Act No. 437 / 2003 Coll.
Act amending Act No. 563 / 1991 Coll., on Accounting, as amended, and certain other laws
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Law
Effective from 01.01.2004
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437
THE LAW
of 25 November 2003
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., Act No. 492 / 2000 Coll. and Act No. 353 / 2001 Coll., is amended as follows:
1. in Paragraph 1 (1), including footnote 1):
"(1) This law sets out, in accordance with the law of the European Communities (1), the scope and manner of keeping accounts and the requirements for proving it.
1) Fourth Council Directive of 25 July 1978, based on Article 54 (3) (g) of the Treaty, on the annual accounts of certain types of companies (78 / 660 / EEC), 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 and Directive 2001 / 65 / EC of the European Parliament and of the Council. Seventh Council Directive of 13 June 1983, based on Article 54 (3) (g) of the Treaty on consolidated accounts (83 / 349 / EEC), as amended by Council Directives 89 / 666 / EEC, 90 / 604 / EEC, 90 / 605 / EEC and Directive 2001 / 65 / 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. ';
2. in Paragraph 1 (2) (d):
"(d) natural persons registered as entrepreneurs;"
3. in Article 1 (2), the following points (e) to (h) are added:
"(e) other natural persons who are entrepreneurs if their turnover under the Value Added Tax Act (1a), including taxable transactions exempt from that tax, exceeds CZK 6 000 000 for the immediately preceding calendar year, from the first day of the calendar year; the revenue from the activity showing all the characteristics of the business, in addition to the sign that it is carried out by the entrepreneur, shall not be included in the turnover;
(f) other natural persons keeping accounts on the basis of their decision;
(g) other natural persons who are entrepreneurs and are participants in an association without legal personality under a specific legislation, 1b) if at least one of the participants in that association is the person referred to in points (a) to (f) or (h); or
(h) other natural persons to whom special legislation imposes an obligation to keep accounts;
(1a) Paragraph 2 (2) (c) of Act No. 588 / 1992 Coll., on Value Added Tax, as amended.
(1b) § 829 et seq. of the Civil Code. ';
4.
Subject matter of accounting
Entities shall account for the status and movement of assets and other assets, liabilities and other liabilities, costs and revenues and the result of the management. ';
5. In the first sentence of Article 3 (1), the words "double entry 'shall be inserted after the word" charge'.
6. In the second sentence of Article 3 (1), "2 'is replaced by" 8' and the words "while all expenditure and revenue shall be charged only at the time of actual payment or receipt '.
7. In the fifth sentence of Article 3 (2), the words "or the marketing year 'shall be inserted after the words" after the end of the calendar year'.
8. In the sixth sentence of Paragraph 3 (2), the words "(hereinafter referred to as" transformation of a company ") 'shall be inserted after the words" form'.
9. In the seventh sentence of Paragraph 3 (2), the words "merging entities' are replaced by the words" participating entities'.
10. in Paragraph 3 (2), the sentences of the eighth and ninth, including footnote 1, are deleted.
11. in Paragraph 3 (3), including footnote (1c),
"(3) Entities that are not an organisational component of the State, of the local government or of an entity formed or established by a special law may apply the marketing year. A marketing year may be applied only after notification of the intention to change the accounting year to the locally competent income tax administrator at least 3 months before the planned change in the accounting year, otherwise the accounting year shall remain unchanged. Similarly, entities also move from a marketing year to a calendar year.
1c) For example, Act No. 111 / 1998 Coll., on Higher Education and on the amendment and addition of other laws, as amended by Act No. 210 / 2000 Coll. and Act No. 147 / 2001 Coll. '.
12.
(1) The entities referred to in § 1 (2) (a) and (c) are required to keep accounts from their date of establishment until their date of demise; the entities referred to in Paragraph 1 (2) (b) are obliged to keep accounts from the date of commencement of business until the date of termination of business in the Czech Republic.
(2) The entities referred to in Paragraph 1 (2) (d) are required to keep accounts from the date of entry into the Commercial Register until the date of removal from the Commercial Register, unless they are required to keep accounts under § 1 (2) (e), (g) or (h).
(3) The entities referred to in Paragraph 1 (2) (e) are required to keep accounts from the first day of the accounting year following the calendar year in which they became an entity until the last day of the accounting year in which they ceased to be an entity, unless they are required to keep accounts under § 1 (2) (d), (g) or (h).
