Accounts - Slovenia

Updated 04/2010

Legal requirements

Financial Statements of companies are governed by :

The Companies Act defines their basic status, the articles of incorporation and the operations of companies, sole proprietors, related persons, economic interest groups, subsidiaries of foreign companies and their restructuring status.

Companies Act

The Accounting Act, which governs the bookkeeping and drafting of annual reports, is applicable to medium and large companies.

Accounting Act

Small companies will perform their bookkeeping and draft their financial statements once a year according to the Slovenian Accounting Standards. An entrepreneur (sole trader) will use a single-entry bookkeeping system, provided that in the last business year he/she fulfilled two of the following three criteria:

The average number of employees does not exceed 3;
The net sales income per year is less than €42,000;
The average value of the assets does not exceed €25,000.

The accounting principles specify in detail the concept and characteristics of the accountancy profession.

Code of Accounting Principles

The Code of Ethics for Professional Accountants lays down the principles and requirements for professional accountants who should accept and apply those principles.

Code of Ethics for Professional Accountants

Keeping accounts for private entrepreneurs is governed by the Slovenian Accounting Standard 39.

Slovenian Accounting Standard 39

Accounting rules

The general accounting rules are laid down in Chapter 8 of the Companies Act:

Companies and entrepreneurs must keep business books and draw up their year-end accounts. An annual report shall be compiled every financial year within three months from the end of the financial year;
Business books shall be kept in accordance with a double-entry bookkeeping system.
At least once a year the balance sheet items (assets and liabilities) in the accounts of the sub-ledgers shall be checked against the real situation (trial balance).
Companies Act

Detailed regulations for accountancy are stated in the accounting standards adopted by the Slovenian Institute of Auditors.

Slovenian Accounting Standards
Slovenian Institute of Auditors

Single-entry bookkeeping system

A single-entry bookkeeping system is appropriate for entrepreneurs who do not employ more than 3 employees and have a net yearly income of less than €42,000. This means that at the beginning ALL private entrepreneurs may keep their books in accordance with a single-entry bookkeeping system, except when they employ more than 3 employess from the beginning.

If the entrepreneur exceeds the stated criteria, he must keep his books in accordance with a double-entry bookkeeping system.

The bookkeeping is governed by the:

Companies Act in Article 73
Accounting Act
Tax Procedure Act
Who may keep the books in accordance with a single-entry bookkeeping system?

Duble-entry bookkeeping system

All entrepreneurs and companies which exceed the standards for the single-entry bookkeeping system must keep their books in accordance with the double-entry bookkeeping system. It has two main books: a logbook (called a Journal) with day-to-day entries which are transported into a ledger.

The bookkeeping is governed by the:

Companies Act
Accounting Act
Tax Procedure Act

Bookkeeping

You must keep the books with accounting entries and draw up year-end accounts once a year. All data on companies and businesses are collected by the Agency of the Republic of Slovenia for public and legal records and services.

The Agency of the Republic of Slovenia for public and legal records and services (AJPES)

The bookkeeping and drafting of the annual reports for the subjects of private law, who do not keep accounting books on the basis of the Companies Act, are governed by the Accounting Act.

Accounting Act

The accounting documents and business books shall be stored in accordance with the statutory provisions, but annual financial statements, profit and loss accounts, annual reports and the final accounts of employees' salaries shall be stored permanently. The accounting documents for entries into a logbook and the ledger must be stored for 10 years.

Auditing

The annual reports of large and medium public limited companies, double partnerships and small limited companies, whose securities are quoted on the regulated market, must be audited in accordance with the provisions of the Auditing Act.

Auditing Act

Inventory

For legal entities and medium and large private entrepreneurs the Companies Act determines that the assets recorded in the business boks must be brought into line with the actual situation, which will be revealed during inventory, at least annually. Detailed rules for carrying out an inventory are stated by the Slovenian Accounting Standards.

Companies Act
Slovenian Accounting Standards

Supplementary provisions

In addition to the general ledger book and a logbook the company must keep certain auxiliary books (like cash-books, analytical records of buyers and suppliers), a book of income and expenses, a book of receivables and liabilities, a book of fixed assets etc., in accordance of the Slovenian Accounting Standards, in particular standard 22.

Slovenian Accounting Standard 22 (2002); Business books [52 KB]

Administrative procedures

The e-Vem Web Portal contains the information about the obligation to submit company reports to the Slovenian Tax Administration and the Agency for Public and Legal Records and Services.

One Stop Shop (VEM)

At the latest by 1 April of the current year, any legal entity that engages in profit-making activities shall be liable to submit an annual report for the previous year in the form of financial statements.

Financial statements

Annual reports

Following the

Instructions regarding submission of the annual reports and other data of companies, cooperatives and private entrepreneurs

companies, cooperatives and entrepreneurs may obtain electronic versions of the standard forms designed for electronic completion and submission, and they should submit:

data from the annual reports, written in the standard forms (for the State statistcs they will also enclose a declaration for exercising a simplification and for the approval of publication),
an annual report in non-standard form, in PDF file (for publication).

All information and the forms for electronic completion and submission of annual reports can be downloaded from:

Agency for public and legal records

Companies and medium and large private entrepreneurs will use EXCEL tables and the instructions for their completion:

LPGD 2009 V1 6.xls [930 KB]
LLPGD 2009 V1 6.zip [284 KB] [zip]
LP-Instruction for EXCEL table GD 2009 1 0 [245 KB]

Saving and submission of documents

Companies and entrepreneurs must send, within three months from the end of calendar year, data from the annual reports relating to their assets and financial operations, and profit and loss accounts for State statistics and other purposes such as keeping records, analytical information and research.

They will submit the annual reports to the competent organisational unit of the Agency for public and legal records and services (AJPES), where they have their registered office. You can also announce your annual report on the website of the Agency for public and legal records and services , where each user may access the application JOLP (public notice on annual records).

Agency for public and legal records and services
JOLP

The rules regarding the submission and announcement of annual reports are explained in:

Rules on the manner of the submission and announcement of annual reports

Auditing, disclosure and announcement

The auditing of the financial statements is described in the Auditing Act.

The Slovenian Institute of Auditors governs the audit profession in Slovenia with documents such as the Code of Ethics for Official External Auditors, Basic Auditing Principles, Audit Guidelines and so on.

Invoicing

All the necessary information about invoicing is available in the VAT Act and from the Tax Administration of the Republic of Slovenia:

VAT Act, Official Gazette of the Republic of Slovenia (Uradni list RS), No. 10/2010
Issuing of invoices and submission of grant applications

Resources

The data which must be included in an invoice can be found on the website Accounting services and tax consultancy (SOVA).

Invoicing

The Slovenian Institute of Auditors offers information on accounting regulations for companies. It organises professional training and offers publications in the accountancy field.

Slovenian Institute of Auditors

The Association of Accounting Services acts within the Chamber of Commerce and Industry and offers information in the field of corporate accounting operations free of charge. It also publishes a special Catalogue of accounting services (Katalog), which includes company presentations.

The Association of Accounting Services
Katalog

The Accountant is a Web Portal which helps entrepreneurs and companies. All the important information and links in the field of accountancy can be found there.