Act No 353 / 2001 Coll.
Act amending Act No. 563 / 1991 Coll., on Accounting, as amended, and certain other laws
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Law
Effective from 01.01.2002
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353
THE LAW
of 18 September 2001
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., on Accounting, as amended by Act No. 117 / 1994 Coll., Act No. 227 / 1997 Coll. and Act No. 492 / 2000 Coll., is amended as follows:
1. Paragraph 2, including the title, reads:
Subject matter of accounting
Entities shall account in a system of double or simple accounting for the status and movement of assets and other assets, liabilities and other liabilities, and for costs and revenues or for expenditure and income and for the result of the management. ';
2. In Paragraph 3, the following sentences are added at the end of paragraph 1: "In the accounting year, the entities shall account for those facts in accordance with accounting methods (Paragraph 4 (2)); they shall account for all costs and revenues regardless of the time of payment or receipt, whereas they shall account for all expenditure and revenue only at the time of actual payment or receipt. ';
3. Paragraph 4 (2) to (5) reads as follows:
"(2) Entities are required to comply with the accounting records of the indicative financial statements, the layout and labelling of financial statements items and consolidated financial statements and the content of the items of such statements, the content of the accounting books in the simple accounting system, and accounting methods such as valuation methods and their use, including the procedures for making up and using adjustments, depreciation and reserve creation and use procedures, as well as methods for consolidating financial statements. The classification of entities under Paragraph 1 (2) into individual groups according to the nature of their activities, accounting methods and their use by groups of entities or, where applicable, by individual entities within those groups, shall be subject to the provisions of implementing legislation.
(3) Entities are required to keep one accounting for the entity as a whole.
(4) Entities are required to keep accounts as a set of accounting records; they may use technical means, information media and software. The accounting record shall mean the data which bear the information relating to the subject matter of the accounting or its management. Any information relating to the subject matter of the accounting or its management shall be recorded solely by accounting records.
(5) Individual accounting records may be grouped in accounting records carrying the summary information; such accounting records shall be, in particular, accounting documents, accounting records, books, depreciation plan, inventories, accounting schedules, financial statements and annual report. Entities are required to keep such accounting records at least to the extent set out in this Act. ';
4. In Article 4, paragraphs 6 to 9 are added, including footnotes 2 to 7:
"(6) Entities are required to keep accounts in the currency of the Czech currency. In the case of claims and liabilities, shares, (2) securities (3) and derivatives, (4) prices, if expressed in foreign currency, foreign exchange values (5) excluding gold, entities are required to use foreign currency simultaneously; (6) where the assets and liabilities to which they relate are denominated in foreign currency.
(7) Entities are required to keep accounts in the Czech language. Accounting documents may be drawn up in a foreign language only if the condition of clarity laid down in Paragraph 8 (5) is met.
(8) Accountancy can only be considered as a whole as an information system under special legislation7.
(9) Entities shall apply the accounting methods referred to in paragraph 2 in the version in force at the beginning of the accounting year.
2) Article 61 of the Commercial Code.
3) Article 1 of Act No. 591 / 1992 Coll., on Securities, as amended.
4) § 8a of Act No. 591 / 1992 Coll., as amended.
5) § 1 (d) of Act No. 219 / 1995 Coll., Foreign Exchange Act, as amended by Act No. 362 / 2000 Coll.
6) Article 13 of Act No. 363 / 1999 Coll., on Insurance and on the Amendment of Related Acts (Act on Insurance).
7) For example Act No. 101 / 2000 Coll., on the protection of personal data and on the amendment of certain laws, as amended, Act No. 148 / 1998 Coll., on the protection of classified information and on the amendment of certain laws, as amended. "
5. in Article 6 (1) and (2):
"(1) Entities are required to recognise the facts that are the subject of accounting (hereinafter referred to as" accounting cases') by accounting documents.
(2) Entities shall only be required to record accounting cases in books (hereinafter referred to as "accounting records") on the basis of the accounting records referred to in paragraph 1. ';
6. In Article 6, the words "and 30 'shall be added at the end of the text of paragraph 3.
7. In Article 6 (4), the words "Paragraph 18 (1) 'are replaced by the words" Paragraph 18', after the words "as exceptional ', the words" or interim' are inserted and the words "as laid down in 'are replaced by the words" as determined pursuant to'.