(4) The entities referred to in Paragraph 1 (2) (f) shall keep accounts from the first day of the financial year following that in which they decide to keep accounts, unless they decide to keep accounts from the date of commencement of business or other self-employed activities, until the date on which those activities cease or until the last day of the financial year in which they decide to close accounts, and if they are not obliged to keep accounts under § 1 (2) (d), (e), (g) or (h).
(5) The entities referred to in Paragraph 1 (2) (g) are required to keep accounts from the first day of the accounting year following that in which:
(a) have become parties to the association; or
(b) one of the participants in the association has become an entity;
until the last day of the accounting year in which they cease to be members of the grouping, unless they are required to keep accounts under § 1 (2) (d), (e) or (h).
(6) The entities referred to in Paragraph 1 (2) (h) are required to keep accounts from the date of commencement of business until the date of termination of business, unless otherwise provided for in a separate law and unless they are obliged to keep accounts under § 1 (2) (d), (e) or (g).
(7) Except in the case of termination of an activity, entities may terminate accounting in accordance with § 1 (2) (d) to (h) at the earliest after the expiry of the 5 consecutive accounting years in which they held accounts.
(8) Entities are required to comply with, in particular, the indicative financial statements, the layout and labelling of financial statements items and consolidated financial statements, the content of these statements and accounting methods. Implementing legislation according to the nature of the entities and their activities
(a) the extent and method of drawing up the accounts;
(b) the layout, labelling and content of the items of assets and other assets, liabilities and other liabilities in the accounts;
(c) the organisation, labelling and content of the costs, revenues and results of the financial statements;
(d) the structure and content of the explanatory and supplementary information in the Annex in the financial statements, including information on the management of the State budget and the budgets of the local authorities;
(e) the organisation and content of an inventory of cash flows and an inventory of changes in equity;
(f) an indicative chart of accounts;
(g) accounting methods, in particular methods of valuation and their application, procedures for the creation and use of adjustments, depreciation procedures, procedures for the creation and use of reserves;
(h) the methods of transition from simple accounting or tax records pursuant to the Special Code (1d) to accounting;
(i) the layout, labelling and content of the items in the consolidated accounts;
(j) methods of consolidation of financial statements; and
(k) the procedure for including entities in a consolidation unit;
for individual groups of entities, the National Property Fund of the Czech Republic and the Land Fund of the Czech Republic.
(9) Entities are required to keep one accounting for the entity as a whole.
(10) 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 record all facts relating to the keeping of accounts. Any fact relating to the keeping of accounts shall be recorded solely by accounting records.
(11) Individual accounting records may be grouped in aggregated accounting records; 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 to the minimum specified by this Act.
(12) Entities are required to keep accounts in the currency of the Czech currency. In the case of receivables and liabilities, shares in companies, (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 at the same time; (6) where the assets and liabilities to which they relate are denominated in foreign currency.
(13) Entities are required to keep accounts in the Czech language. The accounting documents may be drawn up in a foreign language only if the condition of clarity laid down in Paragraph 8 (5) is met.
(14) Accountancy can only be considered as a whole as an information system under a specific legislation7.
(15) Entities shall apply the accounting methods referred to in paragraph 8 in the version in force at the beginning of the accounting year.
1d) Act No. 586 / 1992 Coll., on Income Tax, as amended.
2) Article 61 of the Commercial Code.
3) Act No. 591 / 1992 Coll., on securities, as amended.
4) Section 8a of Act No. 591 / 1992 Coll., on Securities, as amended by Act No. 15 / 1998 Coll., Act No. 70 / 2000 Coll., Act No. 362 / 2000 Coll., Act No. 501 / 2001 Coll., Act No. 308 / 2002 Coll., Act No. 476 / 2002 Coll. and Act No. 88 / 2003 Coll.
5) § 1 (d) of Act No. 219 / 1995 Coll., Foreign Exchange Act, as amended by Act No. 482 / 2001 Coll.
6) Act No. 363 / 1999 Coll., on Insurance and on the amendment of certain related laws (Insurance Act), as amended.
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. "
13. in Article 7 (6), the words "and the funds of the state budget and the funds of the budgets of the local authorities" shall be inserted after the words "liabilities," and the words "or expenditure and revenue" shall be deleted;
14. in Article 8 (5), in the introductory part of the text, the words "subject to the provisions of Article 4 (7)" shall be deleted.
15. in Article 8 (5) (a), "2" is replaced by "8."
16. in Paragraph 8 (5) (b), "4" is replaced by "10."
