Act No. 221 / 2015 Coll.
Act amending Act No. 563 / 1991 Coll., on Accounting, as amended, and certain other laws
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Law
Effective from 01.01.2016
Text versions:
01.01.2016
10.09.2015
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221
THE LAW
of 12 August 2015
amending Act No. 563 / 1991 Coll., on Accounting, as amended, and certain other laws
Parliament has decided on this law of the Czech Republic:
Amendment to the Accounting Act
Act No. 563 / 1991 Coll., as amended by Act No. 117 / 1994 Coll., Act No. 227 / 1997 Coll., Act No. 492 / 2000 Coll., Act No. 353 / 2001 Coll., Act No. 495 / 2002 Coll., Act No. 437 / 2003 Coll., Act No. 55 / 2004 Coll., Act No. 230 / 2006 Coll., Act No. 264 / 2006 Coll., Act No. 69 / 2007 Coll.
1. In Article 1 (1), the words "established in accordance with European Union1) 'shall be replaced by the words" incorporating the relevant European Union1) and shall be followed by the directly applicable European Union38) and shall be amended "and the words", the scope and manner of publication of information from accountancy' shall be inserted after the word "evidence'.
footnotes 1 and 38 read:
"(1) Directive 2013 / 34 / EU of the European Parliament and of the Council of 26 June 2013 on the annual accounts, consolidated accounts and related reports of certain types of undertakings, amending Directive 2006 / 43 / EC of the European Parliament and of the Council and repealing Directives 78 / 660 / EEC and 83 / 349 / EEC.
38) Regulation (EC) No 1606 / 2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards, as amended by Regulation (EC) No 297 / 2008 of the European Parliament and of the Council. '
(2) footnotes 1a and 37 are deleted, including the footnotes.
3. The following Sections 1a to 1f are inserted after Section 1, including the headings of Sections 1a, 1b and 1d:
Public interest entities
An entity having its registered office in the Czech Republic, which is:
(a) listed in Paragraph 19a (1),
(b) a bank under a law governing the activities of banks or savings and credit cooperatives under a law governing the activities of savings and credit cooperatives;
(c) an insurance or reinsurance undertaking under the law governing the business of insurance and reinsurance undertakings;
(d) a pension company under a law governing pension savings or supplementary pension savings; or
(e) by a health insurance undertaking.
Categories of entities and categories of groups of entities
(1) The micro entity is the entity that does not exceed at least 2 of those limits on the balance sheet date.
(a) total assets of CZK 9 000 000
(b) the annual total net turnover of CZK 18,000 000,
(c) the average number of employees during the accounting year 10.
(2) A small entity is one that is not a micro entity and does not exceed at least 2 of the above limits on the balance sheet date.
(a) total assets of CZK 100 000 000,
(b) annual total net turnover of CZK 200 000 000,
(c) the average number of employees during the accounting year 50.
(3) The median entity is that which is not a micro entity or a small entity and does not exceed at least 2 of the above limits on the balance sheet date.
(a) total assets of CZK 500,000 000
(b) annual total net turnover of CZK 1 000 000 000
(c) the average number of employees during the financial year 250.
(4) A large entity shall be that which, at the balance sheet date, exceeds at least the 2 frontier values referred to in paragraph 3.
(5) A large entity shall always be considered as:
(a) a body of public interest;
(b) the selected entity.
(1) A small group of entities is that which consists of a consolidated entity and consolidated entities and which, on a consolidated basis, does not exceed at least 2 of those limits at the balance sheet date.
(a) total assets of CZK 100 000 000,
(b) net turnover 200 000 000 CZK,
(c) the average number of employees during the accounting year 50.
(2) The central group of entities is that which is not a small group of entities and consists of a consolidated entity and consolidated entities and which does not exceed at least 2 of those limit values on a consolidated basis at the balance sheet date.
(a) total assets of CZK 500,000 000
(b) annual total net turnover of CZK 1 000 000 000
(c) the average number of employees during the financial year 250.
(3) A large group of entities is that which consists of a consolidated entity and consolidated entities and which, on a consolidated basis, exceeds at least the threshold value referred to in paragraph 2 at the balance sheet date.
Definition of certain terms
(1) Total assets are, for the purposes of this Act, the sum of assets recorded on the balance sheet.
(2) For the purposes of this Act, the annual total net turnover shall be the amount of revenue less sales discounts, divided by the number of months in which the financial year began and multiplied by 12.
(3) The average number of employees for the purposes of this Act is the average recorded number of employees according to the Czech Statistical Office methodology.
(1) In the first financial year after its inception or start-up, an entity shall apply the rules for such a category of entities and a category of groups of entities for which it can reasonably be expected to meet its conditions on the balance sheet date of the first financial year.
