Decree No 351 / 2007 Coll.
Decree amending Decree No. 502 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are insurance undertakings, as amended
Valid
Order
Effective from 01.01.2008
Text versions:
01.01.2008
21.12.2007
351
DECLARATION
of 17 December 2007
amending Decree No. 502 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are insurance undertakings, as amended
The Ministry of Finance provides pursuant to § 37b of Act No. 563 / 1991 Coll., on Accounting, as amended by Act No. 437 / 2003 Coll., for implementation of § 4 (8), § 24 (4) and (5) and § 28 (1):
Decree No. 502 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are insurance undertakings, as amended by Decree No. 474 / 2003 Coll., Decree No. 546 / 2004 Coll. and Decree No. 399 / 2005 Coll., is amended as follows:
1. Paragraph 1, including footnote 1, reads as follows:
This decree implements the relevant provisions of the European Community1) and provides for:
(a) the layout and labelling of financial statements and consolidated financial statements and the content of the items of those accounts, the layout and content of the explanatory and supplementary information in the Annex in the financial statements and consolidated financial statements, the methods of consolidation of financial statements and the procedure for the inclusion of entities in the consolidation unit;
(b) accounting methods and their application;
(c) the indicative chart of accounts;
for the entities referred to in Section 2.
1) Council Directive of 19 December 1991 on the annual accounts and consolidated accounts of insurance undertakings (91 / 674 / EEC). Directive 2003 / 51 / EC of the European Parliament and of the Council of 18 June 2003 amending Directives 78 / 660 / EEC, 83 / 349 / EEC, 86 / 635 / EEC and 91 / 674 / EEC on the annual and consolidated accounts of certain types of companies, banks and other financial institutions and insurance undertakings. Directive 2006 / 46 / EC of the European Parliament and of the Council of 14 June 2006 amending Council Directive 78 / 660 / EEC on the annual accounts of certain types of companies, 83 / 349 / EEC on consolidated accounts, 86 / 635 / EEC on the annual accounts and consolidated accounts of banks and other financial institutions and 91 / 674 / EEC on the annual accounts and consolidated accounts of insurance undertakings. ';
footnote 1 shall be renumbered footnote 1a, including the footnote references.
2. In Article 3 (1), the words "may include an overview of cash flows and 'shall be inserted after the words" and'.
3. In Article 3, the following paragraph 5 is inserted after paragraph 4:
"(5) An overview of cash flows shall be a breakdown of the selected items of property and shall provide information on the increments and losses of funds and cash equivalents broken down into operational, investment and financial activities during the financial year, taking into account the specificities in the operation of the insurance and reinsurance activity in accordance with the special legislation1a. ';
Paragraph 5 shall become paragraph 6.
4. Paragraph 3 (6) reads as follows:
"(6) An overview of changes in equity shall include, in particular, an increase or reduction in equity during the financial year in accordance with the valuation principles used in the financial statements, differences in accounting methods, accounting cases related to such relations with shareholders, where they act as owners, dividend payments or other profit participation. ';
5. In Article 4 (1), the words "and labelling 'are deleted.
6. In Paragraph 4, the sentence "New items may be added at the end of paragraph 1 if their content is not part of any other items required in the specified arrangement and the said more detailed breakdown. '
7. In Paragraph 4, the sentence "The calculation items shall be marked with" + "and" -. "
8. In Article 5 (1), the words "and the entries" D. Investment of life insurance, if the policyholder is the holder of the investment risk, "shall be inserted after the words" C. Investment (investment). "';
9. In Article 5 (2), the words "with the exception of technical provisions under" C. "and" D. "are inserted after the words" liabilities. "
10. In Article 5, the following paragraph 5 is added:
"(5) Where a particular asset or liability refers to more than one item in the layout and breakdown, their relations with other items shall be shown in the notes in the financial statements, where such information is necessary for the preparation of clear and clear financial statements. Own shares and shares of undertakings in the group may only be recognised under the items prescribed for that purpose. '
11. in Article 8 (1), the words "an overview of cash flows" shall be inserted after the words "does not compile."
12. In Section 8, paragraph 13 is added, including footnote 15a:
"(13) Section 19 (5) (b) applies to the regressions to which the Office is entitled under the insurance premiums paid, subject to the fact that these regressions are entered at the time and up to the amount of the collection of funds into the Office's account. At the same time, the creation of the Guarantee Fund is reported to be the same.
15a) § 24 (2) (b) or § 24 (8) of Act No. 168 / 1999 Coll., as amended. '
13. in Paragraph 9 (2), the fourth sentence is deleted;
14. in Paragraph 9 (2), the words "shall be stated only when the entity or part thereof is transferred. The transfer of a part of an entity means, in particular, the transfer 'is replaced by' may also result from the transfer '.
15. In Article 11 (3), the words "reinsurance brokers. (a) 'shall be replaced by' insurance intermediaries 30) where their activity concerns reinsurance '.
Footnote 30 reads:
"30) Act No. 38 / 2004 Coll., on Insurance Intermediaries and Separate Insurance Liquidators and on the amendment of the Commercial Act (Act on Insurance Intermediaries and Insurance Liquidators), as amended."
16. In Paragraph 14 (2), the last sentence, including footnote 35a, is deleted.
17. Paragraph 16 (7) becomes paragraph 6.
Paragraph 6 shall become paragraph 7.
