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Official translation
GOVERNMMENT OF THE REPUBLIC OF LITHUANIA
RESOLUTION No 30
of 13 January 2004
ON THE IMPLEMENTATION OF THE LAW OF THE REPUBLIC OF LITHUANIA ON THE ACCUMULATION OF PENSIONS AND THE LAW OF THE REPUBLIC OF LITHUANIA ON THE SUPPLEMENTARY VOLUNTARY ACCUMULATION OF PENSIONS
Vilnius
Acting pursuant to Article 27(1) of the Law of the Republic of Lithuania on the Accumulation of Pensions (Valstybės žinios (Official Gazette) No 75-3472, 2003), Article 55(1) of the Law of the Republic of Lithuania on the Supplementary Voluntary Accumulation of Pensions (Valstybės žinios (Official Gazette) No 55-1765, 1999; No. 75-3473, 2003) and Article 2(5) of the Law of the Republic of Lithuania on Financial Statements of Entities (Valstybės žinios (Official Gazette) No 99-3516, 2001; No 123-5587,2003), the Government of the Republic of Lithuania has resolved:
1. To approve the following documents attached hereto:
2. To establish that the financial statements for the year 2004 and later years shall be drawn up in accordance with the Procedure for Accounting and Drawing up the Financial Statements of Pension Funds and the Procedure for Drawing up the Financial Statements of Financial Brokerage Firms.
Prime Minister Algirdas Brazauskas
Minister of Finance Dalia Grybauskaitė
APPROVED by
Resolution No30 of the Government of
the Republic of Lithuania
of 13 January 2004
I. GENERAL PROVISIONS
1. The Procedure for Accounting and Drawing up the Financial Statements of Pension Funds (hereinafter referred to as the “Procedure”) shall establish the accounting of the pension fund of the pension accumulation companies and pension fund management enterprises (hereinafter referred to as “accumulation companies”) which manage the pension funds where a portion of the state social security contribution is accumulated and the pension funds of supplementary voluntary accumulation (hereinafter referred to as “pension funds), the composition of financial statements of the pension fund, the deadline for submitting the financial statements of the pension fund and the procedure for its drawing up.
2. The terms used in the Procedure are used within the meaning defined in the Law of the Republic of Lithuania on the Pension System Reform (Valstybės žinios (Official Gazette) No. 75-3472,2003), Law of the Republic of Lithuania on the Supplementary Voluntary Accumulation of Pensions (Valstybės žinios (Official Gazette) No 55-1765, 1999; No 75-3473, 2003), Law of the Republic of Lithuania on the Securities Market (Valstybės žinios (Official Gazette) No 16-4121996; No 112-40742001) and the Law of the Republic of Lithuania on Accounting (Valstybės žinios (Official Gazette) No 99-3515, 2001).
3. The accumulation company, when managing the accounting of the pension fund and drawing up the financial statements of the pension fund, shall be governed by the Accounting Law of the Republic of Lithuania, the generally accepted Accounting Principles laid down in the Business Accounting Standards and other legal acts, unless otherwise established in this Procedure.
II. ACCOUNTING OF THE PENSION FUND
4. The accumulation company shall handle the accounting of every pension fund managed by it separately from the accounting of assets of the accumulation company, accounting of the assets of enterprises of collective investment managed by it and accounting of pension assets of other pension funds managed by it. Pension contributions and amounts transferred from other pension funds shall be included in the pension assets on the day of the receipt thereof.
5. The accumulation company shall draw up a chart of accounts of every pension fund managed by it, which shall be subject to the approval by the accumulation company director. The chart of accounts of the pension fund shall be drawn up having regard to the specimen chart of accounts of the pension fund and the relevant notes on the accounts presented in Annex 1 to this Procedure.
6. All economic transactions and economic events shall be supported by accounting documents. Data of the documents shall be grouped in accounting registers.
III. COMPONENTS OF THE FINANCIAL STATEMENTS OF PENSION FUNDS AND TIME LIMITS FOR THE PRESENTATION OF THE FINANCIAL STATEMENTS
8. The accumulation company shall, by 1 September of every financial year, draw up and submit to the supervisory authorities the semi-annual financial statements, while by 1 May of the next year, the annual financial statements of each pension fund managed by it. In the cases of reorganisation, transformation, liquidation of the accumulation company and in other cases established by legal acts financial statements may be drawn up more frequently.
9. The annual financial statements and semi-annual financial statements of the pension fund shall consist of the following:
10. The accumulation companies which draw up the financial statements of the pension fund may print forms of the financial statements themselves, omitting the items of the balance sheet and statement of changes in net assets, the sums whereof for the reporting period and the preceding reporting period equal zero, or supplement the statements by introducing additional items, where the items are material and necessary in order to correctly reflect the pension assets, liabilities and net assets.
12. The financial statements shall be drawn up using the monetary unit of the Republic of Lithuania - litas.
13. The financial statements shall be drawn up in the Lithuanian language and, as necessary, also in a foreign language.
15. The financial statements shall be signed by the director of the accumulation company. The annual financial statements of the pension fund shall be approved by the board of the accumulation company. The financial statements of the pension fund shall be published in the cases and manner prescribed by laws and other legal acts.
IV. BALANCE SHEET
16. The balance sheet shall show the pension assets, liabilities and net assets of the reporting period and at end of the preceding reporting period. The amounts of balances of separate items of the annual financial statements and semi-annual financial statements of the preceding reporting period must equal the amounts of balances of separate items of the balance sheet of the end of the preceding financial year. In case of discrepancies, these must be explained in the notes on the accounts.
17. The “Assets” side of the balance sheet shall show cash and cash equivalent, time deposits, investments and amounts receivable.
18. The balance sheet item “Cash and cash equivalents” shall show cash in bank accounts held in different currencies and cash equivalents. Cash equivalents are short-term liquid investments that are readily convertible to amounts of cash and that are subject to an insignificant risk of changes in value. Money market instruments shall be attributed to cash equivalents and shown under this item. Investments into equity securities shall not be attributed to cash equivalents.
20. The balance sheet item “Investments” shall show securities and other investments entered in the balance sheet at their fair value at the end of the reporting period. The difference between the fair value of securities and other investments held at the beginning of the reporting period and the fair value at the end of the reporting period as well as the difference between the fair value of securities and other investments acquired during the reporting period at the end of the reporting period and their acquisition cost shall be attributed to the increase or decrease in the value of investments and shall be shown on the face of the changes in net assets. Changes in the value of investments according to separate securities and other investments shall be shown in the notes on the financial statements.
21. The balance sheet item “Receivables” shall show the amounts of trade in investments, guarantee contributions of the accumulation company not received at the end of the reporting period and other receivables.
22. The “Liabilities” side of the balance sheet “” shall show the amounts payable as well as liabilities for the purchase of investments, the deductions due to the accumulation company for the management and safekeeping of pension assets and other liabilities. Attributed to other liabilities shall be the amounts not transferred by the pension fund at the end of the reporting period to the other pension funds to which the participants transfer, as well as the amounts due to the participants and their heirs (the pension fund participants’ units of account converted into cash according to the procedure established by law) and other liabilities.
V. STATEMENT OF CHANGES IN NET ASSETS
24. The statement of changes in net assets (hereinafter referred to as the “Statement”) shall show the changes in the net assets in the reporting period and the preceding reporting period, the increase and decrease in the net assets.
25. The Statement shall show the change in the net assets from the beginning of the year. The amounts for the preceding reporting period presented in the column of the annual statement must equal by item the amounts of the statement’s segment of the preceding year’s reporting period. The amounts in the column of the semi-annual statement for the preceding reporting period must equal by separate items the amounts in the columns of the semi-annual statement of the preceding year’s reporting period. Where there are discrepancies, they must be explained in the notes on the accounts.
26. The amounts of net asset balances in the reporting period shown in the Statement must be equal to net asset balances shown in the balance sheet of the reporting period.
