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The obligation to include financial statements was already contained in the original legal regulation, in the Commercial Code. A list of documents obligatorily was published in the Commercial Register, but there was no exact date of publication. A fixed interpretation following other legislation was interpreted as “by the deadline of the next statement”, generally by the end of next year. However, by law, the obligation to include the statements in the Commercial Register was, in essence, not more widely controlled or enforced by the registration courts, because of the vague legal regulation. The amendment to the Act on Accounting brought light to the issue of publication. The deadline for publication is explicitly expressed as follows:
I would also like to highlight the need to update the content of the financial statements. The amendment to the Act on Accounting and the related implementing regulations also brought new accounting statements, which were first applied for 2016, as well as the content of the annexes to the accounting statements. I am still confronted with redundant information, especially in the annexes to the accounts.
The financial offices recently became interested in the publication of the statements in the register. During controls or an investigation carried out by the tax administrator, we are faced with the fact that the tax inspector warns one against a breach of duty. The Act on Accounting contains provisions on the consequences of a breach in the obligatory publishing of the statements and imposing a fine. The amount of the fine may, in case of non-publication of the financial statements, amount to up to 3% of the value of the assets, respectively, 3% of the value of the consolidated assets.
Although this is a breach of duty in relation to a public register, the procedure for imposing the fine will be made by the local tax office. That is why I recommend one to fulfil the duties in relation to the register as soon as possible, not only for the current period of 2017, but for the past years also.
Correct scope and method of publication
* An obligatory part of the annual report is the financial statement, so it is not necessary to publish it separately.