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or the trustee (in case a creditor filed the petition) has to propose a restructuring plan to the creditors within a specific time period. Failure to elect the creditors committee or to submit a restructuring plan results in the restructuring proceedings being converted into bankruptcy.

If the creditors accept the restructuring plan, and the court affirms it, the restructuring plan becomes binding upon all parties to the plan. The plan regulates the establishment, change or expiry of rights and obligations of the persons listed therein, scope and methods of satisfaction of the parties to the plan and it must ensure the highest possible degree of satisfaction of the debtor’s creditors.

Because bankruptcy and restructuring may entail very specific aspects in each and every individual case, robust advice (both legal and financial) is strongly recommended.

Accounting, Financial Statements and Audit Requirements

Accounting regulatory framework

Slovak accounting standards are governed by the Act on Accounting, which regulates general accounting principles, maintaining and closing the books, asset and liability valuation, profit and loss calculation, financial statements formats and auditing requirements. There are also requirements contained in the Commercial Code and decrees issued by the Ministry of Finance. All consolidated financial statements shall be prepared exclusively according to IFRS as adopted by the European Union (“EU-IFRS”).

Additionally all banks, insurance companies, listed companies and certain other large companies are obliged or can select to prepare their individual financial statements according to EU-IFRS (see section Preparation and submission of individual financial statements below for more details).

As of 1 January 2009 Slovakia joined the Eurozone and the euro became the statutory reporting currency of Slovak companies.

Chart of accounts There are separate statutory charts of accounts and accounting procedures for:

entrepreneurs

banks

There are also separate charts for non-profit organisations, municipalities, political parties, social insurance organisations, the EXIM (Export-Import) Bank, etc.

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©2010 KPMG Slovensko spol. s r.o. , a Slovak limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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