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A new Accountancy Act was adopted at the end of November 2015

At the end of November 2015 an entirely new Accountancy Act was adopted, which will come into force on 01.01.2016,

The basis of creation of the new accounting law is the coordination of national and European legislation regarding the annual financial statements, the consolidated financial statements and related reports of certain types of companies.

There are noteworthy results in terms of:

• introducing incentives for micro and small enterprises in connection with the preparation and presentation of financial information;

• introducing harmonized at European level criteria for categorization of enterprises;

• broader application of National Financial Reporting Standards and the application of International Financial Reporting Standards remains mandatory only for companies of public interest;

• introduction of requirements for the preparation and presentation of non-financial statement and report on payments to governments;

• expansion of administrative sanctions that must be effective, proportionate and dissuasive.