LAWS TO WATCH: Accounting Act
According to the proposed amendments, which was originally adopted in July 2015 (see LPJ 138), the changes postpones the application of a unique accounting framework chart from 1 January 2016 to 1 January 2017.
The postponement was proposed by the Croatian Employers’ Association (HUP), because companies needed additional time to adjust to the new rules. The evaluation by the Ministry of Finance and the HUP concluded that larger companies with more advanced accounting processes needed six to ten months to adapt to the new rules.
The legislation also extended the deadline for the Committee of the Financial Reporting Council to adopt a unique framework chart of accounts to 30 June 2016.
Proposed by: Ministry of Finance
Note: Since the Sabor is dissolved, the government amended the legislation via bylaws