8. § 7 and 8 read:
(1) Entities are required to keep accounts in such a way that the financial statements drawn up on the basis of them give a true and fair view of the entity's subject matter and financial situation.
(2) The display is faithful if the contents of the financial statements' items correspond to the actual state which is shown in accordance with the accounting methods the entity is required to use under this Act. The display is fair when the accounting methods are used in a way that leads to the achievement of loyalty. Where an entity can choose between several options of the accounting method and the option chosen would mask the actual situation, an entity shall choose another option that corresponds to the actual situation. If, in exceptional cases, the application of the accounting methods set out in the implementing legislation is incompatible with the obligation under paragraph 1, the entity shall, by way of derogation, apply a fair and fair view.
(3) An entity is required to apply accounting methods in a manner that is based on the assumption that it will continue its activities continuously and that there is no fact that would restrict it or prevent it from continuing it in the foreseeable future. If an entity has information that such a fact occurs to it, it shall apply the accounting methods accordingly, and the information on the method used shall be included in the notes in the financial statements.
(4) The organisation and labelling of balance sheet items and profit and loss accounts, and their content and valuation methods used in one accounting year, may not change an entity in the following financial year. Entities may change those arrangements, labelling and content definitions and valuation methods in whole or in part between periods of accounting solely for reasons of change in the subject matter of business or other activity, or for reasons of precision of the faithful presentation or improvement of the reporting capacity of financial statements, the information on any such change with due justification being given in the notes to the financial statements.
(5) Entities shall always be required to provide information in the notes to the financial statements [Paragraph 18 (1) (c)] on the accounting methods used and, where applicable, on deviations from those methods in accordance with paragraph 2, with due justification for them and indicating their impact on the entity's assets and liabilities, financial position and outcome.
(6) Entities are required to account for assets and liabilities, costs and revenues or expenses and income in the books and to display them separately in the financial statements without clearing them. The infringement of mutual settlement is not a case governed by accounting methods.
(1) Entities are required to keep the accounts accurate, complete, conclusive, understandable, clear and in a way that guarantees the continuity of the accounting records.
(2) The accounting of an entity is correct if the entity keeps accounting in such a way that it does not contradict or circumvent this law or other legislation.
(3) The accounting of an entity is complete when an entity has recorded in its books all the accounting cases that it should have recorded in accordance with Paragraph 3 in the financial year, and at the latest by the end of that period, it has drawn up the financial statements and consolidated financial statements, prepared the annual report and, where appropriate, the consolidated annual report, published the information in accordance with Paragraph 21a, and has all accounting records about these facts, clearly organised.
(4) An entity's accounting records are conclusive if all accounting records of such accounts are conclusive (Paragraph 33a) and the entity has made an inventory.
(5) An entity's accounts are understandable if, while complying with the provisions of Paragraph 4 (7), it allows a reliable and unambiguous identification of:
(a) the content of accounting cases using at least the accounting methods referred to in Article 4 (2);
(b) the content of the accounting records using the instruments referred to in Article 4 (4).
(6) The accounting of an entity shall be conducted in a manner that guarantees the continuity of accounting records if the entity is able to fulfil its custody and processing obligations in accordance with paragraphs 31, 32 and 33 (3) and (6) for as long as they are imposed by this law. ';
9. Paragraph 9, including the title and footnotes 8) to 10), reads as follows:
Accounting systems
(1) Entities are required to account in the double-book system; they may, under the conditions set out in paragraphs 2 and 3, account in a system of simple accounting.
(2) Of the entities referred to in Articles 1 (2) (a) and 1 (2) (b), they may account for:
(a) civil associations, their organisational units, 8) which have legal personality, churches and religious societies and their departments, 9) which have legal personality, association of legal persons and foundation funds, if their total income has not reached CZK 6 000 000,
(b) community of unit owners and other entities for which specific legislation provides for this.
(3) The accounting entities referred to in Article 1 (2) (d) may account for those on which specific legislation provides for in the simple accounting system. 10)
(4) The transition from a simple accounting system to a double accounting system is mandatory if an entity ceases to meet the conditions set out in paragraph 2 or 3 for accounting in a simple accounting system; a change in a simple accounting system is only possible if an entity meets the conditions set out in paragraph 2 or 3 for accounting in a simple accounting system. Compliance with the conditions laid down in paragraphs 2 and 3 shall be assessed for the immediately preceding financial year. Movements according to previous sentences are only possible on the 1 day of the financial year following the accounting year in which the entity has established those facts.
