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Slovak Republic The Slovak Republic is included in the IFAD GAAP Convergence Studies National Professional Organisation Website: Slovenska Komora Auditorov Response to IFAC Member Body Survey on Standard Setting and Regulation World Bank ROSC Accounting and Auditing Report Update for December 2007 Update for September 2007 Update for March 2006 Bratislava: Financial Reporting Framework in the Slovak Republic Adoption of IFRSs in Europe Effective in 2005 In June 2002, the European Union adopted an IAS Regulation requiring European companies listed in an EU securities market, including banks and insurance companies, to prepare their consolidated financial statements in accordance with IFRSs starting with financial statements for financial year 2005 onwards. EU countries have the option to: Require or permit IFRSs for unlisted companies. Require or permit IFRSs in parent company (unconsolidated) financial statements. Permit companies whose only listed securities are debt securities to delay IFRS adoption until 2007. Permit companies that are listed on exchanges outside of the EU and that currently prepare their primary financial statements using a non-EU GAAP (in most cases this would be US GAAP) to delay IFRS adoption until 2007. The European IAS regulation applies not only to the 27 EU Member States but also to the three members of the European Economic Area (EEA) – Iceland, Liechtenstein, and Norway. The Slovak Republic is an EU Member State. Consequently, Slovak companies companies listed in an EU/EEA securities market must follow IFRSs starting in 2005. In January 2005, the European Commission published the results of a survey of the 25 EU member states and the 3 EEA member states on their plans regarding the four options above. For information on each country's plans, click to download: Table on Use of IFRS Options in 25 Member and 3 EEA States (PDF 40k) The European Commission has adopted the following wording for use in the notes to the accounts and in the audit reports of companies subject to EU Regulation 1606/2002/EC (the 'IAS regulation'): "in accordance with International Financial Reporting Standards as adopted by the EU" or "in accordance with IFRSs as adopted by the EU". Companies may also state, in a footnote, compliance with IFRSs as adopted by the IASB, if that is the case. December 2007: Model IFRS financial statements for 2007 in Slovak language Deloitte (Slovak Republic) has published Medzinárodné standardy pre finanèné výkazníctvo – Vzorové finanèné výkazy 2007 Slovak Language Model IFRS Financial Statements for 2007 (PDF 1,582k, 114 pages). Each item in the financial statements is cross-referenced to the relevant source in IFRSs. September 2007: Vzorové finanĉné výkazy 2006 – IFRS Model Financial Statements in Slovak Deloitte (Slovak Republic) has published Medzinárodné štandardy pre finanèné výkazníctvo: Vzorové finanĉné výkazy 2006 – Model IFRS Financial Statements for 2006 in the Slovak language (PDF 1,970k, 94 pages). Each item in the financial statements is cross-referenced to the relevant source in IFRSs. March 2006 Update IFRSs Required for Listed and Large Unlisted Companies In addition to the EU requirement that listed companies prepare their consolidated financial statements using IFRSs, by law starting in 2006 large unlisted companies (about 300 in number) must prepare and publish IFRS financial statements as well. Small unlisted companies are also permitted to use IFRSs.