Decree No. 469 / 2008 Coll.
Decree amending Decree No. 500 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are entities accounting in the system of double accounting, as amended
Valid
Order
Effective from 01.01.2009
Text versions:
01.01.2009
30.12.2008
469
DECLARATION
of 19 December 2008
amending Decree No. 500 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are entities accounting in the double accounting system, as amended
The Ministry of Finance provides pursuant to § 37b of Act No. 563 / 1991 Coll., on Accounting, as amended by Act No. 437 / 2003 Coll., for implementation of § 4 (8), § 24 (4) and (5) and § 28 (1):
Decree No. 500 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are entities accounting in the dual accounting system, as amended by Decree No. 472 / 2003 Coll., Decree No. 397 / 2005 Coll. and Decree No. 349 / 2007 Coll., is amended as follows:
1. in Article 6 (3) (e), including footnote 5a:
"(e) emission allowances irrespective of the amount of the valuation:
1. greenhouse gas emission allowances (5a);
2. emission reduction units and verified emission reductions from project activities (a)
3. units of allotment5a),
5a) Paragraph 2 (1) of Act No. 695 / 2004 Coll., on the terms and conditions of greenhouse gas emission allowance trading and amending certain laws, as amended by Act No. 212 / 2006 Coll. and Act No. 315 / 2008 Coll. '.
2. In Paragraph 9 (1), the words "including spare parts for component replacement 'shall be added at the end of the text in point (d).
3. After Paragraph 14, the following Section 14a is inserted:
Capital
(1) Item "A.II.4. Valuation differences in the revaluation of companies" includes valuation differences in the application of fair value to the transformation of an entity. In the opening balance sheet of the acquiring entity, this item or part of it may be divided into different components of equity in accordance with specific legislation and the relevant conversion project. If the total value of item "A.II.4. is recorded in the starting balance sheet of the acquiring company in accordance with Section 54a Valuation differences in company conversion" before division, to be reported separately for item "A.II.4. Valuation differences in company conversions', for example in a separate column marked" Total value of conversion differences'. An entity shall document the executed balance sheet transactions that have affected the opening balance sheet by a conclusive accounting record.
(2) Item "A.II.5. The differences in company transformation" shall include differences in balance sheet transactions, for example by the exclusion of mutual claims and liabilities, or any differences resulting from, for example, the exclusion of assets and liabilities that are not reported in accordance with the Decree and the Act. This item does not include differences in balance sheet transactions related to changes in equity under specific legislation. In the opening balance sheet of the acquiring company, this item or part of it may be divided into different components of equity in accordance with specific legislation and the relevant conversion project. In addition, the starting balance sheet of the acquiring company shall include the total value of this item before the division, separately, of item "A.II.5. Differences from company transformation", for example in a separate column marked "Total value of transformation differences'. An entity shall demonstrate the executed balance sheet operations that have affected the opening balance sheet by a conclusive accounting record. ';
4. In Paragraph 39, the following is added at the end of paragraph 6: "If an entity owns more than 10 hectares of forest land, it shall also disclose:
(a) total area of forest land with forest cover;
(b) the value of the valuation of forest land determined by the product of the area of forest land with forest land in m2 and the average value of the stock of raw wood per m2, which is CZK 57.
If an entity also ascertains the forest land price in a manner other than that of forest land and the average value of the raw wood stock referred to in (b), for example in the context of a more detailed breakdown by group of timber, and the price thus determined is significantly different, it shall also indicate that price and information on the method of determining its amount and its purpose. '
5. in Paragraph 39 (9) (c), including footnote 13d:
"(c) the nature and commercial purpose of the transactions of the entity 13d) which is a legal person where the risks or benefits of those transactions are significant and where disclosure of those risks or benefits is necessary to assess the entity's financial position. An entity that, at the end of the balance sheet day for which the financial statements are drawn up, has exceeded at least two of the three criteria:
1. assets total more than CZK 350,000; total assets for the purposes of this decree are the sum of the balance sheet valuation unadjusted under Section 26 (3) of the Act,
2nd annual total net turnover of more than 700 000 000 CZK; the annual total net turnover, for the purposes of this decree, is the amount of revenue less sales discounts, divided by the number of months in which the accounting year began and multiplied by 12;
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 250, determined in accordance with a specific legislation;
disclose the financial impact of such operations on the entity.
13d) Article 43 (1) (7a) of Directive 78 / 660 / EEC, as amended by Directive 2006 / 46 / EC. '
6. Paragraph 39 (10), including footnotes 13e and 13f, reads as follows:
"(10) In the next part of the Annex, an entity that is a legal entity shall specify: and
(a) which exceeded, at the end of the balance sheet day for which the accounts are drawn up, at least two of the three criteria referred to in paragraph 9 (c), the information on transactions 13e) which it has concluded with the related party. If these transactions are significant and have not been concluded under normal market conditions, the entity shall disclose the amount of those transactions, including the nature of the related party relationship and other information about those transactions, which is necessary to understand the entity's financial position. The term "related party 'has the same meaning as in the international accounting standards governed by European Community13f),
(b) which takes the form of a public limited company and which is not required to disclose the information referred to in (a), information on transactions 13d) carried out directly or indirectly between:
1. the entity and its majority shareholders (12a);
2. the entity and members of the administrative, management and supervisory bodies,
that are necessary to understand the entity's financial position if these transactions are significant and are not concluded under normal market conditions.