8) Paragraph 6 (2) (e) of Act No. 83 / 1990 Coll., on the association of citizens.
9) Paragraph 13 (1) (g) of Act No. 308 / 1991 Coll., on Freedom of Religious Faith and the Status of Churches and Religious Societies.
10) § 37 of the Commercial Code. '.
10. Article 10 shall be deleted;
11. in Article 11 (1):
"(1) The accounting documents shall be supporting accounting records which shall include:
(a) the identification of the accounting document;
(b) the content of the accounting case and its participants;
(c) the amount of money or information on the price per unit of measurement and the expression of quantities;
(d) the moment when the accounting document is drawn up;
(e) the time at which the accounting case is carried out, unless it is identical with that referred to in (d);
(f) the signature pursuant to Paragraph 33a (4) of the person responsible for the accounting case and the signature of the person responsible for its entry.
The facts referred to in points (a) to (f) are shown by the entity only with an accounting document. ';
12. Paragraph 11 (2) is deleted.
Paragraph 3 shall become paragraph 2.
13. in Article 11 (2):
"(2) Entities are required to draw up accounting documents without undue delay after the facts which are recognised by them have been established in such a way that the content of each individual accounting case can be determined in accordance with Paragraph 8 (5). ';
14. Paragraph 12, including the title, reads:
Accounting records
(1) Accounting records are accounting records, the content of which is determined by the provisions of this Act relating to books.
(2) Entities are required to carry out accounting records on an ongoing basis in the accounting year following the completion of the accounting document in such a way as not to jeopardise compliance with other legal requirements. A signature of the person responsible for carrying it out shall be attached to the accounting record unless it is identical to the signature of the person responsible for accounting the accounting case.
(3) Accounting records may not be carried out by entities outside the books. "
15. The heading above Section 13 "Accounting books" is deleted and a new heading under Section 13 is inserted: "Accounting books in the system of double accounting."
16. in Paragraph 13 (1) (c), "analytical records" is replaced by "analytical accounts."
17. In Article 13, at the end of paragraph 1, the dot is replaced by a comma and the following point (d) is added:
"(d) in the books of off-balance-sheet accounts which show accounting entries not made in the books referred to in (a) and (b).";
18. In Paragraph 13 (2), "data 'is replaced by" information' and in point (b), "maximum 'is replaced by" at least'.
19. Paragraph 13 (3) reads:
"(3) Entities may not set up accounts outside the accounts and books."
20. Paragraph 13 (4) is deleted.
21. Article 14 and 15, including the headings and footnotes No 11, read:
Indicative schedule and schedule of accounts
(1) The indicative chart of accounts determines the layout and designation of the accounting classes or groups of accounts or, where appropriate, the synthetic accounts for accounting for the status and movement of assets and other assets, liabilities and other liabilities, as well as the costs and revenues or expenses and income and the result of the management; the arrangements must ensure that the accounts are drawn up. An indicative chart of accounts for each group of entities (Section 4 (2)) accounting in the dual accounting system shall be amended by implementing legislation.
(2) On the basis of the indicative chart of accounts referred to in paragraph 1, entities shall draw up an accounting schedule specifying the accounts required to account for all accounting cases and to draw up the accounts in the entity.
(3) Entities shall draw up the accounting schedule referred to in paragraph 2 for each financial year; the accounting schedule may be supplemented during the accounting year. If the first day of the financial year does not change the accounting schedule in force in the previous financial year, the entity shall also proceed according to that financial year.
Accounting books in a simple accounting system
(1) Entities accounting in a simple accounting system shall:
(a) in the balance sheet;
(b) in the book of claims and liabilities,
(c) in auxiliary books on other components of property and on obligations arising from employment relations, if they are to be used for them.
(2) The ledger contains at least information on:
(a) cash in accounts with financial institutions, 11)
(b) the final revenue and expenditure actually received or paid during the accounting year and the breakdown needed to establish the income tax base;
(c) interim items considered to be movements of funds which are not final income or expenditure within the meaning of point (b).