(2) If, on two consecutive balance sheet days of regular financial statements, an entity or a group of entities exceeds or ceases to exceed two frontier values pursuant to Sections 1b and 1c, it shall, from the beginning of the immediately following financial year, change the entity's category or group of entities according to which the scope and manner of drawing up of financial statements and consolidated financial statements is determined.
(1) An entity under Paragraph 1 (2) (a) and (b) may keep simple accounts where:
(a) is not a payer of value added tax;
(b) its total revenue for the last closed financial year does not exceed CZK 3 000 000,
(c) the value of her property shall not exceed CZK 3 000 000; and
(d) is
1. by association and subsidiary,
2. trade union, trade union, international trade union and international trade union;
3. employers' organisations, employers' subsidiaries, employers' international organisations and employers' branches,
4. Church and religious society or church institution which is a legal person registered under the Act governing the status of churches and religious societies; or
5th Hunting Society.
(2) The entities referred to in paragraph 1 may keep simple accounts when setting up or starting up an activity where it can reasonably be expected to meet the conditions set out in paragraph 1 on the balance sheet date of the first financial year.
(3) If an entity that keeps simple accounts ceases to meet the conditions for carrying out the simple accounting set out in paragraph 1, it shall keep the accounts in full or in a simplified manner in accordance with Paragraph 13a, from the first day of the financial year following that in which the entity ascertains that fact. Except in the case of termination of an activity, that entity may terminate the accounting in full or in a simplified manner and start carrying out simple accounting at the earliest after 5 consecutive financial years in which it has kept accounts in full or in a simplified manner.
(4) Total revenue is, for the purposes of simple accounting, the sum of revenue determined from the statement of revenue and expenditure for the financial year. The total revenue shall not include interim items and revenue from the sale of fixed assets, and revenue random and exceptional.
(5) For the purposes of simple accounting, the value of assets shall be taken to mean the sum of assets determined from the inventory of assets and liabilities drawn up at the balance sheet date. The total of the assets shall not include claims on the sale of fixed assets and their remuneration, claims on a random and extraordinary basis and their remuneration.
(6) The method of transition from full or simplified accounting to simple accounting and from simple accounting to full or simplified accounting shall be laid down in implementing legislation. ';
4. In Article 2, the words "which keep accounts in full or in a simplified manner 'shall be inserted after the word" units' and the words "double entry 'shall be inserted after the word" units'.
5. In Article 2, the current text becomes paragraph 1 and the following paragraph 2 is added:
"(2) The subject of simple accounting shall be expenditure and revenue, assets and liabilities. ';
6. footnote 1c is deleted, including the footnote reference.
7. in Article 4 (8) (a), the words "and the drawing up of the annual report" shall be replaced by "the drawing up of the annual report and the report referred to in Part Seven."
8. footnote 1d is deleted, including the footnote reference.
9. In Article 4 (8), at the end of the text in point (h), the words "kept in full, or to the simplified extent, and the method of transition from accounting to simple accounting 'shall be added.
10. in Paragraph 4 (8) (v), the word "undertaking" shall be replaced by "business establishment."
11. in Article 4, at the end of paragraph 8, the dot is replaced by a comma and the following point (x) is added:
"(x) the use of methods of calculating technical provisions."
12. in Article 4 (12), the word "social2)" shall be replaced by the word "corporations."
footnote 2 is deleted.
13. footnotes 3 to 6 are deleted, including the footnotes.
14. in Paragraph 7 (1), the word "assembled" shall be replaced by the words "assembled," the words "based" shall be inserted after the word "based," and at the end of the text of the paragraph the words "so that the person who uses this information (hereinafter referred to as" user ") can make economic decisions."
15. In Paragraph 7 (6), the last sentence shall be replaced by the sentence "Entities may only carry out cross-settlement in cases adjusted by accounting methods and, if the amounts cleared are equal to the valuation not adjusted by the items referred to in paragraph 26 (3), as shown in the notes in the financial statements."
16. in Article 9 (3) and (4):
"(3) An entity may keep accounts to a simplified extent, unless otherwise specified below, unless:
(a) so decide with regard to the contribution organisation by its founder; or
(b) is a small entity or a micro entity and is not required to have financial statements certified by the auditor.
(4) Of the entities referred to in paragraph 3 (b), which are entities referred to in paragraphs 1 (2) (a) and (b), the entity that is:
(a) an association, a subsidiary,
(b) trade union, trade union, international trade union and international trade union;
(c) an employer's organisation, a subsidiary organisation of employers, an international employer's organisation and a subsidiary international employer's organisation;
(d) a church and religious society or church institution which is a legal person registered under the law governing the status of churches and religious societies;
(e) the affluent community,
(f) a community of general interest;
(g) the Foundation Fund;
(h) the Constitution,
(i) the community of the owners of the units; or
(j) housing and social cooperative. ';
footnotes 8 to 10b are deleted, including the footnotes.
