The Accounting Act replaces earlier legislation on the same subject, the Accounting Act of 1978, and incorporates rules on accounting principles and practices that have come with increased computerisation in everyday business transactions, including paperless transactions between from one firm to another or between business firms and public authorities.
Furthermore, the new Act, along with the Annual Accounts Act, aligns Icelandic accounting legislation with EEA legislation, notably Article 77 og the EEA Agreement which calls for the coordination of specific provisions in the company legislation of EEA members, as further specified in Appendix XXII to the Agreement. The Appendix contains nine Directives, of which four deal with accounting, annual accounts and related matters.
Chapter I deals with the obligation to keep accounts. It specifies which parties must keep accounts and who is responsible for that the provisions of accounting legislation be adhered to. The chapter also contains provisions on who should use double-entry accounting and small businesses that would be exempt from that obligation.
Chapter II deals with accounting entry requirements, accounting records and their safeguarding, whether accounting is done by hand, by computer or by other means. General demands on the structure of accounts are set forth, including requirements on accounting by computer, the transfer of documents between computers and the storage of computerised data. Special provisions are included on paperless transactions, so-called Electronic Date Interchange (EDI).
Chapter III contains general requirements on annual accounts for all that are obligated to keep accounts. The Annual Accounts Act contains more specific requirements for the annual accounts of particular types of legal entities, such as joint-stock companies and other companies with limited liability, co-operative societies, partnerships and legal entities with unlimited liability. The chapter covers annual accounts requirement for various societies, insitutions and individuals obligated to keep accounts. This chapter also contains provisions on examiners, their qualifications and the demands made upon them regarding their signature.
Chapter IV contains provisions on penalties for violation of this Act and procedures for handling of accounting violations.
Chapter V covers sundry provisions, including qualifications for certified bookkeepers.
The obligation to keep accounts
The following parties are obligated to keep accounts:
- Joint-stock companies and other companies with a limited liability of its partners;
- co-operative societies and associations of co-operative societies, mutual insurance and underwriting companies and other companies with a variable capital and a variable membership;
- joint-ownership companies and other companies with unlimited liability of its partners;
- commercial and savings banks, securities funds and -firms not elsewhere mentioned in this Paragraph;
- any and all companies and agencies owned by the state or municipalities engaged in business activity;
- bankrupt estates and other estates under bankruptcy proceedings if engaged in business activity;
- any other societies, funds or institutions engaged in business activity or in the procurement or trusteeship of funds;
- any person engaged in business activity or a self-employment.
When two or more parties are together engaged in a specified operation in connection with their own business activity or self-employment they may keep joint accounts regarding their joint activity. The conclusions of the joint accounts shall be entered on an itemised basis in the appropriate accounts of the accounting books of each party in correct proportion as often as deemed necessary.
Those who are obligated to keep accounts according to Article 1 shall use double-entry accounting, yet cf. Article 3.
Those persons that do not use more hired manpower than corresponds to one employee in general and are engaged in the following business activity need not use double-entry accounting:
- the operation of boats less than 10 register tons;
- the processing of a marine catch, provided the majority of the product is sold through the intermediation of a product sales firm;
- farming, provided the majority of the farm product is sold through the intermediation of a product sales firm;
- the operation of taxis, lorries, trucks and commercial passenger vehicles, as well as the operation of earth-moving and similar equipment;
- manufacturing and crafts, including repair work;
- services, consisting primarily of labour or professional skills being sold and not including the trusteeship of funds in connection with services sold.
Societies, funds and institutions, cf Point 7, Article 1, that are not engaged in business activity and provided their income consists only of contributions collected from members for the purpose of meeting joint expenses, including the hiring of labour corresponding to up to one person in general, shall be exempt from the obligation of double-entry accounting.
If a party is obligated to keep accounts for any one part of his/her operation, that obligation shall apply to all his/her business activity.
Those parties that are obligated to keep accounts, but are exempt from the obligation of double-entry accounting according to this Article, shall keep such accounting books as are listed in Paragraph 5, Article 10.
Parties obligated to keep accounts shall do so in a clear and accessible manner and draw up annual accounts in accordance with laws, regluations and good bookkeeping and accounting practice.
The directors of those companies, funds and institutions referred to in Points 1-7, Article 1, and those responsible for operations in accordance with Point 8, Paragraph 1, Article 1, cf. also Paragraph 2, Article 1, shall see to it and be responsible for that the provisions of this Act and Regulations according to it be carried out.
