The final thesis deals with the financial closing and financial statement in small and medium enterprises. The objective of the thesis is to point out the currently valid requirements on the financial closing and financial statements within a selected group of business entities, namely small and medium-sized enterprises. It focuses on the impact regarding the introduction of size criteria on the accounting legislation of the Slovak Republic. The first chapter orients on the general definition and characteristics of small and medium-sized enterprises. It also defines the financial closing and the financial statement. It deals with the structure, draw up procedures and the obligations that need to be done after the final statement has been prepared. It introduces the Slovak accounting practice process of harmonizing with the international accounting standards. The third chapter deals with the analysis of the impact of legislative changes concerning the preparation of the financial statements. The gained data and information were used for the final evaluation of the results summarised in the last chapter. The analysis results confirmed the positive effect of the analyzed legislative changes, in connection with the time and financial difficulty of drawing up the financial closing and financial statements, especially for the group of micro to small enterprises.