27. The items of the increase in the net assets presented in the Statement shall show:
27.2. amounts transferred from other pension funds – amounts received from other pension funds, which have been accumulated by the participants, when a participant transfers to the pension fund;
27.3. guarantee contributions of the accumulation company – guarantee contributions receivable and received from the accumulation company if the accumulation company assumes obligations to guarantee for the participants a certain rate of profitability, whereas the investment activities of the pension fund have not attained the profitability prescribed by the pension fund regulations;
27.5. gain on the sale of investments – profit received upon selling investments. The item shall show only the positive difference between the selling price of investments and their balance value. A negative difference shall be shown in this statement in the item “Losses from the Sale of Investments”;
27.6. amount of increase in the value of investments – amount of the increase in the value of investments due to their valuation at fair value;
27.7. increase in asset value due to the change in the foreign currency rate – positive changes arising from settlements in foreign currency, revaluation of the amounts receivable and payable, time deposits in foreign currency, cash equivalents denominated in foreign currency, foreign currency in bank accounts, investments denominated in foreign currency, due to the change in the official rate of the litas and change in the exchange rate between the litas and a foreign currency announced by the Bank of Lithuania;
28. The Statement’s items of the decrease in the net assets shall show:
28.1. pension benefits – amounts paid and payable to the participants and their heirs according to the procedure established by laws and pension fund rules;
28.2. amounts transferred to other pension funds – money payable and transferred to other pension funds, which has been accumulated by participants, when the participant transfers to another pension fund;
28.3. losses from the sale of investments – losses incurred due to the sale of investments, where the investments are sold for the price below their balance value;
28.4. amount of decrease in the value of investments – amount of decrease in the value of investments due to their valuation at fair value;
28.5. decrease in the value of investments due to the change in the foreign currency rate – negative changes arising from settlements in foreign currency, revaluation of the amounts receivable and payable, time deposits in foreign currency, cash equivalents denominated in foreign currency, foreign currency in bank accounts, investments denominated in foreign currency, due to the change in the official rate of the litas and change in the exchange rate of the litas against a foreign currency announced by the Bank of Lithuania;
28.6. management costs – deductions to the accumulation company and the depository for the management and custody of the assets of pension funds, other costs related to the management of pension funds provided for in the pension fund rules;
29. The net assets at the end of the reporting period shall be calculated by adding the Statement data of item “I. Net assets at the beginning of the reporting period” to the data shown in item “II. Increase, total” and subtracting the data presented in the Statement item “III. Decrease, total”.
30. The number of the units of account and the value of the account unit at the end of the last three reporting periods shall be shown in the statement. The semi-annual statement shall show the number of the units of account for the last three half years and the value of the account unit. The value of the unit of account shall be shown calculated with the accuracy of four decimal points.
VI. NOTES ON THE ACCOUNTS
31. The notes shall be comprised of the following parts:
32. The general part of the notes shall contain the information about the fund: the date of establishment of the pension fund; duration of activities of the pension fund where its activities are of a limited duration; the accumulation company managing the fund; the depository which has custody of the pension assets, the address, code number of its office; the audit company which performed the audit of the pension fund, the address, code number of its office and other related information.
33. The part of the notes on the accounting policies shall present information about the accounting policies applied by the pension fund which may affect the decisions taken by the users of the information of the financial statements. The part shall give a brief presentation of:
34. When the pension fund accounting policies are changed, the notes shall indicate the effect of the change on the pension assets and present comparative data recalculated according to the changed policies. Where the indicators of the reporting period cannot be compared with the indicators of the preceding reporting periods due to the change in the accounting policies, the notes shall present information about the recalculated data. The recalculated data shall be presented together with the comparative data calculated on the presumption that the accounting policies have not changed during the reporting period.
35. If the data of the financials statements drawn up do no coincide with the data of these statements of the preceding reporting period or if the data are missing, the reasons of data discrepancy or absence must be indicated. Since, in the first year of the pension fund activities, the data of its preceding reporting period cannot be presented in the financial statements with the balance sheet and statement of changes in the net assets, the accounting policies part of the notes shall indicate that the financial statements refer to the first year.
36. The remarks to the notes shall include only tables and/or textual information explaining material items of the financial statements. The remarks to the notes shall be numbered in succession. An item of the financial statement must be cross-referenced to the remark in the notes, which provides the explanation for that item.
37. The remarks to the notes shall comprise:
37.1. the table “Changes in the Value of Investments” (according to Annex 4) which shall show the changes within the reporting period in the value of investments included in the balance sheet due to their acquisition, sale or redemption and changes in the fair value (increase or decrease);
37.2. the table “Asset Structure at the End of the Reporting Period” (according to Annex 5) which presents, by type of assets (cash, cash equivalents, time deposits, amounts receivable) and issuers of investments, the fair value of assets and investments at the end of the reporting period, the comparative share of the corresponding assets and investments as compared with the balance sheet item “Assets, total”, expressed in percentage, and, depending on the type of assets and investment, the nominal value, where the investment has one, the interest rate, if any, date of completion of investment, where it is of a fixed term. Depending on the materiality of assets and investments, several tables may be presented instead of one table, indicating separately, for example, the structure of investments, only cash equivalents, only debt securities;
37.3. the information about the correction of errors (the amounts corrected shall be indicated and comparative information shall be presented);
38. The following may be presented in the notes:
38.1. additional table “Structure of Assets at the End of the Reporting Period” in which, depending on the investment strategy, investments would be grouped according to the chosen investment strategy features: states, currencies of denomination of investments, trading lists of the securities exchange or other material features;
VII. FINAL PROVISIONS
ANNEX 1
to the Procedure for Accounting and Drawing up the Financial Statements of Pension Funds
SPECIMEN CHART OF ACCOUNTS OF THE PENSION FUND AND NOTES TO THE CHART
CLASS 1. ASSETS
10 CASH AND CASH EQUIVALENTS
101 Accounts in banks
102 Cash equivalents
11 TIME DEPOSITS
12 DEBT SECURITIES
120 Debt securities of governments and central banks or debt securities guaranteed by governments and central banks
1201 Cost of acquisition
1202 Increase in value
1203 Decrease in value
121 Other debt securities
1211 Cost of acquisition
1212 Increase in value
1213 Decrease in value
13 EQUITY SECURITIES
1301 Cost of acquisition
1302 Increase in value
1303 Decrease in value
14 INVESTMENT UNITS AND SHARES OF COLLECTIVE INVESTMENT UNDERTAKINGS
1401 Cost of acquisition
1402 Increase in value
1403 Decrease in value
15 OTHER INVESTMENTS
1501 Cost of acquisition
1502 Increase in value
1503 Decrease in value
16 AMOUNTS RECEIVABLE
161 Amounts receivable from investment sale transactions
162 Other amounts receivable
CLASS 2. LIABILITIES AND NET ASSETS
20 LIABILITIES
201 Investment purchase liabilities
202 Amounts payable to the accumulation company
203 Amounts payable to the depository
204 Other payable amounts and liabilities
21 NET ASSETS
2101 Received pension contributions
2102 Amounts transferred from other funds
2103 Guarantee payments of the accumulation company
2104 Interest and dividends
2105 Profit from the sale of investments
2106 Increase in the value of investments
2107 Asset value increase due to change in foreign currency rates
2108 Other income
2110 Pension benefits
2111 Amounts transferred to other pension funds
2112 Losses from sale of investment
2113 Decrease in the value of investments
2114 Decrease in the value of assets due to change in foreign currency rates
2115 Management costs
2116 Other costs
2120 Summary of income and costs
CLASS 1. ASSETS
1. Account 10 “Cash and cash equivalents” shall include pension fund cash and cash equivalents. The account shall be
1.1 debited in the following cases (D10):
1.1.1. increase of cash on the bank account – with the amount increased (K 11, 12, 13, 14, 15, 16, 21);
1.2. credited in the following cases (K 10):
1.2.1. upon loss of cash on the bank account – with the amount decreased (D 11, 12, 13, 14, 15, 16, 20, 21);