General provisions on accounting
Accounts shall be kept so that transactions and the use of funds may be traced in an accessible manner. They shall provide such information on operations and the asset balance as are demanded by owners, creditors and public bodies and are necessary to assess revenue and expenditure, assets and liabilities.
The accounts, having due regard to the extent of operations and the nature of the business activity in question, shall be kept in accordance with good accounting practice as applicable at each and every time as well as in accordance with laws and regulations.
Double-entry accounting shall be organised with regard to the nature and extent of the business activity.
A written description of the organisation and structure of the account book system shall be at hand and, for instance, provide information on the computer system and computer equipment, connections to other computers and their function. If automatic data processing is applied in accounting, a description shall also be available which will make it possible without difficulty to trace and oversee the handling of each item. The individual accounts of the accounting system shall be individually listed and their use clearly demarcated, as well as a description of the revenue recording system.
The accounting system shall be orgainised so that it will be easy to trace the path from original documents to accounting entries as well as from accounting entries to original documents and between accounting sums and annual accounts. The organisation and management of the accounting system shall be such as to ensure the safeguarding of accounting documents and normal internal auditing. Internal accounting is defined to include, for instance, working rules on the handling of documents and the division of responsibility and duties with the aim of ensuring a reliable accounting system, a safe handling of funds and that damage due to mistakes or misuse will not occur.
The Minister may set rules on the minimum requirements for accounting systems for computers and decree that they shall be officially certified before their use is authorised.
Each accounting entry shall be based on reliable and sufficient documents which can be traced to the transactions concerned. Exterior as well as interior documents shall contain information sufficient for just registrations into the accounting system.
Exterior original documents are defined as documents from those with whom business is transacted, such as an invoice, a statement of account, a payment notice, a giro slip, a receipt of payment, a contract, a fax, a telegram or other equally valid original documents. Such documents shall include, as applicable, the identy of the issuer and recipient and such other information as may be necessary to verify the transaction in question.
Interior original documents are defined as documents created by the party in question that is obligated to keep accounts, such as invoice duplicates, statements of account, payment notices, giro slips, payment receipts, contracts or telegrams as well as other documents intended to record entries or transfers within the accounts themselves.
The opening and printing of documents behind accounting entries shall always be made possible in cases of transmissions between computers.
Transactions shall be entered into the accounts as soon as they take place, provided this in accordance with good accounting practice. Other transactions shall be entered as soon as possible after they take place.
Entries that only are based on documents transmitted between computer systems shall be entered into the accounts with the same security as other entries.
Entries into the accounts shall be in an organised numerical order, generally reflecting a correct chronological order of business transactions and other accounting entry occasions and give a clear view of the events they are meant to describe.
The entries shall refer to the relevant original documents and include clear information on the content of business transactions or other circumstances, the names of accounts and dates.
The accounting books shall be kept in a permanent manner in an organised and secure system of accounting books, cards, loose sheets or a computer system.
The accounts of those parties that are obligated to use double-entry accounting shall consist of:
- a journal where all entries are in consecutive order;
- a list of entries where all journal entries are classified into relevant accounts, yet cf. Paragraph 6;
- a ledger with the position of each individual account, cf. Paragraph 12
- an annual account, cf. Paragraph 22.
Accounting books according to Points 1-3, Paragraph 2 shall be known as the financial accounts.
The accounting books of parties according to Paragraph 2 shall contain, as applicable:
- a cash account showing cash inpayments and outpayments, cf. Article 13;
- a customers' account, cf. Article 15.
The accounting books of those parties that are exempt from the obligation of using double-entry accounting according to Article 3 shall include:
- a cash account showing cash inpayments and outpayments, cf. Article 13;
- an registry of detail, cf. Article 14;
- an annual account, cf. Article 22.
In accounting books kept by hand the requirements according to Point 2, Paragraph 2 are fulfilled with entries in relevant accounts in the journal, cf. Point 1, Paragraph 2. The merger of a cash account and a journal into is permitted which shall be named a cash journal. A cash account and a cash journal shall be in accounting books bound in advance with numbered pages; in cases when the party keeps both a cash account and a cash journal, the latter may be a loose leaf book. In accounting books kept by hand the ledger shall be bound in advance and pages numbered and the annual account may be entered into the ledger.