17. in Article 13a (1) (e), the words "with the exception of Article 27 (3) in the conversion of housing cooperatives" shall be deleted;
18. footnotes 11a and 11b are deleted, including the footnotes.
19. The following Section 13b is inserted after Section 13a, which includes the title:
Simple accounting
(1) In simple accounting, entities keep accounting books which are:
(a) the money diary;
(b) the book of claims and the book of commitments;
(c) auxiliary books on other items of property.
(2) The ledger contains at least information on:
(a) cash and account funds, in particular in banks, savings and credit cooperatives;
(b) revenue and expenditure actually received or paid during the accounting year;
(c) interim items which are considered to be movements of funds which are not the final income or expenditure referred to in (b).
(3) In simple accounting, the entities compile an overview of assets and liabilities and an overview of revenue and expenditure (hereinafter referred to as "the inventory '). The review shall be prepared by the entity no later than 6 months after the end of the financial year. Paragraphs 18 (3), 19 (1) and (2), 29 (1) and 31 (2) (a) shall apply mutatis mutandis to this summary.
(4) In simple accounting, the entities do not apply the marketing year and do not apply paragraphs 1b to 1e, § 14, § 18 (1), (2) and (4), § 24 (6) (b) with the exception of the method of valuation of funds, § 25 (3), § 26, § 27 and § 28 (6). The other provisions of this Act shall be applied by entities in simple accounting to comply with the purpose, purpose and methods set out for simple accounting and to provide comprehensive information on the income, expenditure, assets and liabilities of the entity.
(5) Application of the procedure referred to in paragraphs 3 and 4 shall not be considered a breach of Paragraph 7 (1) and (2).
(6) The content of the accounting books, the layout, the breakdown, the labelling and the content of the headings of the surveys and the methods of simple accounting are laid down in implementing legislation. "
20. footnote 11c is deleted, including the footnote reference.
21. in Article 18 (1) (c), the words "and 6" shall be inserted after the words "Paragraph 19 (5)" and part of the sentence after the semicolon, including the semicolon, shall be deleted;
22. in Paragraph 18 (1), the final part of the provision shall be deleted;
23. In Paragraph 18, the following paragraph 2 is inserted after paragraph 1:
"(2) The accounts of companies include an overview of cash flows and an overview of changes in equity. Entities referred to in paragraphs 1a (b) to (d) shall not compile an overview of cash flows. Small entities and micro entities are not required to compile an overview of cash flows and an overview of changes in equity. The selected entities shall compile an overview of the cash flows and an overview of changes in equity whenever they meet both the values set out in paragraphs 1 and 2 of Paragraph 20 (1) (c) at the balance sheet date and for the immediately preceding financial year. '
Paragraphs 2 and 3 shall become paragraphs 3 and 4.
24. in Paragraph 18 (3) (a):
"(a) for entities referred to in Articles 1 (2) (a) to (c) and 1 (2) (i) to (l), a business name or name and registered office; for entities referred to in § 1 (2) (d) to (h), a business firm or name, address and registered office, if different from residence, ';
25. in Article 18 (3), the words "and, in accordance with the law governing public registers of legal and natural persons (hereinafter referred to as the" public register ") shall be added at the end of the text of point (b), information on the registration on commercial documents'.
26. in Paragraph 18 (3), at the end of point (c), the words "where appropriate, information that an entity is in liquidation" shall be added;
27. in Paragraph 18 (4), the word "simplified" shall be replaced by the word "shortened" and the words "with the exception of public limited liability companies which complete the accounts" shall be deleted;
28. In Article 18, paragraphs 5 and 6 are added:
"(5) The implementing legislation sets out, for each group of entities, the scope and method of drawing up the accounts in full and in abridged form, by category of entities.
(6) The implementing act shall set out for each group of entities, by category of entity, the explanatory and supplementary information that the entity is required to provide in the notes to the financial statements. ';
29. in Paragraph 19 (5):
"(5) In the accounts of the current accounting year, the impact of events occurring by the end of the balance sheet date shall be taken into account at the balance sheet date, even if the information on such events has become known to the entity only between the balance sheet date and the time when the financial statements are drawn up. ';
30. In Article 19, the following paragraph 6 is inserted after paragraph 5:
"(6) In the case of significant events occurring between the balance sheet date and the time when the accounts are drawn up, the consequences of such events are described and their economic effects quantified in the notes to the accounts. ';
Paragraphs 6 to 10 shall become paragraphs 7 to 11.
(31) In Paragraph 19 (7), the fifth sentence is replaced by the following: "Information shall be considered to be significant if it can be assumed that its non-disclosure or incorrect disclosure could affect the judgement of the user, the relevance of each information being assessed in relation to other similar information. For selected entities according to § 1 (3), with the exception of health insurance companies, information on the valuation of intangible assets in excess of CZK 60,000 and for separate tangible movable goods or a set of tangible movable goods in excess of CZK 40,000 is considered important."
footnote 11d is deleted, including the footnote references.
