In this article we would like to make you acquainted with the news in the accounting which started to be valid during the year 2012 and starting from year 2013. We have notified you of the amendment whose effectiveness starts from 1.1. 2013 and which involves corrections of errors of last years, already in FM no. 7.

We would like to remind you of the amendment valid from 1.1.2012 which has been passed in relation to the change in the Act on transformation of trade companies and cooperatives. In this amendment the condition of the change in the accounting period was adjusted, namely the transition from the calendar year to the business year and vice versa, and further the start date of the business year was changed. In the past the company was obliged to announce a change to the appropriate tax administrator at least 3 months before the planned change. Newly the company has a possibility to choose. The accounting entity can, besides the above stated facts, announce the change also 3 months before the end of the current accounting period. The above stated fact relates to the change in the Act on transformations.

From 1st July a „terminological“ amendment came into force which has been approved by the legislators in relation to the adoption of the Act on Archival science and records service. Within this Act the term „acknowledged electronic signature“ was introduced as the unique term and not only a legislation abbreviation for needs of law. This term shall be thus newly used for a „guaranteed electronic signature based on the qualified certificate“ by which the cogency of accounting records is guaranteed.

On 1.9.2012 the amendment of Bookkeeping Act started to be effective which is for the most part concerned with the adjustment by the rule for the public administration but where also a small change respectively specification of terms and procedures in the enterprise sphere, namely in the area of stocktaking of assets and obligations, took place.

The amendment of act brings the specification of terms „inventory“ versus „stocktaking“ where the confusions happen very often. In the law there is currently directly stated that within one inventory, whether it involves a continuous or periodic one, one or more stocktakings are made which are targeted at the proof whether the real status corresponds to the status recorded in the evidence of assets, inventory etc. and captured in the bookkeeping.

Further it is specified in the law that the document stocktaking may be performed only at assets and obligations at which within the inventory it is not possible to use the method of the visual finding of their physical existence. When it is thus possible to check visually that the assets exist, it is necessary to use the physic stocktaking. The legislator states as tools suitable for performing the physical stocktaking the methods which are commonly used in the practice, namely for instance computation, measuring, weighing, but also usage of accounting records or of another similar methods. By this provision the legislator doesn’t want so that for instance in case of real estates we should perform the stocktaking in such way that we will come to have a look at the house if somebody hasn’t shifted or pulled that down (which it at the same time doesn’t hinder as well), but that at the physical stocktaking we use the data from the evidence which is for instance the real estate cadastre.

The news which shall be surely welcomed by many enterprisers, is the extension of time for performing the stocktaking. The deadline of 4 months before the balancing day remains, but the deadline after the balancing day is extended from one to two months. The total time during which it is possible to perform the stocktaking, is 6 months.

Concerning the stocktaking lists, newly they have to contain a moment at which the financial statements are compiled, and further the record date, provided that the accounting entity stipulates this. This means that this date can be, but at the same time, hasn’t to be stipulated. The record date is a term introduced by this amendment. It is a moment which can be stipulated by companies when making a periodic stocktaking. It is thus a day at which the specific stocktaking is performed. We find out the real status as per the balancing day according to accounting records which prove the additions and disposals of assets and obligations between this day and the record date.