The accounting books shall be kept in this country. Their text shall be in Icelandic and amounts in Icelandic krónur.
The organisation of accounts in the accounting books shall generally be such that kept accounts shall show net assets, debt, expenditure and income. Those accounts shall be kept in the bokkeeping system which are necessary for a normal breakdwon with respect to the kind and extent of the business activity.
Instead of a breakdown into related accounts, the maintenance of one or a few accounts in the financial accounts is permitted provided they are broken down further in a special subordinate system. Such subordinate systems shall be related to the financial accounts in a clear and secure manner through special accounts which are not used for any other purpose. Entries originating in such subordinate systems shall be entered into a special journal and be carried over to the financial accounts in a regular and secure manner. Entries into the subordinate system shall always refer to original documents.
As circumstances permit, the organisation of accounts shall be such that sufficient internal control is made possible.
The ledger shall reflect the position of each individual account at the end of each accounting period in accordance with an entry list or journal in the case of accounting books kept by hand. The ledger sums shall in each instance contain all entries which up to then have taken place during the accounting year.
All inpayments into the cash till and outpayments from it shall be entered into the cash book so as to make it easy to compare the cash at hand and the balance in the cash book at the end of each working day or working session, depending on the kind of activity.
Each payments shall be entered separately. The entry of daily inpayments resulting from sales against cash may nevertheless be entered in one sum. Subordinate accounts recording the breakdown of cash payments may also be kept, provided their entries are the same as in the cash book itself. The sums from the subordinate accounts must be entered daily into the cash book itself and reference shall therein be made to the subordinate accounts as proof of entries. Subordinate accounts to the cash account may be in loose-leaf form.
The maintenance of a cash account may be omitted, provided an equally secure recording system of inpayments and outpayments is at hand.
Those parties that are exempt from the obligation of double-entry accounting shall detail their business transactions in a special book, a registry of detail, where changes during the year in assets and liabilities, income and expenditure are classified by category. The sums of subordinate accounts in the accounting system may be entered at one time, including the sums of issued invoices during the accounting period. At the end of each accounting period, the changes in cash at hand during the period shall be checked against entries in the registry of detail by taking account of accounts receivable and payable at the beginning and end of the accounting period.
The sums in the registry of detail shall be made traceable to the annual accounts.
The financial accounts, or special customer accounts connected to the financial accounts, shall contain accounts covering transactions with each customer other than sales against cash. The merging of insignificant transactions into one or a few invoices may nevertheless take place.
If special customer accounts are used as a subordinate system to the financial accounts, they must meet the following conditions:
- The customer accounts shall be connected to the financial accounts in a clear manner over specified accounts which are used for no other purpose.
- The customer accounts shall be such that it will be possible to produce the position of an individual customer's account as well as for all customers. The sum shall be traceable to particular accounts in the financial accounts, cf. Point 1.
- Entries into the customer accounts shall be transferred to the financial accounts in a regular and secure manner.
- When entries originate in the customer accounts, a journal shall be kept to cover those entries in the same manner as in the financial accounts.
- Entries in the customer accounts shall always refer to original documents.
Stocks shall be counted at the end of each accounting year and their value shall be calculated. The stock counting list or the stock accounting books shall show the name, quantity, unit price and calculated value of each individual commodity along with a sum. The counters of stocks shall sign stock counting lists or stock counting books.
Those who use a continuous stock counting system are not bound by the provisions of Paragraph 1, provided that stock counting takes place with organised counts and that stock registers are adjusted at regular intervals.
Ef stocks are valued at a sales price, it shall be made clearly and readily apparent how the value at cost is calculated.
The income registration of parties obligated to keep accounts shall be based on a clear and secure system, which ensures that it will be possible to verify the existence of all income. A secure system in this connection shall include, for instance, invoices, statements of account and giro slips, provided these documents are placed in a secure and organised numerical system, and cash registers used for the retail sale of goods and services, as well as other comparable and secure systems for income registration, provided other laws do not dictate otherwise.
A cash book, a cash journal or a journal in accounting by hand shall be closed regluarly and at an interval of no less than two months. The sums of individual accounts shall be entered into the ledger. The entries into the ledger shall be generally be completed no later than one month after the end of each accounting period.
Those exempt from the obligation to keep double-entry accounts shall detail their entries in a registry of detail as necessary and at least at the close of the accounting year.