32. footnote 12 is deleted, including the footnote reference.
33. In Articles 19a (1) and 23a (1), the word "investment" shall be inserted after the word "issuer."
34. footnotes 35 and 36 are deleted, including the footnotes.
35. in Article 19a (2), the word "investment" shall be inserted after the word "investment"; the word "investment" shall be inserted after the word "investment"; the word "investment" shall be inserted after the word "received."
36. in Article 19a (3), the word "investment" shall be inserted after the word "if" and after the word "which."
37. in Article 19a (5), the word "investment" and the word "investment" shall be inserted after the word "if," and the word "investment" shall be inserted after the word "if";
38. in Article 19a (6), the word "investment" shall be inserted after the word "acceptance."
39. in Paragraph 20 (1):
"(1) A sound or exceptional financial statements are required to have a certified auditor, determined by the entity in the manner specified in the Law governing the activities of auditors, an entity to which this obligation provides for specific legislation, and
(a) large entities with the exception of selected entities that are not public-interest entities;
(b) medium-sized entities;
(c) small entities where the equity companies or trust funds under the Civil Code and on the balance sheet date of the financial year for which the accounts are audited and the accounting year immediately preceding them exceed or have reached at least one of the above values:
1. assets total 40 000 000 CZK,
2nd annual total of net turnover 80 000 000 CZK,
3. the average number of employees during the accounting year 50,
(d) other small entities where, on the balance sheet date of the financial year for which the financial statements are audited and the accounting year immediately preceding, they have exceeded or have reached at least 2 of the values referred to in (c) (1) to (3). "
40. in Paragraph 20 (2), the comma shall be replaced by a dot at the end of point (c) and point (d) shall be deleted;
41. in Paragraph 21 (1), the words "referred to in § 20 (1) (a) to (d)" shall be replaced by the words "which are required to have accounts certified by the auditor;"
42. in Article 21 (2), the following point (d) is inserted after point (c):
"(d) acquisition of own shares or own shares;"
Points (d) to (f) shall be renumbered as points (e) to (g).
43.In Article 21 (2) (f), the words "the organisational component of an undertaking" are replaced by the words "a branch or another part of a business establishment."
44. In Article 21, the following paragraph 3 is inserted after paragraph 2:
"(3) Central entities, small entities and micro entities shall not provide non-financial information in the annual report referred to in paragraph 2 (a) to (f)."
Paragraphs 3 to 6 shall be renumbered paragraphs 4 to 7.
45. in Paragraph 21 (4) of the introductory part of the provision, the word "instruments4)" shall be replaced by "instruments."
46. in Paragraph 21 (4) (a), "company" is replaced by "entity."
47. in Paragraph 21 (6), the words "referred to in Paragraph 20 (1) (e)" shall be replaced by the words "by which the obligation to have accounts certified by the auditor shall be laid down in a specific law."
48. In Article 21 (7), the words "the subject-matter of the verification is the consistency of the annual report with the accounts' are replaced by the words" the subject-matter of the verification is laid down by law governing the activities of auditors'.
49. In Article 21, the following paragraph 8 is added:
"(8) An overview of the assets and liabilities shall be included in the annual report or similar document in accordance with the special legislation of the entities listed in Section 1f which are entered in the public register. ';
(50) footnotes 13a, 13b and 14 are deleted, including the footnotes.
51. in the first sentence of Article 21a (1), the word "i" shall be replaced by the words "or an overview of assets and liabilities," and the word "her" shall be replaced by the word "their" and the word "business."
52. in the second sentence of Article 21a (1), the words "(Article 18 (3))" shall be replaced by the words "(Article 18 (4)) and, in the case of entities which are required to have financial statements audited by the auditor, to the extent and in the text in which they were verified by the auditor."
53. In Paragraph 21a (2), the words "published in Paragraph 20" shall be replaced by the words "required to have financial statements certified by the auditor, published", the words "cancelled within the time limit" and the words "different period but no later than the end of the immediately following financial year" shall be replaced by the words "otherwise and no later than 12 months after the balance sheet date of the financial statements published."
(54) footnotes 15 and 16 are deleted, including the footnotes.
55. in the first sentence of Article 21a (4), the words "to commercial" shall be replaced by the words "to public," the words "to commercial register under special legislation 17) shall be replaced by the words" at the latest by the time specified in paragraph 2 "and the words" commercial "shall be replaced by" public. "
footnote 17 is deleted.
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Regulation Information
| Citation | Act No. 221 / 2015 Coll., amending Act No. 563 / 1991 Coll., on Accounting, as amended, and certain other laws |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 10.09.2015 |
|---|---|
| Effective from | 01.01.2016 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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