Accounts - Slovenia
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.
The Accounting Act, which governs the bookkeeping and drafting of annual reports, is applicable to medium and large companies.
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.
The Code of Ethics for Professional Accountants lays down the principles and requirements for professional accountants who should accept and apply those principles.
Keeping accounts for private entrepreneurs is governed by the Slovenian Accounting Standard 39.
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).
Detailed regulations for accountancy are stated in the accounting standards adopted by the 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:
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:
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 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.
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.
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.
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.
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.
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.
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.
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:
Companies and medium and large private entrepreneurs will use EXCEL tables and the instructions for their completion:
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).
The rules regarding the submission and announcement of annual reports are explained in:
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.
All the necessary information about invoicing is available in the VAT Act and from the Tax Administration of the Republic of Slovenia:
The data which must be included in an invoice can be found on the website Accounting services and tax consultancy (SOVA).
The Slovenian Institute of Auditors offers information on accounting regulations for companies. It organises professional training and offers publications in the accountancy field.
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 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.
Check also the legislation on this topic in: