulation (EC) No. 1725/2003, adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and Council, as redards IFRS 1, IASs Nos 1to 10, 12 to 17, 19 to 24, 27 to 38, 40 and 41 and SIC Nos 1 to 7, 11 to 14, 18 to 27, 30 to 33 (OJ EU L 394, 31.12.2004).“.

3. Section 17b shall read as follows:
“Section 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.”.

4. In Section 20 (4) reference 14 shall be replaced by the reference 28a above the word “regulation”.

The footnote relating to reference 28a shall read as follows:
“28a) For example Act No. 581/2004 Coll. as amended.”.

5. In Section 21, subsection 2 and 4, reference 28a shall be replaced by the reference 28b above the word “contains”.

The footnote relating to reference 28b shall read as follows:
“28b) Section 15 ( 6) Letter e) of Act No. 466/2002 Coll. on Auditors and the Slovak Chamber of Auditors. “.

6. Section 27 (1) shall be added by the letter f), reading as follows:
„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.”. 
7. Section 39b (3) shall read as follows:
“(3) According to Section 17b Subsection 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.”.

8. The Annex shall be supplemented by Subsection 5, which shall read as follows:
“5. Commission Directive 80/723/EEC of 25 June 1980 on the transparency of financial relations between Member States and public undertakings (Extraordinary issue of OJ EU 8/1), as amended by Commission Directive No. 85/413/EEC of 24 July 1985, amending  Directive No. 80/723/EEC, on transparency of financial relations among member states and public enterprises (Extraordinary issue OJ EU 8/1), as amended by Commission Directive 2000/52/EC of 26 July 2000 amending and  Directive No. 80/723/EEC, on the transparency of financial relations among member states and public enterprises (Extraordinary issue of OJ EU 8/2), as amended by Commission Directive No. 2005/81/EC of 28 November 2005 amending Directive No. 80/723/EEC, on the transparency of financial relations among member states and public-law enterprises and financial transparency of some enterprises (OJ EU, L 312, 29.11.2005).”.

    This Act shall come into force as of the date of publication (note:. 29.12.2006).