Decree No. 567 / 1990 Coll.
Decree of the Federal Ministry of Finance implementing Act No. 499 / 1990 Coll., on the conversion of foreign exchange assets and liabilities in the field of foreign debt and liabilities of organisations in connection with exchange rate measures
Valid
Effective from 28.12.1990
567
DECLARATION
Federal Ministry of Finance
of 15 December 1990
implementing Act No. 499 / 1990 Coll., on the conversion of foreign exchange assets and liabilities in the field of foreign claims and liabilities of organisations in connection with exchange rate measures
The Federal Ministry of Finance on the basis of Section 4 of Act No. 499 / 1990 Coll., on the conversion of foreign exchange assets and liabilities in the field of foreign debt and liabilities of organisations in connection with exchange rate measures, provides:
General provisions
The conversion of foreign exchange assets and liabilities in the field of foreign claims and liabilities (hereinafter referred to as "the conversion ') in the context of the change in the rates of the Czechoslovak crown on 8 January 1990 and on 15 October 1990 shall be carried out by the organisations listed in Annexes 1 and 2.
The conversion concerns only claims and liabilities registered in accounts of the group 23.
Conversion at 8 January 1990
(1) The basis of the conversion on 8 January 1990 is the claims and liabilities referred to in Article 2 registered in the organisation on 1 January 1990, but excluding those which are subject to conversion on 15 October 1990.
(2) The conversion shall be carried out by multiplying the crown consideration of the claims and liabilities referred to in paragraph 1 by 1,186 for claims and liabilities in freely convertible and clearing currencies and by 0,9 for claims and liabilities in transferable rubles.
(3) The balance of the differences between the stocks of claims and liabilities before and after the conversion of the organisation shall be transferred by 31 December 1990 to the separate analytical account for the revaluation of foreign currency assets and liabilities and, in parallel, to the separate analytical account within the accounting group. 23
Conversion as at 15 October 1990
(1) The basis of the conversion at 15 October 1990 is the claims and liabilities referred to in Article 2 registered in the organisation on 14 October 1990.
(2) The conversion shall be carried out by multiplying the value of claims and liabilities in foreign currencies referred to in paragraph 1 by the number of crowns in force on 15 October 1990.
(3) The balance of the differences between the stocks of claims and liabilities before and after the conversion of the organisation shall be transferred by 31 December 1990 to the separate analytical account for the revaluation of foreign currency assets and liabilities and, in parallel, to the separate analytical account within the accounting group. 23
Settlement of conversion differences
(1) The organisation shall notify the Federal Ministry of Finance, by 20 December 1990, of the total difference in the conversion at 8 January 1990 and 15 October 1990 in the form of a report in accordance with the model in Annex 3.
(2) In an agreement with the Federal Ministry of Foreign Trade, the Federal Ministry of Finance shall determine by 31 March 1991 each organisation that has carried out the conversion, the individual time limits for the payment of the profit balance of the conversion differences or for the grant of the loss balance of the conversion differences. Final settlement of the conversion differences on 8 January 1990 and 15 October 1990 will be carried out by the end of 1994 at the latest.
(1) After receiving a decision by the Federal Ministry of Finance on time limits for settlement of conversion differences pursuant to § 5 (2)
(a) transfer the profit balance of the differences in the conversion into liabilities to the State budget;
(b) carry out the proceeds of the profit balance in the specified amounts and time limits referred to in Article 5 (2) into the State budget for the account of the Federal Ministry of Finance No 1767-7927-001 with the Czechoslovak State Bank, Section 254.
(2) The loss balance of the conversion differences shall be transferred by the organisations in amounts, as decided by the Federal Ministry of Finance in accordance with paragraph 1, into claims on the State budget.
(1) If the volume of profit-making balances of conversion differences is not sufficient to cover the loss-making balances of conversion differences, even if other financial resources are used, the Federal Ministry of Finance will reduce subsidies to all organisations with a loss-making balance of conversion differences of the same percentage.
(2) The difference between the subsidy provided for in Article 7 (1) and the loss-making balance of the conversion differences shall be transferred by the organisations to their costs by 31 December 1993 at the latest.
(3) The non-settled loss-making balance of the conversion differences, depending on the provisions of Paragraph 5 (2), shall be transferred by the organisations to their costs by 31 December 1994 at the latest.
The conversion differences relating to claims and liabilities paid up to 31 December 1990 and converted at 8 January 1990 and at 15 October 1990 shall be transferred by the organisations from their risk fund or from the economic outturn-making sector to a separate analytical account within the accounting group 23 (see Sections 3 (3) and 4 (3)) depending on where they transferred the exchange rate differences in the financial compensation of those claims and liabilities.