1.2.2. in case of transformation of cheques and bond coupons to cash – with the nominal value (D10);
2. Account 11 “Time deposits” shall include time deposits. The account shall be:
2.1. debited in the following cases (D 11):
2.2. credited in the following cases(K11):
3. Account 12 “Debt securities” shall include the debt securities into which cash of the pension fund is invested. With regard to the information presented in financial statements, the Account shall be divided into two separate accounts, according to the types of the debt securities held: Account 120 “Debt securities of governments and central banks or debt securities guaranteed by them” and Account 121 “Other debt securities”. The pension fund may also use more or less accounts of debt securities, taking into account the need for information and the types of the debt securities held. These accounts accumulate information about the cost of acquisition of the debt securities and increase or decrease in the value of the debt securities due to the valuation at fair value. The account shall be:
3.1. debited in the following cases (D 12):
3.1.2. in case of prepayment for the acquired share of debt securities - with the prepaid amount (K 16);
3.2. credited in the following cases (K 12):
3.2.2. sale of the debt securities at a price below the fair value – with the amount of the loss (D 21);
4. Account 13 “Equity securities” shall include the equity securities (shares) in which the pension fund assets are invested. Taking into account the need for information and the types of the available equity securities the pension fund may also make use of more accounts of equity securities. These accounts store the information about the cost of acquisition of equity securities and the increase or decrease in the value of these securities due to their valuation at fair value is. The account shall be:
4.1. debited in the following cases:(D 13):
4.1.2. in case of prepayment for the acquired share of debt securities – with the prepaid amount (K 16);
4.2. credited in the following cases:(K 13):
4.2.2. sale of the debt securities at the price below the fair value – with the amount of the loss (D 21);
5. Account 14 “Investment units and shares of collective investment undertakings” shall include investments in the investment instruments confirming participation in the investment company with variable capital or investment fund. These accounts contain information about the acquisition cost of the investment instruments of the collective investment undertakings and the increase or decrease in their value due to their valuation at fair value. The account shall be
5.1. debited in the following cases(D 14):
5.1.1. acquisition of investment units and shares of collective investment undertakings – with the acquisition cost (K 10, 20);
5.1.2. in case of prepayment for the acquired share of investment units and shares of collective investment undertakings– with the prepaid amount (K 16);
5.2. credited in the following cases (K 14):
5.2.1. sale of the acquired investment units and shares of collective investment undertakings – with the selling price (D 10, 16, 20);
5.2.2. sale of the investment units and shares of collective investment undertakings at the price below the balance sheet value – with the amount of the loss (D 21);
6. Account 15 “Other investments” shall include investments not entered in Accounts 12, 13, and 14. The account shall accumulate the information about the cost of investments accounted in it, the increase or decrease in their value due to their valuation at fair value. The account shall be:
6.1. debited in the following cases (D 15):
6.1.2. in case of prepayment for the acquired share of investments – with the prepaid amount (K 16);
6.2. credited in the following cases (K15):
6.2.2. sale of the acquired investments at the price below the balance sheet value – with the amount of the loss (D 21);
7. Account 16 “Amounts receivable” shall include receivable amounts connected with the gain on investing activities and sale of investments. According to the information presented in financial statements, the Account shall be divided into separate Accounts: Account 161 “Amounts receivable from the sale of investments” which shall include settlements with purchasers of investments and Account 162 “Other amounts receivable”, reflecting other receivable amounts (dividends receivable, guarantee payments receivable by accumulation companies and other) and settlements for them in general. As necessary, the pension fund may also use more separate accounts for the amounts receivable. The account shall be:
7.1. debited in the following cases (D 16):
7.1.2. when the purchaser fails to pay for the sold investments at once- with the unpaid amount (K 12, 13, 14, 15, 21);
7.1.4. when reporting the guarantee payments of the accumulation company – with the amount receivable (K 21);
7.2. credited in the following cases (K 16):
7.2.1. after receiving dividends, payments, cash for investments sold on credit and other amounts receivable – with the amount received (D 10);
7.2.3. when payments are made in a foreign currency, entering the decrease of the amounts receivable due to the change in the official rate of the litas and change in the exchange rate of the litas against a foreign currency announced by the Bank of Lithuania– with the amount decreased (D 21);
CLASS 2. LIABILITIES AND NET ASSETS
8. Account 20 “Liabilities” shall include the payable amounts and liabilities of the pension fund. According to the information presented in financial statements, the account shall be divided into separate accounts: 201 “ Investment purchasing liabilities”, 202 “Amounts payable to the accumulation company”, 203 “Amounts payable to the depository”, 204 “Other amounts payable and liabilities”. As necessary, more or less accounts including the liabilities and amounts payable in general can be used. Benefits payable to the participants, their heirs, other pension funds, liabilities to life insurance companies regarding the annuities purchased to the participants, the prepaid amounts received, amounts payable for the investments purchased, other amounts payable shall be included in the liabilities accounts. The account shall be:
8.1. debited (D 20):
8.1.2. when settling accounts with the accumulation company and the depository– with the amount of the liabilities covered (K 10);
8.1.5. after transferring to another pension fund the amount accumulated by the participant when the participant transfers to another pension fund – with the amount of cash transferred (K 10);
8.1.6. after transferring the amount accumulated by the participant to the heirs after the participant’s death – with the amount transferred (K 10);
8.1.7. after selling the investments when the investments sold or a part thereof have been prepaid – with the prepaid amount received (K 12, 13, 14, 15);
8.1.8. when covering other liabilities entered in this account – with the share of other liabilities (K 10);
8.1.9. when payment is made in a foreign currency, entering the decrease of amounts payable due to the change in the official rate of the litas and change in the exchange rate of the litas against a foreign currency announced by the Bank of Lithuania – with the amount decreased (K 21);
8.2. credited (K 20):
8.2.1. when reporting the purchase of investments on credit - with the cost of acquisition (D 12, 13, 14, 15);
8.2.2. when reporting the emergence of liability to the accumulation company and depository – with the amount of the liability (D 21);
8.2.3. in accordance with the procedure set forth in the pension rules, after the emergence of the liability to pay pension benefits to the participants and after converting into cash the units of account recorded in the pension account – with the amount of the liability (D 21);
8.2.4. after emergence of the liability, following the death of the participant, to pay to the heir the units of account accumulated by the participant, and, after converting the units of account into cash– with the amount of the liability (D 21);
8.2.5. after transfer of the participant to another pension fund, with the emergence of the liability to transfer the units of account accumulated by the participant to another pension fund, and, after converting into cash the units of account recorded in the pension account – with the amount of the liability (D 21);
8.2.6. after the purchaser prepays the intended investment purchases – with the prepaid amount received (D 10);
9. Account 21 “Net Assets” shall include the changes in pension assets, the pension fund performance and units of account of participants. The Account is used to accumulate, according to its separate accounts – 2101 “Pension contributions received”, 2102 “Amounts transferred from other funds”, 2103 “Guarantee contributions by the accumulation company”, 2104 “Interest and dividends”, 2105 “Profit on the sale of investments”, 2106 “Increase in the value of investments”, 2107 “Increase in the value of assets due to the change in the foreign currency rate”, 2108 “Other income”- information about the increase in net assets and, according to separate accounts: 2110 “Pension benefits”, 2111 “Amounts transferred to other pension funds”, 2112 “Losses from sale of investments”, 2113 “Decrease in the value of investments”, 2114 “Decrease in the value of assets due to the change in the foreign currency rate”, 2115 “Management costs”, 2116 “Other costs” information about the decrease in the value of net assets is accumulated, whereas at the end of the year the accounts of the increase and decrease of net assets are closed by debiting Account D 2120 “Summary of income and costs” with the amounts of decrease in net assets (K 2110, 2111, 2112, 2113, 2114, 2115, 2116) accumulated in separate accounts and by crediting Account K 2120 ” Summary of income and costs” with the amounts of increase in net assets (D 2110, 2111, 2112, 2113, 2114, 2115, 2116) accumulated in separate accounts. More accounts of increase and decrease in net assets may be used having regard to the need for information. The account shall be:
9.1. debited in the following cases (D 21):
9.1.1. after emergence of liabilities to the accumulation company and depository – with the amount of the liability (K 20);
9.1.2. after emergence of the liability, according to the procedure established in the pension rules, to pay pension benefits to participants, and, after converting into money of the units of account recorded in the pension account– with the amount of the liability (K 20);
9.1.3. after emergence of the liability, following the death of the participant, to pay to the heir the accumulated units of account, and, after converting the units of account into cash - with the amount of the liability (K 20);
9.1.4. after emergence of the liability, upon the participant’s transfer to another pension fund, to transfer the units of account accumulated by the participant to another pension fund, and, after converting into cash the units of account recorded in the pension account - with the amount of the liability (K 20);
9.1.6. after decrease in the value of debt securities, equity securities, investment units and shares of collective investment undertakings and other investments – with the decreased amount due to the decrease in their fair value (K 12, 13, 14, 15);
9.1.7. after decrease in foreign currency bank account, in deposits in foreign currency and cash equivalents denominated in foreign currency due to the change in the official rate of the litas and change in the exchange rate of the litas against a foreign currency announced by the Bank of Lithuania – with the decreased amount (K 10, 11);
9.1.8. after increase of the amounts receivable for payment in a foreign currency due to the change in the official rate of the litas and change in the exchange rate of the litas against a foreign currency announced by the Bank of Lithuania – with the amount increased (K 20);
9.1.9. after decrease of the amounts receivable for payment in a foreign currency due to the change in the official rate of the litas and change in the exchange rate of the litas against a foreign currency announced by the Bank of Lithuania – with the amount decreased (K 16);
9.2. credited in the following cases (K21):
9.2.3. when recording guarantee payments of the accumulation company – with the amount receivable (D 16);
9.2.6. in case of dividends, interest and other income received and receivable – with the amount receivable (DD 10, 16);
9.2.8. after increase in the foreign currency bank account, in deposits in foreign currency and cash equivalents denominated in foreign currency due to the change in the official rate of the litas and change in the exchange rate of the litas against a foreign currency announced by the Bank of Lithuania – with the increased amount (D 10, 11);
9.2. 10. after increase of the amounts receivable for payment in a foreign currency due to the change in the official rate of the litas and change in the exchange rate of the litas against a foreign currency announced by the Bank of Lithuania – with the amount increased (D 16);
9.2.11. after decrease of the amounts payable for payment in a foreign currency due to the change in the official rate of the litas and change in the exchange rate of the litas against a foreign currency announced by the Bank of Lithuania – with the amount decreased (D. 20);
DATA AS AT ___ _____________ 20 ____
______________________ No. _____
(Date)
(litas)
|
No. |
Assets |
Notes
No. |
Reporting period |
Preceding reporting period |
|
I. |
CASH AND CASH EQUIVALENTS |
|
|
|
|
II. |
TIME DEPOSITS |
|
|
|
|
III. |
INVESTMENTS |
|
|
|
|
1. |
Debt securities |
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|
|
|
1.1. |
Debt securities of governments and central banks or guaranteed by governments and central banks |
|
|
|
|
1.2. |
Other debt securities |
|
|
|
|
2. |
Equity debt securities |
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|
|
|
3. |
Investment units and shares of collective investment undertakings |
|
|
|
|
4. |
Other investments |
|
|
|
|
IV. |
AMOUNTS RECEIVABLE |
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|
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|
1. |
Amounts receivable from investment sale transactions |
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|
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2. |
Other amounts receivable |
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ASSETS, TOTAL |
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|
|
No. |
Liabilities and net assets |
Notes
No. |
Reporting period |
Preceding reporting period |
|
V. |
LIABILITIES |
|
|
|
|
1. |
Investment purchase liability |
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|
|
|
2. |
Amounts payable to the accumulation company and to the depository |
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|
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3. |
Other amounts payable and liabilities |
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|
|
VI. |
NET ASSETS (I+II+III+IV-V) |
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|
|
|
|
LIABILITIES AND NET ASSETS, TOTAL |
|
|
|
______________________________________ ____________ _____________________
(Position of the accumulation company’s director) (Signature) (Full name)
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ANNEX 3
to the Procedure for Accounting and Drawing up the Financial Statements of Pension Funds
(specimen form of statement of changes in net assets)
____________________________________________________
(Name of the accumulation company)
____________________________________________________
DATA AS AT ___ _____________ 20____
______________________ No. _____
(Date)
(litas)
|
No. |
Items |
Notes No. |
Reporting period |
Preceding reporting period |
|
I. |
NET ASSETS AT THE BEGINNING OF THE REPORTING PERIOD |
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|
|
II. |
INCREASE, TOTAL |
|
|
|
|
1. |
Pension contributions |
|
|
|
|
2. |
Amounts transferred from other pension funds |
|
|
|
|
3. |
Guarantee contribution of pension fund |
|
|
|
|
4. |
Interest and dividends |
|
|
|
|
5. |
Gain on the sale of investments |
|
|
|
|
6. |
Amount of increase in the value of investments |
|
|
|
|
7. |
Increase in the value of assets due to the change in the foreign currency rate |
|
|
|
|
8. |
Other income |
|
|
|
|
III. |
DECREASE, TOTAL |
|
|
|
|
1. |
Pension benefits |
|
|
|
|
2. |
Amounts transferred to other pension funds |
|
|
|
|
3. |
Losses from the sale of investments |
|
|
|
|
4. |
Amount of decrease in the value of investments |
|
|
|
|
5. |
Decrease in the value of assets due to the change in the foreign currency rate |
|
|
|
|
6. |
Management costs |
|
|
|
|
7. |
Other costs |
|
|
|
|
IV. |
NET ASSETS AT THE END OF THE REPORTING PERIOD |
|
|
|
|
|
|
End of reporting period |
A year ago |
Two years ago |
|
V. |
VALUE OF UNIT OF ACCOUNT |
|
|
|
|
VI. |
NUMBER OF UNITS OF ACCOUNT |
|
|
|
______________________________________ ____________ _____________________
(Position of the accumulation company’s director) (Signature) (Full name)
ANNEX 4
to the Procedure for Accounting and Drawing up the Financial Statements of Pension Funds
CHANGE IN THE VALUE OF INVESTMENTS
(litas)
|
|
|
|
Change |
|
|
|
|
Balance sheet items |
End of preceding reporting period |
Acquired |
Sold (redeemed) |
Increase in value |
Decrease in value |
End of reporting period |
|
Debt securities |
|
|
|
|
|
|
|
Debt securities of governments and central banks or those guaranteed by them |
|
|
|
|
|
|
|
Other debt securities |
|
|
|
|
|
|
|
Equity securities |
|
|
|
|
|
|
|
Investment units and shares of collective investment undertakings |
|
|
|
|
|
|
|
Other investments |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
ANNEX 5
to the Procedure for Accounting and Drawing up the Financial Statements of Pension Funds
ASSETS STRUCTURE AT THE END OF THE REPORTING PERIOD
(litas)
|
Name of assets or of the issuer |
Name of the state into whose securities investment was made |
Name of the currency in which assets are denominated |
Nominal value (if any) |
Annual interest rate (if any) |
Date of maturity of deposit, investment (if a time investment) |
Fair value |
Comparative share of assets, investment (in percentage) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
X |
X |
X |
X |
X |
|
100% |
APPROVED by
Resolution No 30 of the
Government of the Republic of Lithuania
of 13 January 2004
PROCEDURE FOR DRAWING UP THE FINANCIAL STATEMENTS OF FINANCIAL BROKERAGE FIRMS AND MANAGEMENT ENTERPRISES
I. GENERAL PROVISIONS
1. The procedure for drawing up the financial statements of financial brokerage firms and management enterprises (hereinafter referred to as the “Procedure”) shall set the requirements for the drawing up of financial statements, composition of financial statements and characterisation of accounts of financial brokerage firms and management enterprises (hereinafter referred to as “enterprises”).
2. The terms used in the Procedure are used within the meaning defined in the Law of the Republic of Lithuania on Accounting (Valstybės žinios (Official Gazette), No 99-3515, 2001,) Law of the Republic of Lithuania on Financial Statements of Entities (Valstybės žinios (Official Gazette), No 99-3516, 2001), Law of the Republic of Lithuania on Consolidated Accounts of Entities (Valstybės žinios (Official Gazette), No 99-3517, 2001), Law of the Republic of Lithuania on Securities Market (Valstybės žinios (Official Gazette), No 16-412, 1996; No 112-4074,2001), Law of the Republic of Lithuania on Financial Institutions (Valstybės žinios (Official Gazette), No 91-3891, 2002,) Law of the Republic of Lithuania on Collective Investment Undertakings (Valstybės žinios (Official Gazette), No 74-3424, 2003), Law of the Republic of Lithuania on the Supplementary Voluntary Accumulation of Pensions (Valstybės žinios (Official Gazette), No 55-1765, 1999;No 75-3473, 2003) and the Rules on Calculation of Capital Adequacy of Financial Brokerage Firms approved by Resolution No 26 of the Securities Commission of the Republic of Lithuania of 21 November 1997 (Valstybės žinios (Official Gazette), No 108-2754, 1997; No 72-3337, 2003).
