On 15 October 2019, the National Council of the Slovak Republic approved an amendment to Act No. 431/2002 Coll. on Accounting as amended (hereafter referred to as the “Act on Accounting”) by means of Act No. 363/2019 Coll.

Certain changes will be become effective as early as 31 December 2019, others on 1 January 2020.

Main changes of the amendment to the Act on Accounting are:

• Changes in the annual report for some accounting entities
• The size criteria for audit of ordinary individual financial statements and extraordinary individual financial statements have been increased
• The statement of the selected data from the individual statutory financial statements prepared according to IFRS as adopted by the European Union must be audited.