Accounting Standard in Slovakia

Accounting Standards in Slovakia

Updated on Tuesday 18th April 2017

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accounting standards in slovakia.jpgAll companies established in the country are required to submit financial reports as mandated by the Commercial Code of Slovakia. This law requires that companies must submit a yearly financial statement that is certified by an auditor. The accounting standard in Slovakia are patterned after the International Accounting Standards adopted by the European Union. These standards are stipulated under Act No. 513/1991, also known as the Accounting Act of Slovakia. Under this act, all public and private entities must submit financial reports to the Ministry of Finance which is also authorized as the standard setter. Our Slovak lawyers can inform you further about the Accounting Act.

The Slovak Chamber of Auditors

The Slovak accounting standards provide that the financial reports must be prepared and certified by an authorized individual. There are two types of persons that are authorized to perform accounting activities in Slovakia. These are auditors and certified accountants. The auditor or accountant tasked by the company to render accounting services must be a member of the Slovak Chamber of Auditors, the entity in charge of regulating and supervising all accountants and accounting firms. All auditors are covered by the Auditing Act. Our lawyers in Slovakia can offer you more details about the regulations imposed by the Slovak Chamber of Auditors.

Setting of accounting standards in Slovakia

The main entity in charge of setting Slovak accounting standards is the Ministry of Finance. But there are other entities that also play an important role in setting accounting standards. The Slovak Chamber of Auditors has assisted the Ministry of Finance in creating a feasible accounting standard for companies to follow. As a result of this cooperation, the National Steering Committee was created. The standard setting process begins with auditors identifying any issues with the accounting methods adopted by them. Once these issues are identified, they give suggestions to the Ministry of Finance as to what created the issue and how it can be solved. The Ministry will then either adopt, reject, or modify the suggestions submitted by the auditors. Our solicitors in Slovakia can also advise you on the latest accounting standards set by the Ministry of Finance. 
Make sure that you are well informed of the latest accounting standards in Slovakia. Just let the specialists in our law firm in Slovakia help you.