II. REQUIREMENTS FOR DRAWING UP FINANCIAL STATEMENTS
4. The enterprises shall draw up annual financial statements after the termination of their respective financial year according to the data of the last day of the financial year. Where a decision has been taken to liquidate or reorganise the enterprise, the enterprise shall draw up a balance sheet according to both the data as at the date of decision making and the data as at the date of the liquidation and reorganisation.
5. The registered new enterprises shall prepare the balance sheet of the beginning of business activity.
6. The financial statements shall be drawn up using the monetary unit of the Republic of Lithuania litas.
7. The financial statements shall be drawn up in the Lithuanian language and, as necessary, also in a foreign language.
8. All economic operations and economic events of the enterprise must be accounted prior to the drawing up of the financial statements. Accounting data shall be based on the data of stocktaking of assets and liabilities.
9. When the generally accepted accounting principles, the requirements set in this Procedure and the Business Accounting Standards are insufficient to give a true and fair view of an enterprise’s financial position and performance results, additional information shall be presented. Any departure from the requirements of this Procedure and the Business Accounting Standards, its reasons and effects upon the enterprise‘s assets, equity and liabilities shall be disclosed in the notes on the accounts.
10. The data of the reporting year and of the preceding financial year shall be presented in the financial statements.
11. It shall be possible not to include in the financial statements the items of the balance sheet and off-balance-sheet accounts, the profit/loss account, the cash flow statement and the statement of changes in equity for which there is no amount, save where there is a corresponding item for the preceding financial year. The items of the financial statements may be supplemented by inserting lines where this is necessary in order to give a true and fair view of an enterprise’s financial position, performance results and cash flows.
12. The balances in separate items of the financial statements for the beginning of the reporting financial year must correspond to the balances in separate items of the financial statements for the end of the preceding financial year.
13. Where it is impracticable to compare items of the financial statements for the reporting and preceding financial year due to the form of a report, a change of accounting principles or for other reasons, the balances for the end of the preceding financial year may be amended to enable comparison thereof. The notes on the accounts shall disclose the reason for the amendment, method of calculation and the resulting differences.
III. COMPONENTS OF THE FINANCIAL STATEMENTS AND THEIR DESCRIPTION
16. The financial statements shall consist of the following:
17. The balance sheet shall show the total assets, equity capital and liabilities of an enterprise on the last day of the financial year.
18. The off-balance sheet account shall state the assets transferred in trust, financial derivatives, guarantees and assurances given and received and other off-balance-sheet liabilities of the enterprise.
19. The profit/loss account shall show the total income earned by an enterprise over the financial year as well as the expenditure incurred in order to earn the income and performance results.
20. The cash flow statement shall show the receipts and disbursements of cash and cash equivalents of the enterprise over the financial year.
21. The statement of changes in equity shall show the increase and decrease in equity over the financial year.
22. The notes on the accounts shall provide a detailed analysis of the balance sheet and off-balance sheet accounts, the profit (loss) account, analysis of the cash flow statement and the statement of changes in equity as well as additional information not required to be presented in financial statements, and other information necessary to give a true and fair view of an enterprise’s financial position.
23. At the beginning of the financial statements the following shall be given:
24. The financial statements shall preserve the headings of items used in sample statements and the numbering and ordering of the items. The items of financial statements shall be entered according to the notes presented in Annex 6 to the Procedure.
25. The enterprises shall draw up their annual financial statements at the end of their fiscal year.
26. The enterprises shall draw up their interim financial statements when necessary or with the regularity established by other legal acts, presenting the data of the reporting period and preceding reporting period. The balances in the balance sheet and off-balance sheet items of the interim financial statement for the beginning of the reporting period should equal the balances of the balance sheet and off-balance sheet for the end of the preceding financial year, while the balances of other accounts of the interim financial statements for the beginning of the preceding reporting period should equal the balances in the accounts of the corresponding interim financial statements for the end of the preceding financial year.
IV. FINAL PROVISIONS
27. The procedure for keeping financial statements shall be set by the Law of the Republic of Lithuania on Accounting.
28. The financial statements of the enterprises, which have been liquidated, shall be kept in accordance with the procedure set by the Law on Archives.
ANNEX 1
Procedure for Drawing up the Financial Statements of Financial Brokerage Firms and Management Enterprises
(specimen form of balance sheet and off-balance-sheet-items account)
____________________________________________________
(Name of the enterprise)
____________________________________________________
(Code number, registered office address)
(Stamp)
i. BALANCE SHEET
(litas)
|
No. |
Assets |
Notes
No. |
Financial year |
Previous financial year |
|
I. |
CASH AND CASH EQUIVALENTS |
|
|
|
|
II. |
AMOUNTS RECEIVABLE FOR ENTERPRISE’S SERVICES |
1 |
|
|
|
III. |
OTHER AMOUNTS RECEIVABLE |
1 |
|
|
|
IV. |
PREPAYMENTS |
|
|
|
|
V. |
TRADING-BOOK SECURITIES |
2 |
|
|
|
V.1. |
Debt securities |
|
|
|
|
V.1.1. |
Government securities |
|
|
|
|
V.1.2. |
Other debt securities |
|
|
|
|
V.2. |
Equity securities |
|
|
|
|
V.3. |
Other securities |
|
|
|
|
VI. |
NON-TRADING- BOOK SECURITIES |
2 |
|
|
|
VI.1. |
Debt securities |
|
|
|
|
VI.1.1. |
Government securities |
|
|
|
|
VI.1.2. |
Other debt securities |
|
|
|
|
VI.2. |
Equity securities |
|
|
|
|
VI.3. |
INVESTMENTS IN SUBSIDIARIES AND ASSOCIATED UNDERTAKINGS |
3 |
|
|
|
VI.4. |
Other securities |
|
|
|
|
VII. |
GUARANTEE PAYMENTS |
|
|
|
|
VIII. |
INTANGIBLE ASSETS |
4 |
|
|
|
VIII.1. |
Development |
|
|
|
|
VIII.2. |
Goodwill |
|
|
|
|
VIII.3. |
Patents, licences |
|
|
|
|
VIII.4. |
Software |
|
|
|
|
VIII.5. |
Other intangible assets |
|
|
|
|
IX. |
TANGIBLE ASSETS |
|
|
|
|
IX.1. |
Inventory |
|
|
|
|
IX.2. |
Tangible long-term assets |
4 |
|
|
|
IX.2.1. |
Land |
|
|
|
|
IX.2.2. |
Buildings and structures |
|
|
|
|
IX.2.3. |
Machinery and equipment |
|
|
|
|
IX.2.4. |
Vehicles |
|
|
|
|
IX.2.5. |
Other tangible assets |
|
|
|
|
|
TOTAL ASSETS |
|
|
|
|
|
Liabilities and equity capital |
Note
No. |
Financial year |
Previous financial year |
|
I. |
AMOUNTS PAYABLE AND LIABILITIES TO CREDIT AND FINANCIAL INSTITUTIONS |
5 |
|
|
|
II. |
AMOUNTS PAYABLE AND LIABILITIES RELATING TO THE SERVICES PROVIDED BY THE ENTERPRISE |
5 |
|
|
|
III. |
DEBT SECURITIES ISSUED |
6 |
|
|
|
IV. |
OTHER AMOUNTS PAYABLE AND LIABILITIES |
5 |
|
|
|
IV.1. |
Tax liabilities |
|
|
|
|
IV.2. |
Liabilities related to labour relations |
|
|
|
|
IV.3. |
Leasing (financial lease) liabilities |
|
|
|
|
IV.4. |
Prepayments received |
|
|
|
|
IV.5. |
Other amounts payable and liabilities |
|
|
|
|
V. |
PROVISIONS |
7 |
|
|
|
VI. |
GRANTS AND SUBSIDIES |
8 |
|
|
|
VII. |
FIDUCIARY LOANS |
9 |
|
|
|
VIII. |
CAPITAL |
10 |
|
|
|
VIII.1. |
Authorised (subscribed) |
|
|
|
|
VIII.2. |
Unpaid subscribed (-) |
|
|
|
|
VIII.3. |
Own shares (-) |
|
|
|
|
IX. |
SHARE PREMIUM |
|
|
|
|
X. |
RESERVE |
|
|
|
|
X.1. |
Legal reserve |
|
|
|
|
X.2. |
For acquisition of own shares |
|
|
|
|
X.3. |
Other reserve |
|
|
|
|
XI. |
ASSET REVALUATION RESERVE |
|
|
|
|
XI.1. |
Tangible long-term assets revaluation reserve |
|
|
|
|
XI.2. |
Financial assets revaluation reserve |
|
|
|
|
XII. |
RETAINED PROFIT/LOSS |
|
|
|
|
XII.1. |
Current year profit/loss |
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY CAPITAL, |
|
|
|
II. OFF-BALANCE SHEET ITEMS
(litas)
|
|
Off-balance sheet items |
Note No. |
Financial year |
Previous financial year |
|
I. |
CLIENTS’ CASH |
|
|
|
|
II. |
CLIENTS’ SECURITIES |
|
|
|
|
III. |
AMOUNTS RECEIVABLE RELATED TO TRANSACTIONS FOR CUSTOMER ACCOUNTS |
|
|
|
|
IV. |
FINANCIAL DERIVATIVES |
11 |
X |
X |
|
IV.1. |
Interest rate contracts |
|
X |
X |
|
IV.1.1. |
Amounts receivable |
|
|
|
|
IV.1.2. |
Amounts payable |
|
|
|
|
IV.2. |
Other |
|
|
|
|
V. |
FINANCIAL GUARANTEES AND SURETY GRANTED |
12 |
|
|
|
VI. |
FINANCIAL GUARANTEES AND SURETY RECEIVED |