When the annual accounts are drawn up a detailed and complete closure of all accounting books shall take place.
The amounts in the annual accounts shall be compatible with those in the ledger.
The accounting documents shall regularly be placed in a numerical order and they shall be referred to along with entries into the accounts. They shall be kept in a consecutive numerical order.
Each party obligated to keep accounts shall be obligated to keep in an organised manner all incoming letters, faxes and telegrams relevant to its business. He/she shall also keep duplicates of all letters, faxes and telegrams sent to others and are relevant to his/her business.
All accounting books decreed in this Act, along with accounting records and documents, as well as letters, faxes and telegrams or their duplicates, including documents kept by computer, microfilm or by another comparable method, shall be kept in this country in a secure and safe manner for seven years from the closure of the relevant accounting year. Those using cash registers are nevertheless not obligated to safeguard interior register printouts longer than three years from the closure of the relevant accounting year, provided the accounts are fully closed and the annual accounts signed.
If computer equipment necessary to produce accounting records is changed or destroyed, all records must be printed in their original form or transferred onto a new medium so that they can continue to produced.
An annual account shall always be kept for 25 years.
All entries into accounting books or on invoices shall be clear and legible with permanent writing. An entry must not be obliterated or made illegible, once it has been written, even if it was originally entered by mistake. If an entry must be changed, it shall be done with another entry or in such a manner that the incorrect entry is legible following the correction.
The correction of a wrong entry shall be made with a special record stating which entry is being corrected and why.
Accounting year and signature
Those parties obligated to keep accounts shall draw up annual accounts for each accounting year according to this Act, provided stricter demands are not made in other laws. The annual accounts shall contain a statement of income and expenditure and a balance sheet and notes as applicable. The annual accounts shall constitute a whole.
The accounting year shall be twelve months. At the beginning of operations or a change in the accounting year, the period can be longer or shorter, although never longer than eighteen months. The accounting year can only be changed later if special circumstances warrant. The change shall be recorded and substantiated in the notes.
The annual accounts shall be completed and signed no later than six months after the end of the accounting year. They shall be signed by the parties responsible for the keeping of the accounting books, cf. Article 5.
Should someone obligated to sign the annual accounts have objections to it, he/she shall sign the accounts with a reservation written into the accounts. The nature of the reservation shall be made apparent.
The balance sheet shall systematically display information on assets, liabilities and the equity of the parties concerned at the end of the accounting year. The accounts shall be sufficiently detailed so as to give a clear picture of assets, liabilities and equity at the end of the year in accordance with good accounting practice.
The statement of income and expenditure shall systematically display total income and total expenditure in sufficient detail to give a clear picture of the operating results during the accounting year in accordance with good accounting practice.
The statement of income and expenditure and the balance sheet shall be set up in a comparable manner from one year to the next, unless special circumstances warrant otherwise. If changes are made they shall be accounted for in the notes.
Income shall generally be recorded in the statement of income and expenditure in the year when it is earned and expenditure when incurred.
Intangible rights shall only be counted as assets if they are acquired by payment. The same applies to costs of research and development.
The dispostion of profit or loss shall be accounted for in annual accounts or notes thereto.
Monetary assets and liabilities shall be counted in the balance sheet to the amount that actually corresponds to their value. Durable operational assets shall generally be shown at cost less appropriate annual depreciation. In case of deviation from this rule, this shall be made clear in the annual accounts.
The cost of durable operational assets consists of their purchase price and the cost resulting from acquisition and improvements thereon up to the time they are brought into use.
Stocks may not be counted as assets at a value higher than the purchase price or the spot price if lower. The cost of stocks may be determined as the weighted average price of all stocks of a similar nature on the basis of the last purchase price or through another recognised method.
If major changes are made in the valuation of assets or liabilities from the previous balance sheet, the annual accounts shall clearly reflect that.
If the actual value of fixed assets is lower than their book value and the reasons why can not be viewed as short-term, their value shall be lowered to the level necessary in accordance with good accounting practice.
Risk assets and long-term claims may be valued at the market price on the account closure date if the value is below book value. Such assets shall be reduced in value if there is a special need therefor, such as due to the danger that claims will not be collected or for other reasons.
Changes in valuation according to this Article shall be entered over the statement of income and expenditure.
Account may be taken of general price changes upon the operations, assets and liabilities of the business in accordance with good accounting practice.
