ACT No. 61/2009 Coll.
of 17 February 2009,
amending Act No. 431/2002 Coll. on Accounting as amended

The National Council of the Slovak Republic has passed the following Act:

Article I

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. a Act No. 567/2008 Coll. is amended as follows:

1. In Section 1(1)(a)(3), the comma at the end shall be deleted and the following words shall be added “except for natural persons who keep tax records pursuant to a separate regulation, 4a)”.

Footnote to reference 4a reads as follows:
“4a) Section 6(14) and (15) of Act 595/2003 Coll. as amended by Act No. 60/2009 Coll.”.

2. In Section 9(2)(c), the words “EUR 99,581.76” shall be replaced with the words “EUR 200,000”.

3. In Section 9(2)(d), the words “or receive subsidies (grants) from the state budget” shall be deleted.

4. In Section 9(2)(e), the words “EUR 99,581.76” shall be replaced with the words “EUR 200,000”.

5. In Section 19(1), the first sentence reads as follows:
“Ordinary individual financial statements and extraordinary individual financial statements shall be audited by an auditor if the accounting entity is,”

6. Section 19(1)(a) reads as follows:
“a)  a company, other than a joint stock 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 Section 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;”.

7. In Section 19(4), the full stop at the end shall be replaced with a semicolon and the following words shall be added “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)”.

Footnote to reference 26aa reads as follows:
“26aa) For example, Section 25 of Act No. 147/1997 Coll., Section34 of Act No. 213/1997 Coll. on non-profit organisations providing social welfare services as amended by Act No. 35/2002 Coll.”.

8. In Section19, paragraph 5 shall be added and reads as follows:
“(5) The accounting entity does not have to have interim individual financial statements and interim consolidated financial statements audited by an auditor.”.

9. In Section 22(10)(a), the words “EUR 11,617,871.61” shall be replaced with the words “EUR 17,000,000”.

10. In Section 22(10)(b), the words “EUR 23,235,743.21” v replaced with the words “EUR 34,000,000”.

11. In Section 28(3), the following sentence shall be added at the end:
“The accounting entity under Section 9(2) using the system of single-entry bookkeeping may determine depreciations in its depreciation schedule in line with a separate regulation 4a) if that separate regulation provides for different depreciations than as defined under this Act.”. 

12. Section 28(4) reads as follows:
“(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 goodwill and development costs shall be amortised by the accounting entity within 5 years of their acquisition. Negative goodwill shall be amortised by the accounting entity within 5 years of its 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.”.

13. In Section 32(2), the full stop at the end of the second sentence shall be replaced with a comma and the following words shall be added: “which may be any similar verifiable accounting record in a technical form, mutually acceptable by the accounting entities.”.

14. Section 39f shall be inserted behind Section 39e and reads as follows, including the title:					
“Section 39f
Transitional provisions regarding amendments effective from 1 March 2009

(1) A natural person who had been an accounting entity before 28 February 2009 and after 1 March 2009 decided to keep tax records pursuant to a separate regulation 4a) shall close its accounting books as at 28 February 2009; no financial statements are prepared. The natural person shall forward the information contained in the accounting books into its tax records in the scope required for tax record purposes pursuant to a separate regulation. 4a) 

(2) Section 9, 19, 22 and 28 effective from until 1 March 2009 shall apply to financial statements prepared as at 1 March 2009 or later.”.
Article II

This Act shall come into effect on 1 March 2009.