12 |
|
|
|
VII. |
OTHER OFF-BALANCE SHEET LIABILITIES |
13 |
|
|
______________________________________ ____________ _____________________
(Position of the director of the enterprise) (Signature) Full name)
ANNEX 2
Procedure for Drawing up the Financial Statements of Financial Brokerage Firms and Management Enterprises
(specimen form of profit/loss statement)
____________________________________________________
(Name of the enterprise)
____________________________________________________
(Code number, registered office address)
DATA AS AT ___ _____________ 20 ____
______________ No. ______
(Date)
(litas)
|
No. |
Items |
Note No. |
Financial year |
Previous financial year |
|
I. |
OPERATING PROFIT/LOSS |
|
|
|
|
I.1. |
Securities broker’s commission income |
|
|
|
|
I.2. |
Securities broker’s commission costs |
|
|
|
|
I.3. |
Revenue from services to clients |
|
|
|
|
I.4. |
Costs of services to clients |
|
|
|
|
I.5. |
Management income |
|
|
|
|
I.6. |
Management costs |
|
|
|
|
I.7. |
Trading-book profit/loss |
|
|
|
|
I.7.1. |
Realised profit/loss |
|
|
|
|
I.7.2. |
Unrealised profit/loss |
|
|
|
|
I.7.3. |
Dividends |
|
|
|
|
I.7.4. |
Interest |
|
|
|
|
II. |
PROFIT/LOSS ON FINANCIAL AND INVESTMENT ACTIVITIES |
|
|
|
|
II.1. |
Non- trading-book profit/loss |
|
|
|
|
II.1.1. |
Realised profit/loss |
|
|
|
|
II.1.2. |
Unrealised profit/loss |
|
|
|
|
II.1.3. |
Dividends |
|
|
|
|
II.1.4. |
Interest |
|
|
|
|
II.2.1. |
Income from foreign exchange transactions |
|
|
|
|
II.2.2. |
Foreign exchange transactions costs |
|
|
|
|
II.3. |
Interest |
|
|
|
|
II.3.1. |
Revenue |
|
|
|
|
II.3.2. |
Costs |
|
|
|
|
II.4. |
Income from subsidiaries and associated undertakings |
|
|
|
|
III. |
GROSS OPERATING PROFIT/LOSS |
|
|
|
|
IV. |
OTHER OPERATING PROFIT/LOSS |
16 |
|
|
|
IV.1. |
Other operating income |
|
|
|
|
IV.2. |
Other operating expenses |
|
|
|
|
V. |
GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
|
|
V.1. |
Salaries |
|
|
|
|
V.2. |
Social insurance |
|
|
|
|
V.3. |
Other gross and administrative expenses |
|
|
|
|
V.4. |
Depreciation and amortisation |
|
|
|
|
VI. |
DEFERRALS |
|
|
|
|
VII. |
WINDFALL PROFIT |
17 |
|
|
|
XIII. |
EXTRAORDINARY LOSSES |
17 |
|
|
|
IX. |
PROFIT/LOSS BEFORE TAX |
|
|
|
|
X. |
PROFIT TAX |
|
|
|
|
XI. |
NET POROFIT/LOSSES |
|
|
|
______________________________________ ____________ _____________________
(Position of the enterprise’s director) (Signature) (Full name)
ANNEX 3
Procedure for Drawing up the Financial Statements of Financial Brokerage Firms and Management Enterprises
(specimen form of cash flow statement)
____________________________________________________
(Name of the enterprise)
____________________________________________________
(Code number, registered office address)
DATA AS AT ___ _____________ 20 ____
______________ No. ______
(Date)
(litas)
|
No. |
Items |
Financial year |
Previous financial year |
|
I. |
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
I.1. |
Commission received from clients |
|
|
|
I.2. |
Commission paid to brokers |
|
|
|
I.3. |
Amounts received for services rendered to clients |
|
|
|
I.4. |
Amounts paid to third persons rendering services to clients |
|
|
|
I.5. |
Amounts received for management |
|
|
|
I.6. |
Amounts paid to third persons for services related to management |
|
|
|
I.7. |
From trading book |
|
|
|
I.7.1. |
Revenues from sale of securities |
|
|
|
I.7.2. |
Payments for purchase of securities |
|
|
|
I.7.3. |
Revenues from sale of financial derivatives |
|
|
|
I.7.4. |
Payments for purchase of financial derivatives |
|
|
|
I.7.5. |
Dividends received |
|
|
|
I.7.6. |
Interest received |
|
|
|
I.7.7. |
Interest paid |
|
|
|
I.8. |
Interest on loans received |
|
|
|
I.9. |
Interest on loans paid |
|
|
|
I.10. |
Loans granted |
|
|
|
I.11. |
Loans recovered |
|
|
|
I.12. |
Wages and salaries paid |
|
|
|
I.13. |
Social insurance contributions paid |
|
|
|
I.14. |
Amounts paid for other services |
|
|
|
I.15. |
Amount of tax paid |
|
|
|
I.16. |
Other cash inflow |
|
|
|
I.17. |
Other cash outflow |
|
|
|
|
Cash flow from operating activities |
|
|
|
II. |
CASH FLOW FROM INVESTING ACTIVITIES |
|
|
|
II.1. |
Non- trading book |
|
|
|
II.1.1. |
Revenues from sales of securities |
|
|
|
II.1.2. |
Payments for purchases of securities |
|
|
|
II.1.3. |
Revenues from sales of financial derivatives |
|
|
|
II.1.4. |
Payments for purchases of financial derivatives |
|
|
|
II.1.5. |
Dividends received |
|
|
|
II.1.6. |
Interest received |
|
|
|
II.1.7. |
Interest paid |
|
|
|
II.2. |
Revenues from sales of tangible and intangible long-term assets |
|
|
|
II.3. |
Payments for purchases of tangible and intangible long-term assets |
|
|
|
II.4. |
Other cash inflow |
|
|
|
II.5. |
Other cash outflow |
|
|
|
|
Net cash flow from investment activities |
|
|
|
III. |
CASH FLOW FROM FINANCING ACTIVITIES |
|
|
|
III.1. |
Issue of shares (paid-up) |
|
|
|
III.2. |
Shareholders contributions to cover losses |
|
|
|
III.3. |
Purchases of own shares |
|
|
|
III.4. |
Issue of bonds |
|
|
|
III.5. |
Purchases of bonds |
|
|
|
III.6. |
Payments of leasing commitments |
|
|
|
III.7. |
Loans received |
|
|
|
III.8. |
Loans received |
|
|
|
III.9. |
Dividends paid |
|
|
|
III.10. |
Interest paid |
|
|
|
III.11. |
Fiduciary loans received |
|
|
|
III.12. |
Fiduciary loans repaid |
|
|
|
III.13. |
Other cash inflow |
|
|
|
III.14. |
Other cash outflow |
|
|
|
|
Net cash flow from financing activities |
|
|
|
IV. |
CASH FLOW FROM EXTRAORDINARY ITEMS |
|
|
|
IV.1. |
Increase in cash flow from extraordinary operations |
|
|
|
IV.2. |
Decrease in cash flow from extraordinary operations |
|
|
|
V. |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS BALANCE |
|
|
|
VI. |
INCREASE/DECREASE IN NET CASH FLOW |
|
|
|
VII. |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD |
|
|
|
VIII. |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD |
|
|
(Position of the enterprise’s director) (Signature) (Full name)
ANNEX 4
Procedure for Drawing up the Financial Statements of Financial Brokerage Firms and Management Enterprises
(specimen form of statement of changes in equity)
____________________________________________________
(Name of the enterprise)
____________________________________________________
(Code number, registered office address)
DATA AS OF ___ _____________ 20 ____
______________ No. ______
(Date)
(litas)
|
|
Capital |
Share premium |
Reserves |
Revaluation reserve |
Retained profit/loss |
Total |
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Paid up authorised capital |
Own shares (-) |
Legal |
For purchase of own shares |
Other reserves |
Long-term tangible assets |
Financial assets |
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1. Balance at the beginning of previous financial year |
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2. Result of change in accounting policy |
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3. Result of correction of essential errors |
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4. Recalculated balance at the beginning of the previous financial year |
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5. Increase/decrease in the value of long-term tangible assets |
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6. Increase/decrease in the value of financial assets |
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7. Purchase/sale of own shares |
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8. Profit/loss not recognised in the profit/loss statement |
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9. Current year net profit/loss |
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10. Dividends |
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11. Other payables |
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12. Reserves made |
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13. Reserves used |
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14. Authorised capital increased/decreased |
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15. Balance at the beginning of financial year |
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16. Increase/decrease in value of long-term tangible assets |
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17. Increase/decrease in value of financial assets |
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18. Purchase/sale of own shares |
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19. Profit/loss not recognised in profit/loss statement |
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20. Net profit/loss in reporting period |
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21. Dividends |
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22. Other payables |
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23. Reserves made |
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24. Reserves used |
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25. Authorised capital increased/decreased |
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26. Balance at the end of financial year |
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______________________________________ ____________ _____________________