Should the provisions of Paragraph 1 be applied, a detailed explanation of the methods used shall be included in the notes.
Notes to the annual accounts shall provide information regarding the following points with a reference to the appropriate items in the balance sheet and the statement of income and expenditure, inasmuch as they are not readily apparent there:
- changes in durable operational assets during the year;
- a public valuation of assets if available;
- the nominal value of share capital in companies;
- changes in equity accounts;
- mortgaging of assets and guarantees;
- other material items influencing operations, assets and liabilities not elsewhere listed.
Parties obligated to keep accounts that do not come under the provisions of the Annual Accounts Act can at their annual meeting or company meeting elect one or more examiners of annual accounts or their alternates. Examiners may be elected from the membership but may not sit on the board of the company or act in an administrative capacity for it.
Examiners must qualify under Paragraph 11 of Act no. 67/1976 on Certified Public Accountants. If an examiner no longer qualifies and no alternate is available to take his/her place, the board of the company shall see to it that a new examiner be chosen as soon as possible and he/she shall perform his/her duties until a new election can take place.
If a company elects a certified public accountant instead of an examiner, the provisions of the Act on Certified Public Accountants shall apply.
Examiners shall at any time have access to the accounts in order to carry out such inspections as they deem necessary. The board shall see to it that examiners receive such documents, information and assistance that they deem necessary.
By their statement and signature, examiners shall confirm that they have audited the annual accounts. The statement shall note that the assets and liabilities listed in the balance sheet do in fact exist and that changes in equity are in accordance with the accounting books. The examiners shall also ascertain that the the decisions of membership meetings and the board regarding the acquisition, disposition and return on investments and other aspects of operation are followed. If an examiner is of the opinion that these decisions have not been followed, he/she can sign the annual accounts with appropriate reservations.
If an examiner is of the opinion that the annual accounts or the report of the board lack necessary information or that information is misleading and furthermore if he/she is of the opinion that events have taken place which pertain to the responsibility of managers, he/she shall call attention thereto in his/her statement. The statement and signature of an examiner shall be viewed as a part of the annual accounts and shall be kept with it.
Examiners have a right to be present in meetings where annual accounts are discussed.
Examiners may not provide information to individual members or to others regarding the state of the company.
Penalties and procedures1)
Any person who intentionally or through gross negligence violates the provisions of this Act in the manner described in Articles 38-40 shall be subject to financial penalties, whereas a violation of Article 37 and other major violations of Article 38 shall be1) … subject to imprisonment for up to six years according to Paragraph 2, Article 262 of the Penal Code or to financial penalties if there are considerable mitigating circumstances. 2)
1)Article 218, Act no 82/1998
2)Article 1, Act no. 37/1995
The following actions of a person obligated to keep accounts or the director of a legal entity shall always be viewed as a major violation of law:
- If he/she does not keep required accounts covering himself/herself or a legal entity in such a manner as to meet the requirements of law in major respects.
- If he/she does not safeguard documents or other accounting records or does so in such an insufficient manner that it is impossible to trace accounting entries to business transactions and base accounts or the annual accounts thereon.
- If he/she falsifies accounts or accounting documents, creates documents that have no substance in business transactions with other parties, systematically underreports income or otherwise keeps accounts so that they present a wrong picture of business transactions and the use of funds, provided the violation is not subject to Article 158 of the Penal Code.
- If he/she destroys his/her accounting records or those of a legal entity, in whole or individual accounting records, conceals them or obstructs access to them in another manner. The same applies to any accounting records to which accounting entries can be traced.
- If he/she neglects to draw up annual accounts in accordance with the conclusions of the accounting records, or if the annual accounts do not contain necessary accounts or notes or if it is otherwise wholly misdrawn or in part, provided the violation is not subject ot Article 158 of the Penal Code.
The same applies if a person assists another person obligated to keep accounts or the director of a legal entity in committing such violations as described in Point 1-5 or contributes to them in another manner.1)
1)Article 1, Act no. 37/1995
A person obligated to keep accounts or the director of a legal entity becomes guilty of a punishable offense against this Act through his/her actions or inactions as follows:
- If he/she neglects to keep individual accounts or keeps his/her accounts, accounting entries, handles accounting records or the drawing up of annual accounts contrary to law and regulations, provided heavier penalties against violations are not prescribed in such or other laws.
