Decree No. 420 / 2010 Coll.
Decree amending Decree No. 501 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are banks and other financial institutions, as amended
Valid
Order
Effective from 01.01.2011
Text versions:
01.01.2011
29.12.2010
420
DECLARATION
of 21 December 2010
amending Decree No. 501 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are banks and other financial institutions, as amended
The Ministry of Finance provides pursuant to § 37b (1) of Act No. 563 / 1991 Coll., on Accounting, as amended by Act No. 437 / 2003 Coll. and Act No. 304 / 2008 Coll., for the implementation of § 4 (8) of this Act:
Decree No. 501 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are banks and other financial institutions, as amended by Decree No. 473 / 2003 Coll., Decree No. 545 / 2004 Coll., Decree No. 398 / 2005 Coll., Decree No. 350 / 2007 Coll. and Decree No. 470 / 2008 Coll., is amended as follows:
1. In Paragraph 2 (1) (j), the comma is replaced by a dot and the word "or 'is deleted.
2. in Paragraph 2 (1), point (k), including footnote 6a, shall be deleted;
3. In Article 2 (1), at the end of point (j), the dot is replaced by a comma and the following points (k) and (l) are added:
"(k) electronic money institutions (21); or
(l) payment institution21).
21) Act No. 284 / 2009 Coll., on Payment, as amended. '
4. In Article 2, the following paragraph 2 is inserted after paragraph 1:
"(2) This decree shall apply to the entities referred to in paragraph 1 (k) and (l) only if they are financial institutions under the law governing the activities of banks. ';
Paragraphs 2 to 4 shall become paragraphs 3 to 5.
5. In Paragraph 2 (5), the words "This Order does not apply 'are replaced by the words" Of the entities referred to in paragraph 1, this Order does not apply, with the exception of the provisions of Section 81a'.
6. In Article 2 (5), the words "Paragraph 19 (9) and" shall be deleted and the words "the law" shall be inserted after the words "the law," and further to the entities under Paragraph 19a of the Act. "
7. In Article 55, the following paragraph 2 is added:
"(2) An entity that has applied accounting methods in a manner that is based on the assumption that it will continue its business continuously and that at the same time there is significant uncertainty, namely in fact which suggests that an entity may not be able to continue its business continuously and, as a result, in the course of its normal business, for example, to fulfil its obligations, shall disclose this fact in the notes in the financial statements. It shall further describe any measures or proposals to address these facts. ';
8. In Paragraph 66, the following paragraph 3 is added:
"(3) An entity that provides payment services or issues electronic money and is not a financial institution under a law governing the activities of banks shall include separate accounts in the schedule to be charged for such activities. 21)."
9. Paragraph 81, including footnote 22, reads as follows:
(1) In consolidated financial statements, the consolidating entity includes:
(a) consolidated entities that form a consolidation entity with a consolidated entity;
(b) entities under joint influence and associated entities where consolidated financial statements are drawn up.
(2) Consolidated entities need not be included in the consolidation whole,
(a) for which the share of the consolidation unit is not significant (22) in terms of presentation of a true and fair picture of the subject matter of the accounts and the financial situation of the consolidation unit; where for two or more such consolidated entities their aggregate proportion is significant 22), these entities are included in the consolidation unit; or
(b) for which long-term restrictions significantly prevent a consolidated entity from exercising its rights to dispose of the assets or management of those consolidated entities, or, exceptionally, if it cannot obtain the information necessary for drawing up the consolidated accounts under this Order without proving the undue cost required or without proving the unnecessary delay; or
(c) if the shares or shares of consolidated entities are held solely for the purpose of selling them.
(3) The provisions of paragraph 2 shall apply mutatis mutandis to the inclusion of entities under joint influence in consolidated financial statements.
(4) Entities associated need not be included in consolidated financial statements items if the consolidated entity's share of the equity of the entity associated is insignificant in terms of submission of a true and fair picture of the subject-matter of the consolidation entity and of the financial situation.
22) Paragraph 19 (6) of the Accounting Act. '
10. in § 81a (1) of the introductory part of the provision, the words "under § 81 (1) and (2)" shall be deleted;
11. in Article 81a (1) (a), the word "in" shall be deleted and the word "unit" shall be replaced by the word "unit."