Information on individual transactions may be grouped according to their nature except where separate information is necessary to understand the impact of transactions on the entity's financial situation. The information referred to in points (a) and (b) is not required to be provided by an entity if the transactions have been made between the entity and its sole shareholder.
13e) Article 43 (1) (7b) of Directive 78 / 660 / EEC, as amended by Directive 2006 / 46 / EC.
13f) Article 43 (1) (7b) of Directive 78 / 660 / EEC, as amended by Directive 2006 / 46 / EC. Regulation (EC) No 1606 / 2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards. ';
Footnotes 13f and 13g to date shall be renumbered as footnotes 13g and 13h, including footnote references.
7. Paragraph 54, including the title, reads:
Valuation differences in fair value for a national merger or division of an entity
If a law on the conversion of companies and cooperatives (hereinafter referred to as the "Transformation Act ') requires a valuation of assets, the differences arising from the valuation of the fair value of the entities of the merging entity or the part of the entity divided by the splinter shall be accounted for in the respective property accounts and liability accounts in parallel to the relevant accounts of the group 41 reported under" A.II.4. Valuation differences in the revaluation of companies "except for the relevant components of assets and liabilities for which changes in fair value are recognised as financial cost or financial income or components of assets and liabilities for which changes in fair value or changes in equity are accounted for through the relevant account of the group 41 reported under item" A.II.3. Valuation differences in the revaluation of assets and liabilities'.
8. The following Section 54a is inserted after Section 54, including the title and footnote 16a:
Transformation method for cross-border merger
(1) If a law on the conversion of assets is required and, for a foreign corporation that is acquired, 16a) the differences arising from the valuation of real values are not recognised in the financial statements or are not recognised in the manner specified by the decree, the successor entity shall recognise the required valuation in the opening balance sheet drawn up at the relevant date of the transformation of the company. Valuation differences shall be reported according to the Ordinance in the relevant items set out for fair value measurement, except for the components of assets and liabilities for which changes in fair value are recognised as financial cost or financial income and which have not been accounted for in cost and income accounts for the foreign corporation being acquired 16a); These valuation differences are reported under "A.II.4. Valuation differences in revaluations in company conversions'. Total value of item" A.II.4. Valuation differences in company conversions "before division shall be reported in the opening balance sheet in accordance with Paragraph 14a.
(2) The valuation required by the Transformation Act may also be recognised by the method set out in Section 24 (3) (a) (1) of the Act. The choice of the valuation method shall be made by the entity taking into account the significance and true and fair view of the entity's subject matter and financial situation.
(3) An entity shall convert the assets and liabilities acquired by the transformation of a company that are expressed in foreign currency into the Czech currency at the foreign exchange market rate declared by the Czech National Bank on the relevant date of conversion; other assets and liabilities at the relevant date of conversion shall be treated in accordance with the second sentence of Paragraph 24 (2) of the Second Law.
(4) If, in a cross-border merger, the successor company or cooperative is a foreign corporation (16a) that fulfils the entity's characteristics under Paragraph 1 (2) (b) of the Act, that entity does not open its books at the date of commencement of its business, but continues to keep accounts from the relevant date after adjustments made in accordance with Paragraph 17 (3) of the Second Act. If, in the case of a cross-border merger, the successor company or cooperative is a foreign corporation (16a) which, on the date of registration of the merger in the Commercial Register in the Czech Republic, does not engage in any other activity under specific legislation, the foreign person concludes the books under domestic law on the date of cessation of business or non-operation of another activity under special legislation following adjustments made from the relevant date in accordance with the second law of § 17 (3).
16a) Act No. 125 / 2008 Coll., on Transformations of Commercial Companies and Cooperatives. '
footnote 16a shall be renumbered footnote 16b, including the footnote reference.
9. In Paragraph 56, at the end of paragraph 1, the sentence "The method set out in Section 56a may be used for the depreciation of fixed assets."
