Following amendments to the Accounting Act that Parliament adopted on 23 November 2016, a set of proposals have been presented for amending the Cabinet of Ministers’ Regulation No. 585 of 21 October 2003, Accounting and Bookkeeping Procedures. These proposals mainly clarify time limits, terms and definitions with respect to making accounting entries, taking stock of receivables and payables, available formats for gathering accounting data, and conditions for using software. This article explores the main aspects of these proposals.