Article III

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. and Act No. 61/2009 Coll. is hereby amended as follows:

1.	In Section 4, paragraph (3) shall have the wording as follows:
   “(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”.

Footnotes to references 7b and 7c shall have the wording as follows:
“7b)  Section 69a, paragraph (1) of the Commercial Code, as amended by Act No. 500/2001Coll.
  7c)  Section 69, paragraphs (3) and (4) of the Commercial Code, as amended.”.

2.	In Section 9, paragraph (2)(c), comma followed by the words “hunting organisations” shall be inserted behind the word “funds”.

3.	In Section 16, paragraph (1), sub-paragraph (e) shall have the wording as follows:
“e) as of the decisive date.”.

4.	In Section 16, paragraph (2) shall have the wording as follows:  
“(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.”.

5.	In Section 16, paragraph (4), sub-paragraph (c) shall have the wording as follows:
“c) as of the date preceding the decisive date”.

6.	In Section 17, paragraph (6), a new sentence shall be inserted behind the first sentence in the wording as follows:  “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”, and the following sentences shall be appended at the end: “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.	In Section 17, paragraph (7) shall have the wording as follows:
     “(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.	Footnote to reference 22 shall have the wording as follows:
“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.”.

9.	In Section 17a, paragraph (2), sub-paragraph (b) shall have the wording as follows:
“b) its net turnover exceeded EUR 165 969 594.40; 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,”.

10.	Footnote to reference 22ac shall have the wording as follows:
“22ac) International Accounting Standard 27, point 38; International Accounting Standards 28 and 31; Regulation (EC) No 1126/2008, as amended.”.

11.	In Section 18, paragraph (6) shall have the wording as follows:
“(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.”.

Footnote to reference 22c shall have the wording as follows:
“22c) Section 2 of Act No. 540/2007 Coll. on Auditors, Auditors and Oversight of the Audit Performance, which also amends and supplements Act No. 431/2002 Coll. on Accounting, as amended.”.	

12. In Section 19, paragraph (1)(a), the words “except for joint-stock company” shall be deleted.

13. In Section 19, paragraph (1), sub-paragraph (b) shall have the wording as follows:
“b) an enterprise and cooperative whose securities have been admitted to trading on a regulated market,”.

Footnote to reference 23 shall be deleted.

14. In Section 19, paragraph 2, the words “or an audit firm” shall be deleted.

15. In Section 20, paragraph (6)(f), the words “board of directors and its” shall be replaced by “boards of the company and their”.

16. In Section 20, paragraph (7), sub-paragraph (e) shall be deleted.

Sub-paragraphs (f) to (k) shall be renumbered into sub-paragraphs (e) to (j).

17. In Section 21, paragraph (1) shall have the wording as follows:
“(1)  The following accounting entities shall have the obligation to deposit with the collection of deeds of the Companies Register their ordinary financial statements and extraordinary financial statements, either separately or as part of the annual report:
a) joint-stock company, limited liability company, cooperative and state-owned company within 30 days of the approval of the financial statements or within the time limit laid down in a separate regulation,28d)
b)  the Export-Import Bank of the Slovak Republic within 30 days of the approval of its financial statements,
c)  general commercial partnership and limited partnership within seven months of the end of the accounting period.”.

Footnote to reference 28d shall have the wording as follows:
“28d) Section 40, paragraph (2) of the Commercial Code, as amended.”.

18. In Section 24, sub-paragraph (c) shall be added to paragraph (2) in the wording as follows:
“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.”.

19. In Section 25, paragraph (1)(d), the sixth indent shall be added in the wording as follows:
“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)“.

Footnote to reference 35aa shall have the wording as follows:
“35aa) Section 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.“.

20. In Section 25, paragraph (1)(e), the first indent shall have the wording as follows:
“1. assets acquired and liabilities assumed through the purchase of an enterprise or a part thereof”.

21. In Section 25, paragraph (1)(e), the first indent shall be followed by the second indent in the wording as follows: 
“2.  assets acquired and liabilities assumed as a result of the contribution of an enterprise or a part thereof and assets acquired and liabilities assumed through exchange, with the exception of the accounting entities that keep their books in the single-entry accounting system and the accounting entities not established or constituted for the purpose of doing business”.

     The second to fourth indents shall be renumbered into the third to fifth indents.

22. In Section 25, sub-paragraphs (f) and (g) shall be added to paragraph (1) in the wording as follows:
“f) at the fair value determined according to Section 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 Section 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.”.

23. In Section 25, new paragraph (2) shall be inserted behind paragraph (1) in the wording as follows:
“(2) The successor accounting entity shall value, at their real value under this Act, the assets 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.”.

     Paragraphs (2) to (5) shall be renumbered into paragraphs (3) to (6).

24. In Section 27, sub-paragraph (d) shall be added to paragraph (2) in the wording as follows:
“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 Section 25, paragraph (1)(g).”.

25. In Section 27, the words “Letter b” shall be deleted throughout the text of paragraph (3).

26. In Section 28, paragraph (4), the words “goodwill and” in the second sentence, and the entire third sentence shall be deleted.

27. In Section 36, paragraph (1) shall have the wording as follows:
“(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)“.

Footnote to reference 45a shall have the wording as follows:
 “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.

28. Section 39g shall be inserted behind Section 39f in the wording as follows:

“Section 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 Section 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. ”.