Revision of Fourth and Seventh Directives - requirements in accounting reduced
The change in the Fourth Directive relates to the publication of data on formation expenses and the net turnover within the stated subdivision. So far only small businesses have been exempt from that requirement; the revision authorizes Member States to also exempt from this requirement medium-size businesses, which are defined in Article 27 of the Fourth Directive.
Preparation of consolidated financial statements and the consolidated annual report will newly no longer cover the parent company whose subsidiaries are considered insignificant in terms of objectives pursued by the consolidation (i. e. to create a true picture of the assets, liabilities and other aspects of the enterprise group). This exemption does not depend on the discretion of a Member State, but arises directly from changes in the Seventh Directive. Transposition of the Directive is to be carried out by 1 January 2011.
European Commission originally intended to incorporate other additional amendments to the Fourth Directive, namely total exemption from financial reporting for the smallest businesses called micro-enterprises. However, this proposal was finally presented separately and now is at the beginning of the legislative process.
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30th Advent Concert for the Committee of Good Will – Olga Havlová Foundation
This year again, during the pre-Christmas season, the Advent Concert of Good Will took place. Since 1995, it has been organised by the law firm Kocián Šolc Balaštík in support of the Committee of Good Will – Olga Havlová Foundation. This was already the 30th anniversary edition, made exceptional by the fact that we organised it for the first time together with our partner, Smetanova Litomyšl, as part of a broader mutual cooperation. As always, the concert was held in the concert hall of the Church of Sts. Simon and Jude in Prague’s Old Town.
30th Advent Concert for the Committee of Good Will – Olga Havlová Foundation
The Advent Concert of Good Will, organised since 1995 by the law firm Kocián Šolc Balaštík for the benefit of the Committee of Good Will – Olga Havlová Foundation, will this year take place on Sunday, 7 December, from 7:00 p.m., traditionally in the concert hall of the Church of Sts. Simon and Jude in the Old Town of Prague. The concert is held under the auspices of the First Lady of the Czech Republic, Mrs Eva Pavlová.