10. In Paragraph 56, the following paragraph 3 is inserted after paragraph 2:
"(3) Entities shall draw up a write-off plan in accordance with Paragraph 28 (6) of the Act, including an update thereof, according to the course of use and changes in the use of the assets by the entity. In view of the importance and fair and fair view of the entity's subject-matter and financial position, an entity may take into account the expected residual value when amortizing assets. The expected residual value for the purposes of this decree is the entity's justifiable positive estimate that could be obtained by the entity at the time of the expected disposal of the assets, for example by sale, minus the expected costs of the disposal of the related assets. Taking into account the expected residual value of the assets under the second sentence, for the purposes of this decree, an entity shall determine and update the amortisation plan of the assets in question in such a way that, for the planned period of its application, the sum of the reported and planned depreciation including the expected residual value or residual value is equal to the valuation of the assets under paragraph 1. Residual value means reduced assumed residual value. Entities shall not carry out accounting operations correcting the amount of depreciation and adjustments reported in previous financial years. ';
Paragraphs 3 to 9 shall be renumbered paragraphs 4 to 10.
11. the following Section 56a is inserted after Section 56, which includes the title:
Component depreciation method
(1) Construction [Paragraph 7 (2) (a)], housing and non-residential premises [Paragraph 7 (2) (d)], separate movable goods and sets of movable goods [Paragraph 7 (3) (b)], an entity may, in view of the materiality and fair and fair view of the entity's subject matter and financial situation, write down by means of the component depreciation method. An entity shall define the type of property for which it shall apply the component depreciation method, the course of use and the method of determining the component, including its valuation according to its needs, and shall provide evidence of that fact by a conclusive accounting record.
(2) For the purposes of this Order, a component shall mean the designated part of the property or set of assets referred to in paragraph 1 or a designated check of the occurrence of defects for which the amount of the valuation is significant in relation to the amount of the valuation of the entire asset or set of assets and whose useful life is significantly different from that of the asset or set of assets. The determination of the defect control as a component shall be carried out by the entity when the assets referred to in paragraph 1 are put into use (Paragraph 7 (11)).
(3) The component shall be amortised during use separately from other components and from the rest of the assets or sets of assets referred to in paragraph 1.
(4) When replacing a component, the valuation of the assets referred to in paragraph 1 shall be adjusted by reducing the value of the discarded component by increasing the amount of the valuation of the newly assigned component, including the spare parts consumed for the replacement of the component and the costs associated with the replacement of that component pursuant to § 47. If the eliminated component is not written off at the time of disposal up to its valuation, the entity shall write off the remaining price of the discarded component to the cost.
(5) The property referred to in paragraph 1 and its rights shall be accounted for as a whole; assets shall also be reported as a whole. An entity shall demonstrate the calculation of the amount of depreciation of such assets as a whole by, for example, adapting the component depreciation method to the accounting for depreciation in analytical accounts.
(6) For the first time using the component depreciation method for assets referred to in paragraph 1 which has already been put into use, the total valuation of the assets and the total amount of the adjustments to the assets shall be divided into components; the sum of the outstanding prices per component must not exceed the residual price of the whole property. Accountancy operations correcting the amount of depreciation and corrections reported in previous periods shall not be carried out. ';
12. in Paragraph 61 (1), the words "except for spare parts intended for component replacement" shall be added at the end of the text of point (a).
13. in Paragraph 61 (2), the words "the set of claims with a maturity of up to the end of 1994, written down under the Income Tax Act, and further," shall be deleted.
14. In Annex No 1, in "TOTAL LIABILITIES ', entry" A.II.4. Valuation differences in conversion' is replaced by "A.II.4. Valuation differences in revaluations in company conversions'.
15. In Annex No 1, in "TOTAL LIABILITIES ', after the entry" A.II.4. Valuation differences in the revaluation of companies' added entry "A.II.5. Differences in company transformation '.
Transitional provisions
1. The provisions of this decree shall be applied by the entities for the first time in the accounting year beginning on or after 1 January 2009, unless otherwise specified in points 2 to 5.
2. Point 4 shall already apply in the accounts drawn up on 31 December 2008.
3. Points 5 and 6 of Article I shall be used by entities for financial statements drawn up after 1 January 2009 and thereafter.
4. Article I (2), (9), (11) and (12) shall apply to entities for the first time in accounting periods beginning on or after 1 January 2010.
5. If, in the conversion of a company or cooperative, the relevant conversion contract or conversion projects are placed in a collection of commercial register documents before the effective date of this decree, the entities shall apply the provisions of Decree No 500 / 2002 Coll., as effective until the date of entry into force of this decree. Entities may apply the provisions of Article I (3) and (8) of Decree No 500 / 2002 Coll., as amended by that Order, to the transformation of a company or cooperative where the conversion project has been deposited into a collection of instruments in the Commercial Register between 1 July 2008 and 31 December 2008.
Efficacy
This Decree shall take effect on 1 January 2009.
Minister:
Ing. Kalousek v. r.
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Regulation Information
| Citation | Decree No. 469 / 2008 Coll., amending Decree No. 500 / 2002 Coll., implementing certain provisions of Act No. 563 / 1991 Coll., on Accounting, as amended, for entities that are entities accounting in the dual accounting system, as amended |
|---|---|
| Regulation Type | Order |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 30.12.2008 |
|---|---|
| Effective from | 01.01.2009 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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