Act No. 410 / 2010 Coll.
Act amending Act No. 563 / 1991 Coll., on Accounting, as amended
Valid
Law
Effective from 01.01.2011
Text versions:
01.01.2011
29.12.2010
410
THE LAW
of 9 December 2010
amending Act No. 563 / 1991 Coll., on Accounting, as amended
Parliament has decided on this law of the Czech Republic:
Act No. 563 / 1991 Coll., on Accounting Act, 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. 437 / 2003 Coll., Act No. 257 / 2004 Coll., Act No. 669 / 2004 Coll., Act No. 179 / 2005 Coll., Act No. 495 / 2005 Coll., Act No. 230 / 2009 Coll., Act No. 57 / 2006 Coll., Act No. 81 / 2006 Coll., Act No. 348 / 2007 Coll., Act No. 126 / 2008 Coll., Act No. 69 / 2007 Coll., Act No. 261 / 2007 Coll., Act No. 296 / 2007 Coll., Act No. 348 / 2007 Coll.
1. In Article 1 (1), the words "European Community1) 'are replaced by the words" European Union1)';
Footnote 1:
"(1) Fourth Council Directive 78 / 660 / EEC of 25 July 1978, based on Article 54 (3) (g) of the Treaty, on the annual accounts of certain types of companies, as amended by Council Directives 83 / 349 / EEC, 84 / 569 / EEC, 89 / 666 / EEC, 90 / 604 / EEC, 90 / 605 / EEC, 94 / 8 / EC, 1999 / 60 / EC, Directives 2001 / 65 / EC and 2009 / 49 / EC of the European Parliament and of the Council. Seventh Council Directive 83 / 349 / EEC of 13 June 1983 based on Article 54 (3) (g) of the Treaty on consolidated accounts, as amended by Council Directives 89 / 666 / EEC, 90 / 604 / EEC, 90 / 605 / EEC, 2001 / 65 / EC and 2009 / 49 / EC of the European Parliament and of the Council. 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. In Article 1, at the end of paragraph 2, the sentence "The provisions of points (d) to (h) shall also apply to foreign natural persons."
3. in Article 6 (4) and in Article 23b (1), the words "to 22b" shall be inserted after the words "22."
4. In Paragraph 9 (2), "§ 19 (9) and § 23a 'is replaced by" § 19a and 23a'.
5. In Paragraph 13 (2), at the end of the text in point (b), the words "if the entity selected does not fulfil this obligation in another book 'are added.
6. In Article 18, at the end of the text of paragraph 1, the words "if, on the balance sheet date and for the immediately preceding financial year, the two criteria referred to in Article 20 (1) (a) (1) and (2)" are added.
7. In Paragraph 19 (3), after the second sentence, the sentence "The obligation to apply the provisions of Paragraph 25 (3) and other provisions relating to the use of accounting methods at the balance sheet date when drawing up interim financial statements shall not apply to selected entities."
8. Paragraph 19 (9), including footnote 11, is deleted.
Paragraphs 10 and 11 shall become paragraphs 9 and 10.
9. The following Section 19a is inserted after Section 19, including the title and footnote 35:
Application of international accounting standards for accounting and financial statements
(1) An entity that is a trading company and is an issuer of securities admitted to trading on a regulated market with its head office in a Member State of the European Union shall apply international accounting standards governed by European Union35 (International Accounting Standards) for the accounting and compilation of financial statements.
(2) Where securities issued by an entity pursuant to paragraph 1 have been admitted to trading on a regulated market located in a Member State of the European Union on a date other than the first day of the accounting year, an entity that does not yet apply international accounting standards shall decide on their application from the beginning of the accounting year in which the security was admitted or from the beginning of the accounting year following the accounting year in which the securities were admitted to such trading.
(3) If securities issued by an entity pursuant to paragraph 1 are no longer traded on any regulated market located in a Member State of the European Union and have ceased to be traded on a date other than the last day of the financial year, the entity shall decide on the application of international accounting standards until the end of the financial year in which securities cease to be traded in such a manner or decide on the termination of their use on the last day of the financial year preceding the financial year in which the securities cease to be traded in such a manner.