- If he/she does not keep his/her accounting records in a sufficiently clear, secure and accessible manner, on the basis of adequate records or in accordance with good accounting practice or if the recording of income is not based on a clear and secure system so that income and other transactions or the use of funds may be traced.
- If he/she neglects to ensure the safeguarding of accounts, accounting records or annual accounts or does not keep the organisation and structure of the accounts in a secure manner.
- If he/she does not record the business transactions in accordance with good accounting practice, does not make entries in a numerical or chronological sequence and with appropriate accounting codes.
- If he/she does not draw up annual accounts or individual segments thereof in such a manner as to give a clear picture of operating results for the accounting year and of assets and liabilities at its end in accordance with good accounting practice.
- If he/she neglects to carry out a stock count, if the stock register does not contain appropriate information on quantity, unit price and the calculated value of each commodity or if the valuation assessment of stocks is substantially incorrect.
The same applies if a person assists a person obligated to keep accounts or a director of a legal entity in the violations described in Points 1-6 or contributes thereto in any manner.1)
1)Article 1, Act no. 37/1995
An ettempt to violate or participate in violation of this Act, other than described in Articles 37 and 38 of this Act, is punishable pursuant to Chapter III of the Penal Code.1)
1)Article 1, Act no. 37/1995
A legal entity may be fined for a violation of this Act irrespective of whether the violation is traceable to a criminal action of a director or employee of the legal entity. If its director or employee have become guilty of violating this Act, the legal entity may be fined and deprived of its rights of operation, provided the violation is committed for the benefit of the legal entity or it has profited from the violation.1)
1)Article 1, Act no. 37/1995
The State Criminal Investigation Police conducts an initial investigation into violations of this Act. The Director of Tax Investigations may at any stage of investigation refer a case to a public investigation at his/her own initiative, as well as pursuant to the wish of the allegedly guilty party , if it does not wish to accede to a referral of the case to the State Internal Revenue Board for settlement.
The State Internal Revenue Board levies fines due to violations of this Act, unless a case is referred to a public investigation and to the courts according to Paragraph 1. The Director of Tax Investigations presents the case before the State Internal Revenue Board and represents the people before the Board when it levies fines. The fines levied by the Board are final. Punishment in lieu of a fine does not come with its verdicts.
Fines for violation of this Act accrue to the Treasury.
Guilt according to this Act lapses after six years from the time an investigation commences on behalf of the Director of Tax Investigations or the Chief of the State Criminal Investigation Police, or its employees educated in the law, against a person as an allegedly guilty party, provided the investigation of a case or the verdict of a punishment is not unduly delayed.1)
1)Article 1, Act no. 37/1995
1)Article 1, Act no. 37/1995
The Minister of Finance can by Regulation set further provisions regarding the implementation of this Act, such as the obligation to keep accounts, exemptions from the use of double-entry accounting, the organisation of accounting books, accounting records and the use of computers in accounting and the storage of data.
1)Article 1, Act no. 37/1995
The Ministry of Finance shall keep a register of certified bookkeepers. None other than those who have been entered in said register may call themselves certified bookkeepers or by any other means indicate that they received the certification of the Minister according to this Article.
A person wishing to be certified as a bookkeeper shall be entered into the register according to Paragraph 1 shall fulfill the following conditions:
- Be domiciled in this country.
- Possess majority and be in charge of his/her estate.
- Have passed an examination according to Paragraph 3.
The Minister of Finance shall see to it that courses be regularly given for those who wish to receive certification as bookkeepers. The registration of the Minister indicates that the person concerned has passed an examination in accounting, the main aspects of accounting and laws and regulations regarding tax returns.
The Minister appoints a three-member Examination Board to conduct courses and examinations. The Minister may, upon having received the views of the Examination Board, entrust others with conducting courses and examinations according to this Act. Provisions on the conducting of courses, subjects and teaching, as well as tuition and examination fees, shall be set by Regulation. The determination of the amount shall be such as to cover costs of the courses and examinations.3)
1)Article 1, Act no. 37/1995
2)Article 2, Act no. 37/1995
3)Article 1, Act no. 37/1995
This Act enters into force on 1 January 1995. … To those who have an accounting year that differs from the calendar year, this Act does not enter into force until the beginning of the first accounting year commencing after 1 January 1995.
1)Article 1, Act no. 37/1995