17. In the heading of Part Two, the words "ACCOUNTS 'are replaced by the words" SCOPE OF ACCOUNTING'.
18. Paragraph 9, including the title and footnotes 8), 8a), 9), 10), 10a) and 10b) shall read as follows:
Scope of accounting
(1) Unless otherwise provided for in this Act or in a separate law, entities are required to keep accounts in full.
(2) The entities referred to in Articles 19 (9) and 23 (a) shall apply the methods in full in accordance with those provisions when carrying out their accounts.
(3) Of the entities referred to in Article 1 (2) (a) and (b), accounts may be kept in a simplified manner
(a) civil associations, their organisational units, (8) having legal personality, churches and religious society8a) or church institutions which are religious legal persons, (9) community of general interest, society of interest, 10) foundation funds and community of owners of units, 10a)
(b) housing cooperatives which are not obliged to have their accounts audited by the auditor and cooperatives which are established solely for the purpose of ensuring the economic, social or other needs of their members, 10b)
(c) local authorities and voluntary associations of municipalities,
(d) the contribution organisations for which the contractor so decides;
(e) other entities covered by a separate law.
(4) The entities referred to in Paragraph 1 (2) (c) shall keep accounts in a simplified manner.
(5) Of the entities referred to in § 1 (2) (d) to (h), accounts may be kept to a simplified extent by those which are not required to have their accounts audited by the auditor, or those on which a separate law so provides.
(6) An entity is required to keep accounting in full if it no longer fulfils the conditions set out in paragraph 3 or 5 for carrying out accounting to a simplified extent; to keep accounts to a simplified extent, an entity may switch if it meets the conditions set out in paragraph 3 or 5 for keeping accounts to a simplified extent. Changes in the scope of accounting may be made only on the first 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, as amended by Act No. 68 / 1993 Coll.
8 (a) Article 6 (1) of Act No. 3 / 2002 Coll., on the Freedom of Religious Religion and the Status of Churches and Religious Societies and on the amendment of certain laws (Act on Churches and Religious Societies), as amended by Act No. 4 / 2003 Coll.
9) Article 16 (1) of Act No. 3 / 2002 Coll., as amended by Act No. 4 / 2003 Coll.
10) § 19 of Act No. 449 / 2001 Coll., on hunting, as amended by Act No. 59 / 2003 Coll.
10a) Act No. 72 / 1994 Coll., which regulates certain joint ownership relations with buildings and certain ownership relations with apartments and non-residential premises and complements certain laws (the Housing Act), as amended, and the Constitutional Court found under No. 280 / 1996 Coll.
10b) § 221 (1) of the Commercial Code. '
19. In Article 11 (1), the last sentence is replaced by the sentence "The facts referred to in points (a) to (f) relating to one accounting document may be included in several accounting records. The facts referred to in points (b) and (c) may relate to several accounting cases. The signature referred to in point (f) may be common to several accounting documents. ';
20. In Section 13, the words "in the double accounting system 'are deleted.
21. In Paragraph 13 (1), in the introductory part of the text, the words "accounting in the double accounting system" shall be deleted and the words "accounting:" shall be replaced by the words "accounting unless otherwise provided for by this law."
22. after Paragraph 13, the following Section 13a is inserted:
Simplified scope of accounting
(1) Entities that keep accounts to a simplified extent,
(a) draw up an account schedule in which only accounting groups may indicate, unless special legislation11a) more detailed breakdown is required;
(b) may combine the accounts in the journal with those in the main book,
(c) they shall not apply the provisions of Paragraph 25 (2), except for depreciation;
(d) the provisions of Paragraph 26 (3) concerning provisions and adjustments, with the exception of provisions and adjustments under special legislation, 11b)
(e) they shall not apply the provisions of Paragraph 27 except in Article 27 (3) for the conversion of housing cooperatives;
(f) draw up financial statements to the extent specified for each group of entities (Section 4 (8)) by implementing legislation.
(2) Entities that keep accounts to the simplified extent referred to in paragraph 1 need not apply the provisions of Paragraph 13 (1) (c) and (d).
(3) Application of the procedure laid down in paragraphs 1 and 2 does not infringe the provisions of Articles 3 (1) and 7 (1) and (2).
11a) For example, Article 45 of Act No. 218 / 2000 Coll., on Budgetary Rules and on the Amendment of Certain Related Acts (Budgetary Rules), as amended by Act No. 141 / 2001 Coll. and Act No. 187 / 2001 Coll.