(4) The procedure laid down in paragraphs 2 and 3 shall apply unless this is contrary to a directly applicable European Union or specific law.
(5) If securities issued by an entity in accordance with paragraph 1 are no longer traded on any regulated markets located in a Member State of the European Union and the entity's ultimate body decides by the end of the accounting year in which securities cease to be traded, the entity may decide to apply international accounting standards up to the end of the financial year in which the securities cease to be traded on a regulated market located in a Member State of the European Union.
(6) If, at the latest on the last day of the financial year in which the three-year period expires pursuant to paragraph 5, an entity applies for the admission of a security to trading on a regulated market located in a Member State of the European Union, it may extend the application of international accounting standards for one more financial year. If the acceptance of a security does not occur during that financial year, the entity shall not apply international accounting standards from the following financial year.
(7) If it can be assumed that, at the balance sheet date, an entity referred to in Paragraph 22 (3) (a) or (b) will be required to submit to the compilation of consolidated financial statements using international accounting standards, it may decide to apply international accounting standards for accounting and drawing up its financial statements on that balance sheet date. A decision on the application of international accounting standards for the accounting and compilation of financial statements and the determination of the accounting year from which the international accounting standards will be applied shall be subject to approval by the ultimate body of that entity.
(8) If, on the balance sheet date, an entity referred to in Paragraph 22 (2) can be expected to draw up consolidated financial statements using international accounting standards, it may decide to apply international accounting standards for accounting and drawing up its financial statements on that balance sheet date. A decision on the application of international accounting standards for the accounting and compilation of financial statements and the determination of the accounting year from which the international accounting standards will be applied shall be subject to approval by the ultimate body of that entity.
(9) If an entity makes use of the option in paragraphs 7 or 8 and there is a change in the original assumption, including during the financial year, the entity shall not apply international accounting standards for the accounting and compilation of financial statements from the beginning of the financial year in which the original assumption was modified or, where applicable, from the beginning of the financial year that was determined by the decision of the entity's highest authority or from the subsequent financial year. However, if, on the first day of the following financial year, there are reasons for continuing to apply the international accounting standards referred to in paragraphs 1 to 8, an entity shall apply international accounting standards to the accounting and compilation of financial statements in accordance with the provisions of those paragraphs.
35) Regulation (EC) No 1606 / 2002 of the European Parliament and of the Council. Commission Regulation (EC) No 1126 / 2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606 / 2002 of the European Parliament and of the Council. ';
10. in Article 21 (4), the words "and the audit report" shall be replaced by the words "pursuant to Sections 18, 19a, 22 and 23a and the auditor's report."
11.
(1) Consolidated financial statements are the financial statements drawn up and modified by the consolidation methods. Unless otherwise specified, the provisions of this Act concerning financial statements shall also apply to consolidated financial statements.
(2) The obligation to draw up consolidated financial statements is, under the conditions laid down in this Act and the implementing legislation, an entity which is a trading company and is a controlling person20), with the exception of controlling persons exercising joint influence pursuant to paragraph 4 (hereinafter the "consolidating entity").
(3) The obligation to submit to the drawing-up of consolidated accounts shall, under the conditions laid down by this law and the implementing legislation, be the subject of a person, irrespective of his registered office, where:
(a) the person controlled (20), with the exception of the persons controlled in which the joint influence referred to in paragraph 4 is exercised (the consolidated entity);
(b) by the person in which the consolidated or consolidated entity exercises joint influence (hereinafter the entity under joint influence); or
(c) the person in which the consolidating entity exercises material influence (hereinafter referred to as "the associated entity").
(4) For the purposes of drawing up consolidated financial statements, joint influence shall be that in which a person in a consolidation unit, together with one or more persons not included in the consolidation unit, controls another person, the person exercising the joint influence separately not exercising a decisive influence on that other person.
(5) Substantial influence means such a significant influence on the management or operation of an undertaking under a special legislation which is neither decisive 20) nor joint; If the opposite is not demonstrated, the disposition with at least 20% of the voting rights shall be considered to have a significant effect.