Final provisions
However, the additional discrepancies identified from the conversion at 8 January 1990 and 15 October 1990 shall be settled by the organisations by 31 December 1994 at the latest as follows:
- the profits will be transferred to the Federal State Budget into a special account of the Federal Ministry of Finance pursuant to Section 6,
- transfer loss differences to their cost.
Where the organisation has recalculated the difference from the devaluation of the Czechoslovak crown to the domestic customer or supplier, the relevant claim or obligation shall be excluded on 8 January 1990 and 15 October 1990.
Exemptions from this decree are permitted by the Federal Ministry of Finance in agreement with the Federal Ministry of Foreign Trade.
The accounting instructions for this conversion are set out in Annex 4.
This decree shall take effect on the day of its publication.
Minister:
Ing. Klaus CSc.
Příloha 1
Annex 1
LIST
organisations carrying out the conversion on 8 January 1990
Artia a. s. - Praha
Centrotex a. s. - Prague
Čs. pottery a.s. - Prague
Drevounia a.s. - Bratislava
Exico a. s. - Praha
Ferromet a. s. - Praha
Chemapol a.s. - Prague
Jablonex a.s. - Jablonec nad Nisou
Kerametal a.s. - Bratislava
Koospol a.s. - Praha
Kovo PGI - Prague
Ligna a.s. - Prague
Mercuria PGI - Prague
Metalimex a. s. - Praha
Motokov a.s. - Praha
Omnia a.s. - Bratislava
Omnipol PGI - Prague
Petrimex a. s. - Bratislava
Pragoexport a.s. - Prague
Pragoinvest a.s. - Praha
Skloexport a. s. - Liberec
Slovart a.s. - Bratislava
Strojexport a. s. - Praha
Strojimport a.s. - Praha
Technoexport a.s. - Praha
Technopol a.s. - Bratislava
Transakta PGI - Prague
Čechofracht a.s. - Prague
Skoda
Intersigma a. s. - Praha
Tesla Rožnov st. p. - Rožnov
Vítkovice a.s. - Ostrava
ZSE Praha a.s. - Praha
Martimex a. s. - Martin
Chirana Export-Import K. ú. o. - Piestany
Příloha 2
Annex 2
LIST
organisations to carry out the conversion on 15 October 1990
Artia a. s. - Praha
Centrotex a. s. - Prague
Čs. pottery a.s. - Prague
Drevounia a.s. - Bratislava
Exico a. s. - Praha
Ferromet a. s. - Praha
Chemapol a.s. - Prague
Investa a.s. - Praha
Jablonex a.s. - Jablonec nad Nisou
Kerametal a.s. - Bratislava
Koospol a.s. - Praha
Kovo PGI - Prague
Ligna a.s. - Prague
Mercuria PGI - Prague
Metalimex a. s. - Praha
Motokov a.s. - Praha
Omnia a.s. - Bratislava
Omnipol PGI - Prague
Petrimex a. s. - Bratislava
Pragoinvest a.s. - Praha
Skloexport a. s. - Liberec
Slovart a.s. - Bratislava
Strojexport a. s. - Praha
Strojimport a.s. - Praha
Technoexport a.s. - Praha
Technopol a.s. - Bratislava
Transakta PGI - Prague
Art Centrum a.s. - Prague
Interel a.s. - Prague
Intersim a.s. - Praha
Media, Association - Prague
Mercanta a. s. - Praha
Phoenix a.s. - Prague
Pragent a. s. - Praha
Rephachem a. s. - Praha
Unifrux a.s. - Prague
Zenit - Prague
Tradex, Association for Include Representation - Prague
Incheba a.s. - Bratislava
Skoda
Intersigma a. s. - Praha
Tesla Rožnov st. p. - Rožnov
Vítkovice a.s. - Ostrava
ZSE Praha a.s. - Praha
Martimex a. s. - Martin
Chirana Export-Import K. ú. o. - Piestany
Association of Manufacturers and Suppliers of Engineering Technology, Interest Association - Prague
BVV PZO - Brno
Čechofracht a.s. - Prague
Czechoslovak sailing, m. a. s. - Prague
Czech Chamber of Commerce and Industry - Prague
Inspection a.s. - Prague
Polytechna PGI - Prague
Rapid a. s. - Praha
Tuzex PGI - Prague
Effectim - Prague
Příloha 3
Annex 3
Příloha 4
Annex 4
Accounting instructions on the conversion of foreign exchange assets and liabilities at 8 January 1990 and at 15 October 1990
When accounting for financial settlement of differences in the conversion of foreign exchange assets and liabilities of an organisation listed in Annex 1 or Annex 2 respectively to this Decree and accounting according to the Accounting Schedule and the Accounting Schedule Directives for Economic Organisations No V / 13000 / 1989 of 15 September 1989, as amended, shall be treated as follows:
(a) Paragraph 3 (3) of this Decree:
The balance of differences between the stocks of foreign currency assets and liabilities before the revaluation and the stocks of foreign exchange assets and liabilities after revaluation shall be transferred by the organisations to account 292 by 31 December 1990 - New valuation of foreign exchange assets and liabilities (in the analytical record "Differences from the conversion of foreign exchange assets and liabilities on 8 January 1990 ') and in parallel to the separate analytical account within the accounting group 23 by accounting entry:
| - ziskový rozdíl | MD 23x | D 292 |
| - ztrátový rozdíl | MD 292 | D 23x |
(b) Paragraph 4 (3) of this Decree:
The balance between the stocks of foreign currency assets and liabilities before the revaluation and the stocks of foreign exchange assets and liabilities after the revaluation shall be transferred by the organisations as at 31 December 1990 to account 292 - New valuation of foreign exchange assets and liabilities (in the analytical record "Differences from the conversion of foreign exchange assets and liabilities as at 15 October 1990 ') and in parallel to a separate analytical account within the accounting group 23 by accounting entry:
| - ziskový rozdíl | MD 23x | D 292 |
| - ztrátový rozdíl | MD 292 | D 23x |
(c) Paragraph 6 (1) (a) of this Decree:
The resulting profit balance of the conversion differences shall be transferred by the organisations to the government budget liabilities into account 858 - Settlement of other commitments and entitlements with the national budget and the national committee budget
| účetním zápisem | MD 292 | D 858 |
(d) Paragraph 6 (1) (b) of this order:
The contributions of the profit balance to the State budget shall be made by the organizations to FMF account 1767-7927-001 with the Czechoslovak State Bank, Section 254 and shall be charged to the account of funds.
| účetním zápisem | MD 858 | D 210 |
(e) Paragraph 6 (2) of this Decree:
The resulting loss difference from the conversion into defined amounts as decided by the FMF shall be transferred by the organisation to the national budget into account 858 - Settlement of other commitments and entitlements with the national budget and the national committee budget
| účetním zápisem | MD 858 | D 292 |
(f) Paragraph 7 (1) of this Decree:
Reduced subsidies according to the FMF decision to be charged by the organisation
| účetním zápisem | MD 858 | D 292 |
(g) Paragraph 7 (2) of this Decree:
Unpaid amount of loss differences from the conversion will be transferred by organisations to their account cost of 379 at the latest by the specified date - Other financial costs
| účetním zápisem | MD 379 | D 292 |
(h) Paragraph 8 (1) of this Decree:
Differences from the conversion of foreign exchange assets and liabilities for claims received or liabilities paid between 1 January 1990 and 31 December 1990 and converted as of 8 January 1990 and 15 October 1990 shall be transferred from its risk fund or from the economic outturn, respectively,
- an organisation which transferred exchange differences in the financial compensation of these claims and liabilities to a risk fund (for foreign trade organisations directly controlled by the FMZO, a risk fund was established under number 947 according to the methodology guidance on accounting adjustment for 1990 No 23 / 10089 / 90 of 17 January 1990 issued by the FMZO) by accounting entry
| - v případě ziskového rozdílu | MD 947 | D 23x |
| - v případě ztrátového rozdílu | MD 23x | D 947 |
- an organisation that transferred exchange differences in the financial payment of these claims and liabilities to the economic result into an account 798 - Extraordinary income, respectively 379 - Other financial costs by accounting entry
| - v případě ziskového rozdílu | MD 798(379) | D 23x |
| - v případě ztrátového rozdílu | MD 23x | D 798(379) |
(ch) Article 9 of this Decree:
The additional differences identified from the conversion of foreign exchange assets and liabilities as at 8 January 1990 and as at 15 October 1990 shall be settled and accounted for by the organisations:
| - rozdíly z přepočtu | MD 292 | D 23x |
| nebo | MD 23x | D 292 |
| - předpis odvodové povinnosti | MD 292 | D 858 |
| -úhrada odvodové povinnosti | MD 858 | D 210 |
| - převod ztrátového rozdílu do svých nákladů | MD 379 | D 292 |
(i) Reimbursement of the conversion loss shall be accounted for
| účetním zápisem | MD 210 | D 858 |
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Regulation Information
| Citation | Decree No. 567 / 1990 Coll., implementing Act No. 499 / 1990 Coll., on the conversion of foreign exchange assets and liabilities in the field of foreign claims and liabilities of organisations in connection with exchange rate measures |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 28.12.1990 |
|---|---|
| Effective from | 28.12.1990 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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