(3) Paragraph 12 (3) applies mutatis mutandis.
(4) The content of the definition of books in the simple accounting system will be adapted by implementing legislation.
(5) Entities accounting in a simple accounting system are required to compile an overview of assets and liabilities and an overview of revenue and expenditure (hereinafter referred to as "summaries'). Paragraphs 18 (2), 19 (1) and (2) and 29 (1) shall also apply to these summaries.
(6) Entities accounting for in a simple accounting system do not apply the provisions of Sections 7, 14, 27 and 28.
11) For example, Act No. 21 / 1992 Coll., on Banks, as amended, Act No. 87 / 1995 Coll., on Savings and Credit Cooperatives and certain measures related thereto, and on the addition of Act No. 586 / 1992 Coll., as amended by Act No. 100 / 2000 Coll. '
22. Paragraph 16, including the title, reads:
Other provisions on books
(1) The cash amounts in the books of the analytical accounts must correspond to the respective aggregate amounts of turnover or balances of the synthetic accounts to which those accounts are kept.
(2) A statement in cash units shall be used in the books of the analytical accounts and in the auxiliary books. only units of measurement and quantity shall be used. ';
23. In the last sentence of Paragraph 17 (3), the words "unless otherwise provided for in specific legislation" shall be inserted after the words "they no longer close the books at the date of their demise."
24.
Financial statements
(1) Entities accounting for double-entry accounting shall draw up financial statements in the cases provided for in this Act. The accounts shall be an integral whole and shall comprise:
(a) balance sheet (balance sheet);
(b) profit and loss account;
(c) an Annex which explains and complements the information contained in the parts referred to in (a) and (b), in particular by fulfilling Sections 7 (3) to (5) and 19 (5).
Financial statements may include an overview of cash flows or an overview of changes in equity.
(2) The accounts referred to in paragraph 1 shall include:
(a) the business or other name of the entity; for entities referred to in § 1 (2) (a) to (c), the head office or for entities referred to in § 1 (2) (d) of residence and place of business, if different from residence,
(b) the identification number if the entity has it;
(c) the legal form of the entity;
(d) the subject matter of the business or other activity or, where appropriate, the purpose for which it was established;
(e) the balance sheet date (§ 19 (1)) or other time at which the accounts are drawn up (§ 19 (3)),
(f) the time when the accounts are drawn up,
and it shall be accompanied by a signature of the entity's statutory body as referred to in paragraphs 1 (2) (a) to (c) or a signature of the entity as described in paragraph 1 (2) (d); the addition of that signature record shall be considered as drawn up in accordance with point (f).
(3) Entities shall draw up financial statements in full or in a simplified manner. To a simplified extent, they may draw up the entity's financial statements referred to in Paragraph 20 if they do not meet the criteria set out in Paragraph 20 (b).
(4) The organisation and labelling of items of property and other assets, liabilities and other liabilities, costs and revenues or of expenditure and income and the result of the management in the financial statements and the content of the items of that statement and the scope for drawing up the accounts referred to in paragraph 3 for each group of entities shall be regulated by implementing legislation. "
25. in Paragraph 19, paragraphs 4 to 11, including footnote 12, are added:
"(4) Entities shall draw up a balance sheet so that the initial balance sheet balances (hereinafter referred to as" balance sheet accounts') opening the financial years follow up on the final balance sheet accounts balances that have closed immediately preceding periods; This provision also applies to off-balance-sheet accounts.
(5) For the period beginning at the end of the balance sheet and ending at the time of drawing up the financial statements, entities shall also include in the notes to the financial statements information on:
(a) facts providing further information on the conditions or situations that existed at the end of the balance sheet day;
(b) the facts which existed as uncertain conditions or situations at the end of the balance sheet day;
and the consequences of which significantly alter the entity's financial position.
(6) The information in the financial statements must be reliable, comparable, understandable and assessed for relevance. The information shall be considered reliable if it fulfils the requirement of Paragraph 7 (1) and is complete and timely. The information shall be timely if it is obtained at the right time in terms of its significance and the cost of obtaining it, provided that such costs do not exceed the benefits of this information. The information is comparable if it complies with the requirements set out in § 7 (3) to (5). The information shall be understandable if it complies with the requirements set out in Section 8 (5). The information shall be considered to be significant (serious) if the non-disclosure or erroneous disclosure of the information could affect the judgement or decision of the persons using the information (hereinafter referred to as "user '); the information cannot be excluded solely on grounds that it is incomprehensible to the user.