12. in Article 81a (1) (b), the word "v" and the words "per consolidation unit" shall be deleted;
13. in Article 81a (1) (b), the word "unit" is replaced by the word "unit."
14. in Article 81a (2) (b), the word "this" shall be inserted after the word "this."
15. in Article 81a (2), the semicolon at the end of the text in point (c) is replaced by a comma and the words "an officially certified translation is required" are deleted;
16. in Article 81a (3), the words "whose securities are registered" are replaced by the words "which are the issuer of securities admitted to trading" and the words "in any" are replaced by the words "securities registered in."
17. in Paragraph 81a (4), the words "controlled or controlled entity" are replaced by "consolidated entity."
18. in Article 81a (4), the word "liberated" shall be replaced by "this."
19. in Paragraph 82 (1), the words "according to the relevant method," the word "consolidation," the words "consolidation unit" and the word "consolidation" shall be deleted.
20. In Paragraph 82 (2), the word "consolidation", "(" sub-consolidation units ")" and the word "consolidation" shall be deleted.
21. in Paragraph 82, paragraph 3 shall be deleted;
Paragraphs 4 to 9 shall be renumbered paragraphs 3 to 8.
22. In Section 82 (3) of the introductory part of the provision, the words "for a consolidation whole 'are deleted.
23. in Paragraph 82 (3) (a), "controlled or controlled persons" is replaced by "consolidated entities."
24. in Paragraph 82 (3) (b), the words "a person who is wholly controlled in accordance with other or other persons, provided that such persons share the same share of the capital of controlled or controlled persons," shall be replaced by "entities under joint influence."
25. in Paragraph 82 (3) (c), the words "persons under significant influence" are replaced by the words "associated entities."
26. in Paragraph 82 (4), the words "controlled or controlled persons" are replaced by "consolidated entities."
27. in Paragraph 82 (5), the words "persons controlled by consensus" are replaced by the words "entities under joint influence" and the words "capital of that person" are replaced by the words "own capital of those entities."
28. In Paragraph 82 (6), the words "controlling persons on a person under significant influence 'are replaced by" consolidating entities in an associate entity'.
29. in Paragraph 82 (6), the last sentence is deleted;
30. In Paragraph 82, the following paragraph 7 is inserted after paragraph 6:
"(7) For entities that are obliged to submit to the preparation of consolidated financial statements, the method of consolidation chosen may be amended only in exceptional cases. Such an amendment shall be included in the notes in the financial statements with a justification and an indication of its effect on the assets, liabilities and financial situation of the entities included in the consolidated financial statements. ';
Paragraphs 7 and 8 shall be renumbered paragraphs 8 and 9.
31. in Article 82 (8), the word "persons" shall be replaced by "entities" and the words "consolidation unit" shall be replaced by "consolidation."
32. In Paragraph 82 (9), the words "in consolidated financial statements only those relationships that were carried out by the consolidation entity outside the consolidation entity 'are replaced by the words" consolidated financial statements did not contain reciprocal transactions that were carried out by consolidation entities'.
33. In Paragraph 82 (9), the words "purchase and sale of stocks, fixed assets" and "consolidation unit" are deleted.
34. in Paragraph 82 (9), the word "consolidated" shall be inserted after the words "influence on."
35. in Paragraph 83 (2), the words "consolidated and consolidated entities" are replaced by the words "consolidated entities, consolidated entities, entities under joint influence, associated entities."
36. in Paragraph 83 (2), the word "consolidation" shall be deleted and the words "joint influence entities and associated entities" shall be inserted after the words "provide consolidated entities."
37. in Article 83 (3), the words "the consolidation whole" shall be replaced by the words "which are required to submit to the preparation of consolidated accounts."
38. Paragraph 83 (5) is deleted.
39. In Section 85 (2) of the introductory part of the provision, the words "according to the consolidation method used 'are deleted.