(6) The consolidation unit consists of the entities referred to in paragraphs 2 and 3 (a) under the conditions laid down in Paragraph 22a and the implementing legislation.
(7) The consolidated financial statements shall be drawn up in such a way as to give a true and fair view of the subject matter of the accounts and the financial situation of the consolidation unit, of the entities under joint influence and of the associated entities.
20) § 66a of the Commercial Code. '.
12. the following Sections 22a and 22b are inserted after Section 22:
(1) A consolidating entity is not required to draw up consolidated financial statements if at the end of the balance sheet day of the financial year for which the consolidated financial statements are drawn up, the consolidating entity and consolidated entities together, based on their last sound financial statements, fail to meet at least two of the following criteria:
(a) the total assets amount to more than CZK 350,000; total assets 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);
(b) the annual total net turnover is more than CZK 700 000 000; the annual total net turnover, for the purposes of this Act, means the amount of revenue less sales discounts, divided by the number of months in which the accounting year began and multiplied by 12;
(c) the average recalculated status of the staff member, including cases of working relationship between the member and the cooperative, established in the manner determined by the special legislation, shall be more than 250 during the accounting year.
(2) The provisions of paragraph 1 shall not apply to entities which are banks or are engaged in an insurance or reinsurance business under other laws or are an issuer of securities admitted to trading on a regulated securities market located in a Member State of the European Union.
(3) A consolidating entity is not required to draw up consolidated financial statements if the consolidated entity's financial statements are sufficient to present a true and fair view of the subject matter of the accounting and financial situation of the consolidation entity, since the consolidated entity only controls consolidated entities that are individually and collectively insignificant.
(1) The consolidating entity shall inform the entities referred to in Paragraph 22 (3) in due time that they will be consolidated. At the same time, they shall provide information on the definition of the consolidation unit and determine which accounting records and other documents those entities are required to provide to the consolidated entity for the preparation of consolidated financial statements.
(2) The consolidating entity shall draw up a consolidated annual report. The obligations referred to in Article 22 (2) and (3) and in paragraph 1 shall apply mutatis mutandis in relation to the obligation to draw up a consolidated annual report. A consolidated annual report means an annual report containing information on the consolidation unit, entities under joint influence and associated entities. If the content of the consolidated annual report and any information about the consolidated entity that has to include the annual report are included, that consolidated entity does not have to draw up the annual report. Unless otherwise specified, the provisions of this Act concerning the annual report shall also apply to the consolidated annual report. ';
13. in the first and second sentences of Paragraph 23 (3), the words "included in the consolidation unit" shall be replaced by the words "and entities under joint influence."
14. In Article 23 (4), the last sentence is replaced by "If changes occur during the financial year in the definition of entities which are required to submit to the preparation of consolidated accounts pursuant to Article 22 (3), this information shall be included in the Annex to the consolidated financial statements. '
15. In Section 23a, the word "International 'is replaced by" International'.
16. in Paragraph 23a (1):
"(1) A consolidating entity that is an issuer of securities admitted to trading on a regulated market with its head office in a Member State of the European Union shall apply international accounting standards to prepare consolidated financial statements. ';
17. in Article 23a (2), the words "and the preparation of the annual report to apply the International Accounting Standards referred to in paragraph 1" shall be replaced by the words "to apply the International Accounting Standards."
18. in Paragraph 24 (7), the fourth sentence is deleted;
19. In the second sentence of Paragraph 24 (8), the words "Czech consolidation agency, 20i)," including footnote 20i are deleted.
20. In Article 24, the following paragraph 9 is added:
"(9) In the case of a foreign currency for which the foreign exchange market rate is not declared daily, an entity shall use it to convert:
(a) the interbank market rate for this currency to USD or EUR and the foreign exchange market rate declared by the Czech National Bank for USD or EUR on the same date; or
(b) the last known course declared or published by the Czech National Bank; the following paragraph is added:
21. in Article 27 (1), the words "except for stocks" shall be added at the end of the text in point (h).
