COVID-19 FINANCIAL REPORTING IMPLICATIONS

The coronavirus pandemic (COVID-19) has fast become the defining global health crisis of our time and the greatest challenge to almost all entities, either directly or indirectly. There are significant disruptions to global supply chains, suspension, or in worst cases cessation of many business operations, significant volatility and downturn in financial, commodity and energy markets,…

Lex Corona III

The government approved additional measures related to COVID‑19 known colloquially as Lex Corona III, which amends Act No. 67/2020 Coll. on Extraordinary Financial Measures in Response to the COVID‑19 Pandemic as amended by Act No. 75/2020 Coll. We expect parliament approve the government’s draft in the coming days. This amendment has introduced a number of additional finance-related changes…

Preliminary information on prepared accounting measures

The Ministry of Finance released preliminary information on the draft of Ministry of Finance Measures No. MF/010704/2020-74 amending Ministry of Finance Measures No. MF/23377/2014-74 dated 3 December 2014. This draft specifies the details of individual financial statements and the scope of data from the individual financial statements for publication for the purposes of large accounting…

Lex Corona

On 2 April 2020, the Slovak Parliament passed the government’s proposal called Lex Corona, which covers three areas: taxes, financial market, and budgetary rules. The aim of this law is to help and protect taxpayers, entrepreneurs, and SMEs from the economic consequences of the pandemic. The legislation at issue provides a special period – the…

Amendment to the Social Insurance Act and other acts, allowing postponement of contribution payment obligations

On 3 April 2020, the Slovak Parliament passed the Amendment to the Social Insurance Act, which amends the deferral of payment obligations of policyholders who report a drop in net turnover or a drop in income from business and other self-employment activities by 40% or more. Contributions for March 2020 are due by 31 July…