New Accounting Law

New Accounting Act was enacted in July 2015, but most of its provisions will come into force on 1 January 2016. We highlight the following novelties here:

• the legal system of the Republic of Croatia implements EU directives relating to the annual financial statements, consolidated financial statements and related reports for certain types of companies,
• introducing mandatory licensing for performing accounting services and functions,
• introducing a category of micro entrepreneurs (in addition to the small, medium and large entrepreneurs), 
• introducing definition of the accounting document: contents, preparing, checking of the correctness and keeping,
• keeping/storing of accounting documents / business books outside Croatia is allowed (however, only in another EU country).