Slovenian Accounting Standards form the basis for recognizing business events in general ledger book. Description and definition of classification and recognition, measurement, and revaluation (as a change in value) of accounting items are included in accounting standards. They also specify disclosures of information and data.

In December 2023, new, revised Slovenian Accounting Standards – SRS 2024, were published in the Official Gazette of the Republic of Slovenia. Companies will use them from January 1, 2024, onward, if their fiscal year is the same as the calendar year.

One of the novelties introduced by SRS 2024, relates to, among other things, to precious metals. In SRS 3 (2024), which is dedicated to accounting for financial investments, precious metals are mentioned for the first time in Slovenian Accounting Standards.

According to SRS 3 (2024), organizations, with the aim of preserving value, recognize precious metals as special type of financial investments (SRS 2024, 3.40). The standard specifies that precious metals can be measured at fair value through the profit and loss or at cost value.

Additionally, the added standard stipulates that an organization cannot change selected accounting policies as long as a certain type of precious metal is recognized as a financial investment. A change in accounting policy can only be made after the derecognition.

For more details, contact our expert:
mojca.gornjak@si.Andersen.com

More about precious metals at info@elementum.si.