11b) For example Act No. 593 / 1992 Coll., on provisions for determining the income tax base, as amended. '
23. In the first sentence of Paragraph 14 (1), the words "or expenditure and revenue 'are deleted.
24. in Paragraph 14 (1), the last sentence is deleted;
Article 25 (15), including the title and footnote 11, shall be deleted.
26. in Article 16 (2), the words "and in the auxiliary books" shall be deleted;
27. in Article 17 (1) to (3), including footnote (11c):
"(1) Unless otherwise specified, entities open accounting books
(a) on the date on which the obligation to keep accounts arises;
(b) on the first day of the accounting year,
(c) on the date of entry into liquidation;
(d) on the date following the date of processing of the application for the distribution of the winding-up balance or on the date following the date of processing of the report on the disposal of the property under special legislation;
(e) on the date on which the bankruptcy declaration takes effect,
(f) on the date on which the compensation authorisation takes effect;
(g) on the date on which the confirmation of the compulsory compensation takes effect;
(h) on the date following the date on which the confirmation of the compensation takes effect;
(i) on the date following the date on which the effect of the compulsory compensation is due;
(j) on the date following the date on which the cancellation of the bankruptcy takes effect; or
(k) on the date on which specific legislation provides for the establishment of the opening balance sheet.
(2) Unless otherwise specified, entities shall close their books
(a) on the date of expiry of the obligation to keep accounts,
(b) on the last day of the accounting year,
(c) on the date preceding the date of entry into liquidation;
(d) on the date of cancellation without liquidation, except for the conversion of companies or cooperatives;
(e) on the date preceding the date on which the bankruptcy declaration takes effect;
(f) on the date preceding the date on which the compensation authorisation takes effect;
(g) on the date preceding the date on which the confirmation of the compulsory compensation takes effect;
(h) on the date on which the certification of the compensation takes effect;
(i) on the date on which the effect of fulfilling the compulsory compensation occurs;
(j) on the date on which the cancellation of the bankruptcy takes effect; or
(k) on the date on which specific legislation provides for the closure of books and the drawing up of accounts.
(3) Entities involved in the transformation of a company shall open the books on the relevant date of the transformation of the company and keep the books separately from the relevant date of the transformation of the company until the date of the transformation of the company is entered in the business register. The transferee entity shall adjust the accounts of the participating entities at the date of registration of the transformation of the company (11c) with effects from the relevant date. The financial statements shall not be drawn up on the date of registration of the transformation of the company into the business register, on the date preceding or following the date of registration of the transformation of the company.
11c) For example § 220a (3) (g) of Act No. 513 / 1991 Coll., Commercial Code, as amended by Act No. 370 / 2000 Coll. '
28. In Article 17, paragraphs 4 to 6 are deleted.
Paragraph 7 shall become paragraph 4.
29. In the first sentence of Article 17 (4), the words "transformation of a company or cooperatives' are replaced by the words" transformation of a company '.
30. In the second sentence of Article 17 (4), the words "only on the grounds that the contents of the financial statements do not correspond to the actual situation 'shall be inserted after the word" unit'.
31. in Paragraph 18 (1), in the introductory part of the text, the words "accounting in the double accounting system" are deleted.
32. In Paragraph 18 (1), at the end of point (b), comma is replaced by a semicolon and the words "The National Property Fund of the Czech Republic, the Land Fund of the Czech Republic and the State Funds do not compile a profit and loss account," are added.
33. In Paragraph 18 (1), the words' shall be added at the end of the text in point (c); the Annex shall also include information on the amount of the social security contributions payable and the contribution to the state employment policy, the amount of the public health insurance obligations payable and the amount of the tax arrears registered with the local competent financial authorities'.
34. in Paragraph 18 (2) (a), the words "business name and surname, business name or" shall be replaced by the words "business name or" and the words "to (h)" shall be inserted after the words "(d)."
35. in Paragraph 18 (2), in the final part of the text, the words "to (h)" shall be inserted after the words "(d)."
36. in Paragraph 18 (3):
"(3) Entities shall draw up financial statements in full or in a simplified manner. Unless otherwise provided for in this law, they may, to a simplified extent, draw up the financial statements of the entity which are not required to have financial statements certified by the auditor, with the exception of public limited liability companies which complete the financial statements. ';
37.Paragraph 18 (4) shall be deleted;
38. In Paragraph 19 (1), the first and second sentences are replaced by the following: "Entities shall draw up financial statements on the balance sheet date, the date on which they close their books. The accounts shall be drawn up by the entities on the last day of the financial year and, in other cases, by extraordinary financial statements. '
39. in the last sentence of Paragraph 19 (1), the words "and 2" shall be deleted.