22. In Article 30, the following paragraph 8 is added:
"(8) The provisions relating to the inventory of assets and liabilities shall also apply to the inventory of other assets and other liabilities, including the facts charged in the off-balance sheet book. ';
23. in the second sentence of Paragraph 33 (7), "Paragraph 37 (3)" is replaced by "Paragraph 32 (1)."
24. in Paragraph 33a (2), "to (d)" is replaced by "and (c)";
25. in Article 33a (3), the first and last sentences are deleted;
26. in Paragraph 33a (7), "(d)" is replaced by "(c)";
27. Sections 37 and 37a, including the title and footnote 34, read:
"Administrative offences
(1) An entity that is not an entrepreneur commits an offence by:
(a) it does not keep accounts under § 4 (2) to (6);
(b) not draw up the accounts referred to in Article 6 (4) or draw up the accounts on the date set out in Article 19 (1) or draw up an annual report pursuant to Article 21 (1) to (5);
(c) keeps accounts contrary to § 7 (1) and (2);
(d) keeps accounts contrary to § 8 (2);
(e) its financial statements do not contain all the mandatory components referred to in Paragraph 18 (1) or (2);
(f) in breach of Article 20 (1), the accounts are not audited by the auditor or in breach of Article 21 (6), the annual report is not audited by the auditor;
(g) not publish the accounts or the annual report referred to in Article 21a; or
(h) in contravention of Article 31, it shall not keep accounts.
(2) A fine may be imposed for an offence up to the amount of:
(a) 6% of the total value of the assets referred to in Article 20 (1) (a) (1), if it is an offence referred to in paragraph 1 (a) and (b);
(b) 3% of the value of the assets in total in accordance with Article 20 (1) (a) (1), if it is an offence under paragraph 1 (c) to (h).
(1) An entity not referred to in Paragraph 37 commits an administrative offence by:
(a) does not keep the accounts referred to in Article 4 (1);
(b) not draw up the accounts referred to in Article 6 (4) or draw up the accounts on the date set out in Article 19 (1) or draw up an annual report pursuant to Article 21 (1) to (5);
(c) keeps accounts contrary to § 7 (1) and (2);
(d) keeps accounts contrary to § 8 (2);
(e) its financial statements do not contain all the mandatory components referred to in Paragraph 18 (1) or (2);
(f) contrary to Paragraph 19a (1), it shall not apply international accounting standards for the accounting and compilation of accounts;
(g) in breach of Paragraph 20 (1), the accounts are not audited by the auditor or in breach of Paragraph 21 (6), the annual report is not audited by the auditor;
(h) not publish the accounts or the annual report referred to in Section 21a;
i) does not draw up the accounts for the part-consolidation unit of the State or the accounts for the Czech Republic, although it is required to do so under § 23b,
(j) in contravention of Paragraph 31, does not keep accounting records; or
(k) it shall not transmit the accounting record to the central system of accounting information to the State in the manner laid down by the implementing legislation issued pursuant to Articles 4 (8) and 23b (534).
(2) A consolidating entity commits an administrative offence by:
(a) not to draw up consolidated financial statements pursuant to Article 6 (4) or to draw up consolidated financial statements on the date set out in Article 23 (2), or to draw up a consolidated annual report pursuant to Article 22b (2);
(b) its consolidated financial statements do not contain all the mandatory components referred to in Article 18 (1) or (2);
(c) in contravention of Paragraph 20 (1), it does not have consolidated financial statements as verified by the auditor or in breach of Article 21 (6) it does not have consolidated annual report as verified by the auditor;
(d) not publish the accounts or the annual report referred to in Paragraph 21a; or
(e) contrary to Article 23a (1), it shall not apply international accounting standards for the preparation of consolidated accounts.
(3) A fine shall be imposed for the administrative offence up to the amount of:
(a) 6% of the total value of the assets referred to in Article 20 (1) (a) (1), if it is an administrative offence referred to in paragraph 1 (a), (b) and (f);
(b) 3% of the total value of the assets referred to in Article 20 (1) (a) (1), if it is an administrative offence referred to in paragraph 1 (c) to (e) and (g) to (j);
(c) 3% of the value of consolidated assets in total in accordance with Paragraph 22a (1) (1), if it is an administrative offence in accordance with paragraph 2;
(d) 5 000 CZK, if it is an administrative offence referred to in paragraph 1 (k) and unless otherwise specified.