40. in Paragraph 85 (2) (b), the words "minority interests in the profit or loss and in the profit or loss in equivalence" shall be deleted;
41.In Paragraph 85 (2), the following point (c) is added:
"(c) minority interests in the profit or loss, share in the profit or loss in equity, according to the consolidation method used.";
42. In Section 86 (1) of the Introductory Part of the provision, the words "mutatis mutandis the information provided for in Sections 54 to 60 and the information on 'are replaced by the words" consolidated accounts'.
43.In Paragraph 86 (1) (a):
"(a) the amount of remuneration paid for the financial year in both monetary and non-monetary terms to persons who are a statutory body, members of statutory or other management and supervisory bodies, as well as the amount of pension liabilities incurred or agreed between former members of the listed authorities, indicating the total for each category;"
footnotes 18b and 18c are deleted.
44. in Article 86 (1), the following point (b) is inserted after point (a):
"(b) separately, information on the total remuneration costs of the statutory auditor or audit firm for the financial year, broken down into:
1. the statutory audit of the accounts,
2. other verification services;
3. tax advice,
4. other non-audit services, '.
Points (b) to (m) shall be renumbered (c) to (n).
45. in Paragraph 86 (1) (c), "other claims" shall be replaced by "loans" and "guarantees granted" shall be replaced by "all forms of collateral,"
46. in § 86 (1) (d):
"(d) the aggregate amount of financial liabilities not included in the consolidated balance sheet where such information is useful for assessing the financial situation; all liabilities related to pensions and liabilities between the consolidating entity and entities not included in the consolidated financial statements shall be reported separately; ';
47. in Paragraph 86 (1), points (e) to (h) are deleted;
Points (i) to (n) shall be renumbered as points (e) to (j).
48. in Paragraph 86 (1) (e), the words "securities and shares valued at equivalent value, receivables and liabilities" are replaced by "total liabilities."
49. in Paragraph 86 (1) (e), the words "claims and liabilities covered by the lien or liability in kind" shall be replaced by the words "and the total amount of liabilities secured," and the words "in the event of default" shall be deleted;
50. in Article 86 (1) (f), the word 'method' is replaced by 'method' and a comma is inserted after the word 'valuation differences'.
51. in Paragraph 86 (1) (f), the words "the consolidating entity shall disclose the information to the extent required by Paragraph 60," shall be deleted;
2. in Paragraph 86 (1) (g), the words "character and business purpose" shall be replaced by the words "nature and business purpose" and the words "consolidation unit" shall be deleted;
53.In Paragraph 86 (1) (i):
"(i) additional information on the nature and conditions of the implementation of financial assistance; in the case of the non-inclusion of a consolidated entity or an entity associated in consolidated financial statements pursuant to Paragraph 81 (3) (c) and paragraph 4, which is a bank or other financial institution, and where the shares or shares of that entity are temporarily held in the framework of financial assistance for the purpose of reorganisation or other measures to continue operating, the consolidating entity shall attach the financial statements of that entity to the consolidated financial statements; ';
54. In Paragraph 86 (1) (j), the word "transactions" is replaced by the word "transactions" and the words "within a consolidation unit" are replaced by the words "between entities in consolidation."
55. in Paragraph 86 (1) (j), a comma is inserted after the words "consolidating entity" and the words "or other" are deleted;
56. in Paragraph 86 (1) (j), the words "joint-influence entities or associated entities" and the words "financial situations 18d)" shall be inserted after the words "consolidated entities";
57. In Paragraph 86 (1) (j), the words "the terms and conditions of the regulated market. The information" including footnote 18e shall be replaced by "normal market conditions; information '; a semicolon shall be inserted after the words" financial situation' and "consolidation unit '. For the purposes of this decree,' shall be deleted.
58. In Article 86 (1) (j), the word "mine 'shall be inserted after the words" related party' and the words "referred to in Article 23a (1) of the Act 'shall be replaced by the words" governed by European Union law'.
59. In Paragraph 86 (2) of the introductory part of the provision, the words "the procedure for the inclusion of entities and 'shall be deleted.