18. the words "C.8. Other technical provisions' are replaced by" C.6. Other technical provisions' and after the word "or 'the word" C.6' is replaced by the word "C.7 '.
19. in Article 16 (7), "C.6" is replaced by "C.7."
20. In Article 16, the following paragraph 8 is inserted after paragraph 7, including footnote 37b:
"(8) Heading" C.9. The Office's commitment reserve "contains a technical reserve according to the special legislation37b). The provisions of paragraphs 2 and 3 shall apply mutatis mutandis.
"37b) § 15a of Act No. 363 / 1999 Coll., as amended by Act No. 377 / 2005 Coll. '.
Paragraphs 8 and 9 shall be renumbered paragraphs 9 and 10.
21. in Paragraph 17 (1), the words "E. Other provisions" shall be replaced by the words "E. Provisions";
22. in Paragraph 18 (2), the words "reinsurance brokers" shall be replaced by the words "separate liquidators of claims."
23. in § 22 (1) (f), the words "C.7. Other technical provisions' are replaced by" C.6. Other technical provisions'.
24. in Article 22 (2), the following points (h) and (i) are inserted after point (g), including footnotes 42a and 42b:
"(h) the nature and business purpose of an entity's transactions that are not included in the balance sheet and the financial impact of the transactions on the entity, where the risks or benefits of such transactions are significant and where disclosure of those risks or benefits is necessary to assess the financial situation of the entity;
(i) transactions that an entity has concluded with a related party, including the volume of such transactions, the nature of the related party relationship and other information about such transactions, which are necessary to understand the entity's financial situation, provided that such transactions are significant and have not been concluded under normal market conditions 42b). Information on individual transactions may be grouped according to their nature except where separate information is necessary to understand the impact of related party transactions on the entity's financial situation; the term "related party 'has the same meaning as in the international accounting standards referred to in Section 19 (9) of the Act,
42a) Paragraph 21 (3) of the Accounting Act.
Article 27 (5) of the Accounting Act. '
Points (h) to (o) shall be renumbered as points (j) to (p).
25. In Paragraph 22, the dot is replaced by a comma at the end of paragraph 2 and the following point (r) is added:
"(r) the total cost of remuneration to the statutory auditor or audit firm for the financial year, broken down into statutory audit of accounts, other verification services, tax advice and other non-audit services. This information need not be disclosed where an entity is included in the consolidated financial statements, drawn up in accordance with Part Five, if that information is set out in the Annex to the consolidated financial statements. ';
26. In Part Two, Title V, including the title, is deleted.
27. in Paragraph 29 (9), the words "the decision of the Registry Court on the application for registration of a transformation in the Commercial Register" shall be replaced by "the sale of assets."
28. In Paragraph 34 (1), "E. Other provisions' is replaced by" E. Provisions';
29. in Paragraph 43, at the end of point (l), the dot is replaced by a comma and the following points (m) to (o) are added:
"(m) the nature and business purpose of the transactions which are not included in the consolidated balance sheet and the financial impact of those transactions where the risks or benefits of such transactions are significant and where disclosure of those risks or benefits is necessary for the assessment of the financial situation of the 42a) consolidation unit;
(n) transactions, with the exception of transactions within a consolidation entity that are concluded by a consolidated entity or consolidated entity included in a consolidation entity with a related party, including the volume of such transactions, the nature of the relationship with the related party and other information on those transactions, which are necessary to understand the financial position of the consolidation entity, provided that such transactions are significant and are not concluded under normal market conditions (42b). Information on individual transactions may be grouped according to their nature except where separate information is necessary to understand the impact of related party transactions on the financial situation of the consolidation entity; the term "related party 'has the same meaning as in the international accounting standards referred to in Section 23a (1) of the Act;
(o) the information referred to in Article 22 (2) (r) '.
30. In Annex 1, under the heading "A.I. ', point (b) is deleted.
31. In Annex No 1, liability item "8. Other technical provisions" is renumbered "6. Other technical provisions."
The current liability items "6." and "7." are referred to as "7." and "8."
32. In Annex No 1, the following liability item is inserted:
"9. The Office's commitment reserve
| a) hrubá výše | .... | x |
| b) podíl zajišťovatelů (-) | .... | ....“. |
33. In Annex 1, the designation of the liability item "E. Other provisions' is replaced by" E. Provisions'.
34. Annex 3 is deleted.
Annex 4 to date shall be renumbered Annex 3.
Transitional provisions
1. The provisions of this decree shall be applied by the entities for the first time in accounting periods beginning on or after 1 January 2008, unless otherwise specified in point 2.
2. Articles I (25) and I (29) shall apply, within the scope of Article 43 (o), to financial statements and consolidated financial statements drawn up on or after 29 June 2008.
Efficacy
This Decree shall take effect on 1 January 2008.
Minister:
Ing. Kalousek v. r.
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Regulation Information
| Citation | Decree No 351 / 2007 Coll., amending Decree No 502 / 2002 Coll., implementing certain provisions of Act No 563 / 1991 Coll., on Accounting, as amended, for entities that are insurance undertakings, as amended |
|---|---|
| Regulation Type | Order |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 21.12.2007 |
|---|---|
| Effective from | 01.01.2008 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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