A summary of the situation as of 1 January 2018 is set out below. We updated our News 2016/01 as a result of the amendment to the Act on Accounting and the Commercial Code:
- The amendment to the Act on Accounting No. 130/2015 Coll. Effective from 1 January 2016 the auditor is required not only express an opinion as to whether the annual report is consistent with the financial statements, but also to express an opinion on another information on the annual report. This obligation applies both for individual annual report [Article 20 (3)] and consolidated annual report [Article 22 (2)],
- The amendment to the Commercial Code No. 264/2017 Coll. Effective from 1 January 2018 the deadline for submitting the financial statements to the relevant body for approval has been changed from the previous time limit of six months of the end of the accounting period to a more flexible time limit in such a way that this body approves them within 12 months of the balance sheet date of the financial statements [please refer also to News 2017/01],
- The amendment to the Act on Accounting No. 275/2017 Coll. Effective from 1 January 2018 the deadline for filing a notification on the date of approval of the financial statements with the register of financial statements has been extended from five to fifteen working days of the date of approval of the financial statements [Article 23a (4) of the Act on Accounting, please refer also to News 2017/02].
The summary only concerns companies (joint-stock companies, limited liability companies, limited partnerships, general partnerships) that are entrepreneurs; it does not reflect the specific requirements and regulations applicable to other accounting entities, for example, banks, insurance companies, state-owned enterprises, cooperatives, etc. or other special legislation, for example, the Act on Securities etc.