(Position of the enterprise’s director) (Signature) (Full name)
ANNEX 5
Procedure for Drawing up the Financial Statements of Financial Brokerage Firms and Management Enterprises
NOTES ON THE ACCOUNTS
1. The notes shall contain general information about the enterprise, the activities of the enterprise, subsidiaries and associated undertakings, managed investment funds or investment enterprises with variable capital, the conditions of operation of the enterprise which may affect the enterprise’s development, its research and development activities, changes in the authorised capital and the causes of the changes, the average annual payroll number of employees during the reporting year and the previous financial year or the number of employees at the end of the reporting year and previous financial year. Information about the managed pension funds shall be presented together with their financial statements attached.
2. The accounting policy of the enterprise shall be presented – the principles of accounting, accounting methods and rules observed when keeping the accounts, drawing up and submitting the financial statements, the methods of revaluation of securities and the regularity of revaluation shall be set forth. In case the enterprise changes its accounting policy during the reporting period, details of such change shall be listed, indicating the impact of the changes on the performance results of the enterprise.
3. The notes shall also give an explanation of the contents of certain items of the financial statements.
4. The notes of the enterprise shall be signed by the director of the enterprise.
Table 1. Amounts receivable
(litas)
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Items |
End of previous financial year |
Increase (+) |
Decrease (-) |
End of financial year |
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Amounts receivable in connection to services provided by the enterprise |
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Amounts receivable by the enterprise |
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Amounts receivable for transactions for customer account |
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Other amounts receivable |
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Budget debt to the enterprise |
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Bills of exchange received |
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Prepayments granted |
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Loans granted |
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Other amounts receivable |
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Total |
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Table 2. Change in trading-book and non-trading-book securities
Changes in separate trading-book and non-trading-book positions during the reporting period shall be shown in the table.
(litas)
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Securities |
Description of change |
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At the end of previous financial year |
Purchased |
Sold |
Increase in value |
Decrease in value |
At the end of financial year |
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Trading-book securities |
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Debt securities |
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Government securities |
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Other debt securities |
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Equity securities |
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Other securities |
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Non-trading-book securities |
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Debt securities |
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Government securities |
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Other debt securities |
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Equity securities |
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Investments in subsidiaries and associated undertakings |
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Other securities |
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Total |
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Table 3. Investments in subsidiaries and associated undertakings.
The table shall show investments in undertakings made seeking to exert a material influence on the activities of the undertakings or to control them.
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Name of the undertaking |
Type of activity |
Controlled part (in percentage) |
Equity capital amount (litas) |
Net profit/loss (litas) |
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Table 4. Tangible and intangible long-term assets.
Tangible and intangible long-term assets shall be grouped according to material asset groups, showing the cost of assets acquisition, accumulated depreciation (amortisation) and residual value.
(litas)
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Items |
Land |
Buildings and structures |
Machinery and equipment |
Vehicles |
Other tangible assets |
Total long-term tangible assets |
Intangible assets |
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Residual value at the end of the previous financial year |
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Cost of acquisition
At the end of the previous financial period
Changes during the financial year:
assets purchased
assets transferred and written-off (-)
transferred from one heading to another +/(-) |
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Acquisition cost at the end of the financial year |
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Revaluation
At the end of the previous financial year
Changes during the financial year:
increase/decrease in value +/(-)
assets transferred to other persons and written-off (-)
transferred from one heading to another (-) |
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Revaluation at the end of the financial year |
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Depreciation (amortisation)
At the end of the previous financial year
Changes during the financial year:
depreciation (amortisation) of the financial year
written back (-)
assets transferred to other persons and written-off (-)
transferred from one heading to another +/(-) |
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Depreciation (amortisation) at the end of the financial year |
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Decrease in value
At the end of the previous financial year
Changes during the financial year:
decrease in value during the financial year
written-back (-)
assets transferred to other persons and written off (-)
transferred from one heading to another +/(-) |
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Decrease in value at the end of the financial year |
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Residual value at the end of the financial year |
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Table 5. Amounts payable and liabilities.
The liabilities shall be specified according to type, indicating the time-period for meeting the liabilities.
(litas)
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Amounts payable and liabilities |
In three months |
After three months but not later than within a year |
After one year but not later than within five years |
After five years |
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Note 6. Debt securities issued.
The Note shall describe, taking into account every class of securities, the period of their issue, their value, the market of debt securities, other terms.
Note 7. Provisions.
The Note shall describe the policy of provision showing the material amounts of provisions.
Table 8. Grants and subsidies.
The Note shall indicate the purpose of the received financing, other terms.
Note 9. Fiduciary loans
The Note shall state the basic terms of fiduciary loan contracts, i.e. the amount of loan, the interest rate amount, the date of borrowing, the date of loan repayment and loan balance on the day of drawing up of the financial statement.
Note 10. Capital.
The Note shall describe the composition of the authorised capital of the enterprise, states the number of shares and their nominal value.
Note 11. Financial derivative instruments.
The Note shall describe the financial derivative instruments shown in the accounting of the off-balance sheet items according to type, changes in the scope during the reporting period and balance at the end of the period.
Note 12. Financial guarantees and surety granted and received.
The Note shall show the amounts of financial guarantees and surety granted and received by the enterprise, the change therein during the reporting period.
Note 13. Other off-balance sheet commitments.
The Note shall show the amounts of other off-balance sheet commitments and the change therein during the reporting period.
Table 14. Financial relations with the enterprise’s directors and other related persons*.
The Note shall show the amounts in cash calculated, the assets acquired and guarantees granted during the year to the enterprise directors and other related persons.