34) Decree No. 383 / 2009 Coll., on accounting records in the technical form of selected entities and their transmission to the central system of state accounting information and on requirements for technical and mixed forms of accounting records (Technical Decree on accounting records). '.
28. footnote 32 is deleted.
29. The following Sections 37aa and 37ab are inserted after Section 37a, including the title:
(1) The total value of the assets referred to in § 37 (2) and § 37a (3) shall be determined from the entity's financial statements or consolidated financial statements for the financial year in which or for which the infringement occurred.
(2) Where the value of the total assets determined in accordance with paragraph 1 does not correspond to the total assets identified in the infringement proceedings, for the purposes of Sections 37 (2) and 37a (3), this determined amount of assets not covered by the items referred to in Section 26 (3) shall apply. The same procedure shall apply where the accounts or consolidated accounts have not been drawn up for the financial years concerned.
(3) If the actual amount of assets cannot be ascertained in accordance with the procedure laid down in paragraph 2, the value of the assets shall be determined by a qualified estimate of the institution which is dealing with the infringement.
(4) Where the extent and content of accounting cases in the accounting year in which or for which the infringement occurred is comparable to that of the accounting cases immediately preceding the accounting year, the qualifying estimate for the purposes of paragraph 3 shall be the total value of the assets determined from the financial statements drawn up for that previous financial year.
Common provisions on administrative offences
(1) The legal person shall not be liable for an administrative offence if he proves that he has made every effort to prevent an infringement.
(2) In determining the amount of the fine to a legal person, account shall be taken of the seriousness of the administrative offence, in particular the manner in which it was committed and its consequences, the duration and circumstances in which it was committed. The imposition of a fine on an administrative offence under Paragraph 37a (1) (k) may be waived.
(3) The liability of a legal person for an administrative offence shall cease if the administrative authority has not initiated proceedings against him within 1 year of the date on which he became aware of it, but no later than 3 years from the date on which he was committed.
(4) Administrative offences under this Act shall be dealt with at first instance by the Financial Office, unless otherwise provided for in specific legislation.
(5) The liability for conduct arising in the course of, or directly related to, the business of a natural person shall be subject to the liability and penalty provisions of the legal person. ';
Transitional provisions
1. The provisions of Act No. 563 / 1991 Coll., as effective from the date of entry into force of the Act, shall apply for the first time in the accounting year beginning in 2011 or later, unless otherwise specified in points 2 or 3.
2. Paragraph 18 of Act No. 563 / 1991 Coll., as effective from the date of the entry into force of this Act, will apply the state's organisational components, state funds according to the budgetary rules, the Land Fund of the Czech Republic, the local authorities, the voluntary communal associations, the Regional Council of the Cohesion Regions, the contribution organisations and health insurance companies to draw up an overview of cash flows and an overview of changes in equity for the first time in the financial year 2010 or later.
3. The provisions of Sections 22 to 23 of Act No. 563 / 1991 Coll., as effective from the date of entry into force of the Act, shall apply for the first time when the consolidated accounts and consolidated annual report for the financial year started in 2010 or later.
4. The proceedings for the imposition of a fine under the Accounting Act, initiated before and until the date of entry into force of this Act, shall be completed and the rights and obligations relating thereto shall be assessed in accordance with Act No. 563 / 1991 Coll., as effective until the date of entry into force of this Act, unless the legislation referred to in Act No. 563 / 1991 Coll., as effective from the date of entry into force of that Act, is more favourable to the entity.
Efficacy
This Act shall take effect on 1 January 2011.
Germany
Klaus v. r.
Nausea v. r.
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Regulation Information
| Citation | Act No. 410 / 2010 Coll., amending Act No. 563 / 1991 Coll., on Accounting, as amended |
|---|---|
| Regulation Type | Law |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 29.12.2010 |
|---|---|
| Effective from | 01.01.2011 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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