40. In the first sentence of Paragraph 19 (3), "entities may compile 'is replaced by" entities compile'.
41. In Paragraph 19, the sentence "Entities referred to in paragraphs 1 (2) (a), (b) and (d) to (h) of Paragraph 19 which receive funds from the state budget or budgets of the local authorities and are obliged to settle these funds under a special law, 11d) and apply the marketing year referred to in paragraphs 2 and 3 of Article 3, shall draw up interim accounts on 31 December of the calendar year in which the provisions of paragraphs 24 (2) (b) and 24 (6) (b) shall not apply. ';
(42) footnote 11d reads:
"11d) Act No. 218 / 2000 Coll., on budgetary rules and amending certain related laws (budgetary rules), as amended. Act No. 250 / 2000 Coll., on the budgetary rules of the territorial budgets, as amended. '
43. In Article 19 (6), the fifth sentence and the sixth sentence are replaced by the following: "The information shall be considered to be significant (serious) if the non-disclosure or incorrect disclosure of the information could affect the judgement or decision of the person using the information (hereinafter referred to as" user '); For entities referred to in Paragraph 1 (2) (c) and for territorial units that receive or manage funds from or manage the State budget and are required to settle such funds under a special law, 11d), information on the valuation of intangible assets of more than CZK 60,000 and for separate movable goods or a set of movable goods of more than CZK 40,000 is also considered relevant. The information shall be understandable if it complies with the requirements set out in Section 8 (5).';
44. In Paragraph 19 (7), the words "other assets and liabilities are considered short-term 'shall be added at the end of the second sentence.
45. in Article 19 (7), the third sentence is deleted;
46. in Paragraph 19 (9), including footnote 11 (e):
"(9) Entities that are a trading company and that are an issuer of securities (3) registered on a regulated securities market in the Member States of the European Union shall use International Accounting Standards as regulated by European Community law for accounting and drawing up financial statements. 11e) The regulated market in the Czech Republic for the purposes of this Act means the public market under a specific legislation.
11e) Regulation (EC) No 1606 / 2002 of the European Parliament and of the Council of 19 July 2002 on the application of International Accounting Standards. ';
47. Paragraph 20 is renumbered paragraph 1.
48. In Section 20 (1) of the introductory part of the text, the words "Financial statements under this Act 'are replaced by the words" Good and extraordinary financial statements under this Act, with the exceptions set out in paragraphs 2 and 3,'.
49. in Article 20 (1) (a) and (b):
"(a) public limited-liability companies where, at the end of the balance sheet day of the financial year for which the accounts are audited (Paragraph 18 (3)) and the accounting year immediately preceding, they have exceeded or have reached at least one of the following three criteria:
1. assets total more than 40 000 000 CZK; 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);
2nd annual total net turnover of more than 80 000 000 CZK; the annual total net turnover, for the purposes of this Act, is the amount of revenue reduced by sales discounts and divided by the number of months in which the accounting year began and multiplied by 12;
3. the average recalculated status of employees over the financial year of more than 50, determined in accordance with a special legislation, 12)
(b) other trading companies and cooperatives where, at the end of the balance sheet date of the financial year for which the financial statements (Paragraph 18 (3)) are audited and the accounting year immediately preceding, they have exceeded or have reached at least two of the three criteria referred to in (a) (1) to (3); in the case of a cooperative, the employee referred to in (a) (3) also means the working relationship of the member to the cooperative, ';
50. in Article 20 (1) (d), the words "accounting in the double accounting system" shall be replaced by "to (h)";
51. In Article 20, paragraphs 2 and 3 are added:
"(2) The entities referred to in paragraph 1 shall not be required to have the accounts prepared in the course of the bankruptcy audited for a continuous period of 36 calendar months starting on the first day of the calendar month following the date on which the bankruptcy declaration took effect, with the exception of the accounts drawn up on the balance sheet date at which the accounts are closed pursuant to Article 17 (2) (j).
(3) The entities referred to in paragraph 1 shall not be required to have audited the extraordinary financial statements prepared at the balance sheet date on which the books are closed pursuant to Article 17 (2) (h) or (i), except where the balance sheet date on which the books are closed pursuant to Article 17 (2) (i) coincides with the balance sheet date on which the books are closed pursuant to Article 17 (2) (j). ';
52.
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Regulation Information
| Citation | Act No. 437 / 2003 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 | 16.12.2003 |
|---|---|
| Effective from | 01.01.2004 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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