(7) For the purposes of this Act, assets and liabilities are divided into long-term and short-term. Long-term shall mean assets and liabilities where the period of application or, where applicable, the agreed maturity of the accounting case is more than 1 year. Short-term shall mean assets and liabilities where the period of validity or, where applicable, the agreed maturity of the accounting case is up to and including one year. If, having regard to the nature of the assets and liabilities, the aforementioned disaggregation aspects cannot be applied objectively, the entity's intention to acquire them is decisive.
(8) In cases where legal requirements so require, entities may provide accounting records that carry information organised by field (s) of activity or geographical areas in which they operate.
(9) In addition to the financial statements drawn up under this Act, entities may provide accounting records carrying information that are compiled according to international accounting standards or other internationally recognised accounting principles.
(10) Except in the cases referred to in paragraphs 1 and 3, no other accounting record may be identified by the names referred to in Article 18 (1).
(11) The accounts shall not collect or require information under specific legislation. 12)
12) Act No. 89 / 1995 Coll., on the State Statistical Service, as amended. '
26. Sections 20 and 21, including the headings and footnotes 13 and 14, read:
Verification of accounts by the auditor
The accounts under this Act are required to be audited by the audit body in accordance with § 1 (2)
(a) public limited liability companies;
(b) other trading companies and cooperatives where, at the end of the balance sheet date of the financial year for which the accounts are audited (Paragraph 18 (3)) and the accounting year immediately preceding that has exceeded or reached at least two of the three criteria:
1. balance sheet total of more than 40 000 000 CZK; the balance sheet total for the purposes of this Act means the aggregate recorded from the balance sheet in the valuation not adjusted for items under Paragraph 26 (3);
2. net turnover of more than 80 000 000 CZK; net turnover for the purposes of this Act means income less sales discounts, value added tax and other taxes directly linked to turnover,
3. the average recalculated status of employees, including cases of working relationship of a member to a cooperative, over the financial year of more than 50, determined in accordance with a specific legislation, 12)
(c) entities referred to in Paragraph 1 (2) (b) that are entrepreneurs under the conditions set out in (b);
(d) an entity pursuant to Paragraph 1 (2) (d) accounting in the double accounting system under the conditions set out in (b);
(e) entities to which this obligation provides for specific legislation.
Annual report
(1) The entities referred to in paragraphs 20 (a) to (d) are required to draw up an annual report. The annual report shall contain at least the following information:
(a) the previous development of the entity's activities and its status for at least two immediately preceding financial years;
(b) information providing information on the conditions or situations which occurred only after the end of the balance sheet day;
(c) the expected future development of the entity's activities;
(d) expenditure on research and development activities;
(e) the acquisition of own shares, provisional certificates, shares and shares, provisional certificates, controlling shares, 13)
(f) within the scope of the financial statements for the financial year and the audit opinion on those financial statements, unless otherwise provided for in specific legislation, and within the scope of the financial statements for the immediately preceding 2 financial years,
(g) required under specific legislation;
(h) whether an entity has an organisational component abroad.
The annual report may include an audit report in accordance with specific legislation.
(2) The entities referred to in Section 20 (e) shall draw up an annual report or similar document, where this is provided for in a separate law, 14) which may determine its content by way of derogation from paragraph 1.
(3) Paragraph 20 shall apply mutatis mutandis to the verification of the annual report by the auditor.
13) Sections 120, 161d and 161f of the Commercial Code.
14) For example Article 18 of Act No. 424 / 1991 Coll., on association in political parties and political movements, as amended. '
27. in Article 21a (3), the words "the audit opinion" shall be replaced by "the audit report."
28. Sections 22 and 23, including footnotes 19 and 20, read:
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Regulation Information
| Citation | Act No. 353 / 2001 Coll., amending Act No. 563 / 1991 Coll., on Accounting, as amended, and some other laws |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 05.10.2001 |
|---|---|
| Effective from | 01.01.2002 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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