(litas)
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Financial year |
Previous financial year |
Balance at the end of financial year |
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Amounts calculated during the year in connection with employment relations to:
directors
other related persons |
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Loans granted by the enterprise to:
directors
other related persons |
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Loans received from:
directors
other related persons |
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Assets transferred gratis and presents to: directors
other related persons |
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Amounts of guarantees issued on behalf of the enterprise to:
directors
other related persons |
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Other material amounts calculated during the year to:
directors
other related persons |
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Other liabilities material to the enterprise of:
directors
other related persons
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Assets sold to:
directors
other related persons |
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Average annual number of directors |
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–––––––––––––––––
*Directors – executive employees responsible for the planning of the enterprise’s activities, management and control. Related persons – close relatives of directors and persons who directly or indirectly hold substantial voting rights (not less than 20% of votes), and close relatives of such persons, enterprises, which control the enterprise submitting the financial statements, associated enterprises and the enterprises, in which the majority of voting rights are held by directors or their close relatives.
Note 15. After-balance-date events.
The note shall describe significant events that occur after the reporting date which are connected with the financial year and can affect future financial results.
.
Table 16. Other operating profit/loss.
The table shall show other operating income and expenses by material amounts.
(litas)
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Financial year |
Previous financial year |
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Other operating income (amounts specified):
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Other operating expenses
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Table 17. Extraordinary items.
The extraordinary gain and losses are shown by material amounts.
(litas)
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Financial year |
Previous financial year |
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Extraordinary gain (amounts specified):
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Extraordinary losses (amounts specified):
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ANNEX 6
Procedure for Drawing up the Financial Statements of Financial Brokerage Firms and Management Enterprises
EXPLANATION OF THE MOST SIGNIFICANT ITEMS OF THE FINANCIAL STATEMENTS OF FINANCIAL BROKERAGE FIRMS AND MANAGEMENT ENTERPRISES
I. BALANCE SHEET
1. Item “I. Cash and cash equivalents“ shall show cash in banks and in hand in various currency and cash equivalents.
2. Item “II. Amounts receivable for enterprise’s services“ shall show amounts receivable by the enterprise from transactions with securities, amounts receivable for services rendered to issuers and investors. The amount given in the item is elaborated in Table 1 of the notes.
3. Item “III. Other amounts receivable“ shall show other receivable amounts – budget debt to the enterprise, prepayments to accountable persons and other amounts. Receivables due from shareholders for subscribed share capital not paid-up, debts for the enterprise’s tangible and intangible assets transferred as well as trade partners’, other legal and natural persons’ liabilities to the enterprise that have to be met, bills of exchange received are also reported in the item. The amount of the item is specified in Table 1 of the notes.
5. Items “V. Trading book securities“ and “VI. Non-trading book securities“ shall include securities held by the enterprise. With the market price of securities changing, the securities are revalued recognising the unrealised profit/loss or including the revaluation result in the financial assets revaluation reserve. The amounts of the items shall be specified in Tables 2 and 3 of the notes.
6. Item “V. Trading book securities “ shall show the acquired securities and commodities acquired by the enterprise for resale with the intention of profiting in the short term from the differences between their purchase and selling prices from other changes in the prices or interest rates.
7. Item “VI. Non-trading book securities“ shall include securities other than trading book securities.
8. Item “VI.4. Investments in subsidiaries and associated undertakings“ shall include long-term investments in other enterprises made seeking to influence the activities of the enterprises, to engage in joint activities or fully control them.
9. Item “VII. Guarantee payments“ shall show the contributions paid under contracts with stock exchanges.
10. Item “VIII. Intangible assets“ shall show the intangible assets of the enterprise. The assets include the development or research expenses of the enterprise, the purchased patents, licences, trademarks and other similar rights, computer software and goodwill. The amount indicated in this Item shall be specified in Table 4 of the notes.
11. Item “IX. Tangible assets“ shall show the short-term and long-term tangible assets owned by the enterprise. The amount indicated in this Item shall be specified in Table 4 of the notes.
12. Item “IX.1. Inventory“ shall include the enterprise’s short-term assets – office equipment and similar assets.
13. Item “IX.2. Long-term tangible assets” shall show long-term tangible assets of the enterprise as well as the long-term assets put at the disposal of the enterprise under the contract of leasing or other similar long-term contracts.
14. Item “I. Amounts payable and liabilities to credit and financial institutions”. The amount indicated in the Item shall be specified in Table 5 of the notes.
15. Item “II. Amounts payable and liabilities related to services rendered by the enterprise“ shall show the amounts payable by the enterprise in respect of transactions with securities and the amounts payable related to the operational activities of the enterprise. The amount indicated in the Item shall be specified in Table 5 of the notes.
16. Item “III. Debt securities issued“ shall show debt securities issued by the enterprise. The amount indicated in the Item shall be specified in Note 6 of the notes.
17. Item “IV. Other amounts payable and liabilities“ shall show the enterprise’s liabilities related to tax, wages and salaries, social insurance contributions, other amounts payable and liabilities. The amount indicated in the Item shall be specified in Table 5 of the notes.
19. Item “IV.6. Other amounts payable and liabilities“ shall show cash deposits from third parties, accrued expenses, other amounts payable by the enterprise and liabilities.
20. Item “V. Provisions“ shall show provisions for reducing own operating risk, for covering losses incurred due to risks and other provisions. The amount indicated in the Item shall be specified in Note 7 of the notes.
21. Item “VI. Grants and subsidies“ shall show the amount, which is specified in Note 8 of the notes.
22. Item “VII. Fiduciary loans“ shall show fiduciary loans. The amount shown in this item shall be specified in Note 9 of the notes.
23. Item “VIII. Capital“ shall show the subscribed authorised and subscribed unpaid capital and purchased own shares. The amount shown in the item shall be specified in Note 10 of the notes.
25. Item “X. Reserves“ shall show reserves formed according to the procedure established by legal acts and Articles of Association from profit to be appropriated.
26. Item “XI. Revaluation reserves“ shall show the amount of increase in the value of long-term tangible assets and financial assets obtained through asset revaluation.
II. OFF-BALANCE SHEET ITEMS ACCOUNT
30. Item “III. Amounts receivable for transactions for customer account“ shall show amounts receivable for transactions with securities for customer account.
31. Item “IV. Financial derivatives“ shall show financial derivatives of the enterprise. The item shall be explained in Note 11 of the notes.
32. Items “V. Financial guarantees and surety granted“ and “VI. Financial guarantees and surety received“ shall show the financial guarantees and surety granted and received. The items shall be explained in Note 12 of the notes.
III. PROFIT/LOSS STATEMENT
34. Item “I. Operating profit/loss“ shall show profit received for provision of services to issuers, investors, profit received for managing the clients’ investments and profit from intermediary operations.
35. Items “I.4.1. Realised profit/loss” and "II.1.1. Realised profit/loss“ shall show the difference between the selling price and the purchase price or the revalued value of securities.
36. Items “I.4.2. Unrealised profit/loss” and “II.1.2. Unrealised profit/loss“ shall show the securities revaluation result. Unrealised profit/loss may be presented, not in the profit/loss statement, but rather in the balance sheet item “Financial assets revaluation reserve”. Increase in the value of non-trading-book securities shall be recorded in the revaluation reserve. The reserve shall be reduced by the decrease in value of the securities until the revaluation reserve is used up. In all other cases the decrease in the value of securities shall be recognised as expenses. In case of an increase in value of the formerly devalued securities, where the decrease in value had been recognised as expenses, the increase shall be recognised as income up to the amount at which it was written off to expenses. Further increase shall be recognised as financial assets revaluation reserve.
37. Item “II.2. Profit/loss from operations in foreign currency“ shall show profit or loss from performing operations in foreign currency and converting currency items in the balance sheet at the exchange rate of the litas against a foreign currency established by the Bank of Lithuania.
IV. CASH FLOW STATEMENT
39. Item “I. Cash flow from operating activities“ shall show cash flow from operating activities of the enterprise: commission received from clients, amounts received for services rendered to clients, amounts paid to intermediaries for services rendered to clients, amounts from trading book, wages and salaries paid, amounts, taken and paid to insurance undertakings as insurance contributions, amounts of rent paid, profit tax paid, etc.
40. Item “II. Cash flow from investing activities“ shall show cash outflow for purchase of long-term investments and cash inflow from the transfer of the assets. Cash flow from investing activities can also be cash from non-trading book positions, cash for purchasing long-term assets, cash from selling long-term assets, cash received and paid on the basis of future transactions, etc.
V. STATEMENT OF CHANGES IN EQUITY
42. The Statement of changes in equity shall show:
42.1. statement of changes in equity items at the beginning and end of the reporting and reference period;
