The Development of Accounting in Slovakia

Posted: 2 Oct 2001

See all articles by Peter Daniel

Peter Daniel

Matej Bel University

Zuzana Suranova

Matej Bel University

Ignace De Beelde

Ghent University - Department of Accountancy and Corporate Finance

Abstract

Like many countries in Eastern Europe, Slovakia is currently facing social and economic changes that are leading the country towards a market economy. In the future, the country might join the European Union. This will call for many legislative and practical changes to which Slovak institutions and companies will have to adapt. After an introduction outlining the political and economic development of the country, this paper focuses on the development and role of accounting and auditing. After 1953, both the planning system and the accounting system were oriented towards the Soviet model. After the political changes of 1989, the accounting system was adapted to meet the economic changes in the country. The innovations were strongly influenced by continental European accounting models. Since the revolution of 1989, there have also been developments with respect to the profession, with the establishment of the Slovak Union of Accountants and the Slovak Chamber of Auditors. The Ministry of Finance, which includes a Department of Accounting Methodology, continues to play a central role in the development of accounting practices. Although the Big Five audit firms seem to have strengthened their position in the country, local auditors remain dominant in many industries.

JEL Classification: M40, M41, M44, P29, P39

Suggested Citation

Daniel, Peter and Suranova, Zuzana and De Beelde, Ignace, The Development of Accounting in Slovakia. Available at SSRN: https://ssrn.com/abstract=280352

Peter Daniel

Matej Bel University ( email )

Tajovskeho 10
Faculty of Finance Department of Corporate Finance
SK 974 01 Banska Bystrica
Slovakia
+421 48 446 6754 (Phone)
+421 48 446 6666 (Fax)

Zuzana Suranova

Matej Bel University ( email )

Tajovskeho 10
Faculty of Finance Department of Accounting & Taxation
SK 974 01 Banska Bystrica
Slovakia
+421 48 446 6211 (Phone)
+421 48 446 6666 (Fax)

Ignace De Beelde (Contact Author)

Ghent University - Department of Accountancy and Corporate Finance ( email )

Bedrijfsfinanciering (RUG)
Kuiperskaai 55 E
Ghent, B-9000
Belgium

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