Abstract

Since the Accounting Law governs and regulates the accounting, any substantial change made by the new Accounting Act should be harmonized and applied. This article explains just a fundamental change in the new Accounting Act, which applies from 01.January 2016, and this in three areas of accounting: regulation of the accounting process, the reporting requirements and reporting process and improving e-business. The article also gives a critical review of some provisions of the new act: with the legal definition content Chart of Accounts, statutory audit of annual financial statements that are not on the official market, prescribing the application of IFRS for the non-consolidated financial statements, compulsory licensing of accounting services, jurisdiction of the Tax Administration to control applications Accounting Law, not regulate the accounting rules the company in liquidation, in the bankruptcy and defining the purpose of annual financial statements.