60.In Paragraph 86 (2) (a):
"(a) the method of consolidation referred to in Article 82 (1) and the methods of consolidation used pursuant to Article 82 (4),"
61. in Article 86 (2) (b), the words "or the name" shall be deleted and the words "consolidated" shall be inserted after the words "registered office";
62. In Paragraph 86 (2) (b), the words "the degree of influence (dependence) and the interest (participation) in the capital of those entities" shall be replaced by the words "the share of equity in those entities held by entities other than the consolidating entity or persons acting in their own name but on behalf of those entities; indicate the facts on the basis of which it became the controlling person ';
63. In Paragraph 86 (2) (b), the words "voting rights or other means of control, specifying the consolidation methods for their consolidation in accordance with Article 71 (4), with the possible justification for the choice of the relevant consolidation method," shall be deleted.
64. in Paragraph 86 (2), point (c) is deleted;
Points (d) to (h) shall be renumbered (c) to (g).
65.In Article 86 (2) (c), the words "or the name" shall be deleted and the words "consolidated" shall be inserted after the words "registered office";
(66) In Paragraph 86 (2) (c), the words "with the grounds for such inclusion" are replaced by the words "under Paragraph 81 (2), including the grounds for not including them, indicating the share of equity in those entities held by persons other than the consolidating entity."
67.In Paragraph 86 (2) (d):
"(d) the business firm and the registered office of the related entities that are included in the consolidated financial statements, indicating the share of their equity held by the entities included in the consolidation or by persons acting in their own name but on behalf of those entities,"
68. in § 86 (2) (e):
"(e) the business firm and the registered office of the related entities which are not included in the consolidated financial statements referred to in Article 81 (4), including an indication of the reason for the non-inclusion;"
69. in Article 86 (2), the following points (f) and (g) are inserted after point (e):
"(f) the trading firm and the registered office of the entities under joint influence included in the consolidated financial statements, indicating the proportion of their capital held by the entities included in the consolidation or by persons acting in their own name but on behalf of those entities; indicate the reasons on which the joint influence is exercised,
(g) the business firm and the registered office of the entities not referred to in points (b) to (f) in which the consolidated entity itself or through a person acting in his own name on its behalf has a percentage of the equity of less than 20; the amount of the equity share, including the total amount of equity capital, of the profit or loss for the last financial year of those entities shall be indicated; that information does not need to be disclosed if these entities are not significant in terms of submitting a true and fair picture of the subject matter of the accounts and the financial situation in the consolidated financial statements; information on equity capital and profit or loss shall also not be reported if it is not disclosed and if the consolidated entity's share of equity directly or through other entities is less than 50%, ';
Points (f) and (g) shall be renumbered as points (h) and (i).
70. in Paragraph 86 (2) (h), the word "accounting" and the words "general accounting" shall be inserted after the word "used";
(71) Paragraph 86 (2) shall be replaced by a semicolon at the end of the text in point (h) and the words "for items included in the consolidated financial statements which are or were originally expressed in a foreign currency, information shall be given on how they are converted into the currency in which the consolidated financial statements were drawn up."
72.In Paragraph 86 (2) (i), the semicolon is replaced by a comma and the words "for employees involved in the management of an entity, the appropriate amount of personnel costs" are replaced by "broken down by category; the average number of employees in the course of the accounting year for entities under joint influence shall be reported separately. ';
73.In Paragraph 86 (2), at the end of point (i), the dot is replaced by a comma and the following point (j) is added:
"(j) the explanation of the items" Positive consolidation difference "and" Negative consolidation difference, "the methods for determining them and any significant changes to the previous accounting year."
Transitional provisions
1. The provisions of Decree No 501 / 2002 Coll., as effective from the date of entry into force of this Order, shall apply for the first time in the accounting year which began in 2011 or later, unless otherwise specified in point 2.
2. The provisions of § 2 (5), § 81 to 86 of Decree No. 501 / 2002 Coll., as effective from the date of entry into force of this Order, shall apply for the first time when drawing up consolidated accounts for the financial year which began in 2010 or later.
Efficacy
This Decree shall take effect on 1 January 2011.
Minister:
Ing. Kalousek v. r.
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Regulation Information
| Citation | Decree No. 420 / 2010 Coll., amending Decree No. 501 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are banks and other financial institutions, as amended |
|---|---|
| Regulation Type | Order |
| 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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