World Bank2013-07-012013-07-012000-08https://hdl.handle.net/10986/14327Slovak financial accountability systems are strongly influenced by the Communist past but must meet the needs of a European future. Fortunately, Slovakia has the benefit of laws and institutions pre-dating communism, easing the transition from one system to the other. Past influences are still strong: centralization, strong controls, and a uniform system of accounting based on a chart of accounts. In the future, Slovakia will need improved public financial management, fiscal decentralization, a more competitive economy, an effective capital market, and harmonization of standards with those of the European Union. A good start has been made on many fronts. But there is still tension between the culture of control and a more flexible policy based on standards, quality performance, accountability, and competition. Among the specific, required financial management actions, the report recommends ratifying the European Convention on money laundering, establishing a public procurement office and procurement monitoring procedures, completing the legislative framework for internal and external financial control, strengthening the Supreme Audit Office and extending its audit mandate to cover public funds in general, and publishing consolidated financial management data relating to general government.en-USCC BY 3.0 IGOACCOUNTACCOUNTABILITYACCOUNTANTSACCOUNTINGACCOUNTING DOCUMENTSACCOUNTING FIRMSACCOUNTING PRINCIPLESACCOUNTING RECORDSACCUMULATED DEPRECIATIONAUDITED ACCOUNTSAUDITED FINANCIAL STATEMENTSAUDITINGAUDITING PROFESSIONAUDITING STANDARDSAUDITORSAUDITSAUTHORITYAUTHORIZATIONBAD DEBTSBALANCE SHEETBANK ACCOUNTSBANKING SECTORBANKING SUPERVISIONBANKRUPTCYBANKSBUDGET DEFICITBUDGET PROCESSBUDGET SURPLUSBUDGETARY ORGANIZATIONSBUDGETARY REFORMSBUDGETINGBUSINESS COMMUNITYCAPITAL ADEQUACYCASH MANAGEMENTCHARTS OF ACCOUNTSCOMMERCIAL BANKSCOMMUNISMCOMMUNISTCONSERVATISMCONSOLIDATIONCORPORATE GOVERNANCECORPORATE INCOME TAXCORRUPTIONCOST OF CAPITALDEBTDECENTRALIZATIONDECISION-MAKINGDECLARATION OF ASSETSDECREESDEFICITSDEPRECIATIONDISCLOSUREEBFELECTRICITYEMPLOYMENTEXECUTIONEXPENDITUREEXPENDITURESEXTRA BUDGETARY FUNDSFINANCIAL ACCOUNTABILITYFINANCIAL CONTROLFINANCIAL INSTITUTIONSFINANCIAL MANAGEMENTFINANCIAL MARKETSFINANCIAL REPORTINGFINANCIAL REPORTSFINANCIAL RESULTSFINANCIAL STATEMENTSFINANCIAL TRANSACTIONSFISCALFISCAL DECENTRALIZATIONFISCAL TRANSPARENCYFISCAL YEARFOREIGN EXCHANGEFOREIGN EXCHANGE EXPOSUREFOREIGN INVESTORSGOVERNMENT ACCOUNTINGGOVERNMENT BONDSGOVERNMENT DEBTGROSS DOMESTIC PRODUCTINCOME STATEMENTSINSOLVENTINSTITUTIONAL FRAMEWORKINSURANCEINTEREST RATESINTERNAL AUDITINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL ACCOUNTING STANDARDS COMMITTEEINVENTORYLAWSLEGAL ENTITIESLEGAL FRAMEWORKLEGISLATIONLEGISLATIVE FRAMEWORKLEGISLATURELICENSESLOCAL GOVERNMENTLOCAL GOVERNMENT FINANCELOCAL GOVERNMENT SECTORLONG TERM LIABILITIESMINISTRY OF FINANCEMUNICIPALITIESNATIONAL BANK OF SLOVAKIANATIONALSNET REALIZABLE VALUEPERFORMANCEPRIVATE SECTORPRIVATIZATION PROCEEDSPROCUREMENTPROVISIONSPUBLIC ACCOUNTABILITYPUBLIC ADMINISTRATIONPUBLIC EXPENDITUREPUBLIC EXPENDITURE MANAGEMENTPUBLIC FUNDSPUBLIC OFFICIALSPUBLIC PROCUREMENTPUBLIC RESOURCESPUBLIC SECTORPUBLIC SECTOR REFORMREPORTINGREPRESENTATIVESROADSSHORT TERM BORROWINGSTATE BANKSSTATE BUDGETSTATE FUNDSSTATE GOVERNMENTSTATE SECTORSUBSIDIARYSUBVENTIONSTANGIBLE ASSETSTAXTAX AUTHORITIESTAX PAYMENTTAXATIONTRANSPARENCYTREASURYVOTINGVOUCHER PRIVATIZATION PUBLIC MANAGEMENTPOLITICAL ACCOUNTABILITYLEGAL FRAMEWORKACCOUNTING STANDARDSAUDITINGBANK SUPERVISIONCORPORATE GOVERNANCEINSTITUTIONAL FRAMEWORKGOVERNMENT BUDGETINGREPORTING SYSTEMSPROCUREMENTLOCAL GOVERNMENT BUDGETSRISK MITIGATIONDECENTRALIZARTIONWorld Bank10.1596/14327