Notice On The Application Of International Accounting Standards For Enterprises Within The Scope Of The Financial Business Act (Ifrs Regulations For Financial Enterprises)

Original Language Title: Bekendtgørelse om anvendelse af internationale regnskabsstandarder for virksomheder omfattet af lov om finansiel virksomhed (IFRS-bekendtgørelsen for finansielle virksomheder)

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=122771

Notice on the application of international accounting standards for enterprises within the scope of the financial business Act (IFRS regulations for financial enterprises)

Under section 183, paragraph 6, and paragraph 373 (4) of the financial business Act, see. lovbekendtgørelse nr. 897 of 4. September 2008, fixed:

§ 1. The notice applies for establishments covered by the financial business Act, drawing up the annual report in accordance with the international accounting standards adopted by the Commission, in accordance with article 3. section 183, paragraphs 3 and 4 of the law on financial business.

(2). The notice applies to annual and interim reports.

(3). If your organization only uses the standards referred to in paragraph 1 of the consolidated financial statements and not on corporate accounts, see the notice alone apply to the consolidated financial statements.

§ 2. Where the provisions of the financial business act or regulations issued pursuant to § 196 regulates the same conditions as those of the Commission adopted international accounting standards, companies within the scope of section 1 apply the standards in lieu of the provisions of the financial business Act and in regulations issued pursuant to § 196.

(2). Half-yearly financial report shall be drawn up in accordance with the provisions of the international accounting standard adopted by the Commission on the presentation of interim reports.

(3). For companies whose annual report must contain a consolidated financial statement, the half-yearly financial report should contain a corresponding consolidated accounts on half-yearly basis prepared in accordance with the provisions of this Ordinance.

(4). If your organization publishes quarterly reports, paragraphs 2 and 3 also apply to these. A parent undertaking shall not be required to include his own accounts, so that the quarterly report only includes the consolidated financial statements on a quarterly basis.

§ 3. Establishments covered by article 1 shall comply with section 183 (1) § § 184, 185, 190, 191, 193-195, 198 and 200 of the financial business Act, see. § 2.

(2). section 183 (1) § § 184, 190, 191 and 193-195 of the financial business Act shall cease to apply on the half-yearly financial report and any quarterly reports.

§ 4. Establishments covered by article 1, which also is covered by the Executive order on financial reports for credit institutions and stockbroking companies et al., in the annual report in addition to the provisions prescribed in the Commission adopted international accounting standards, comply with sections 2, 3, 87 a, 118, 120-122, 125, 129, 131-135 and 144 in the above Ordinance, see. § 2.

(2). The key figures and ratios, which must be disclosed in the annual report referred to in article 6. § 87 (a) of the Decree on the financial reports of credit institutions and stockbroking companies and others., shall be calculated in accordance with the accounting policies as applied in the annual report.

(3). sections 2 and 3, article 148, paragraph 1 1. paragraph, section 148, paragraph 4 and 6-8, as well as § 148 (a), paragraphs 2 and 3, of the Decree on the financial reports of credit institutions and stockbroking companies and others. shall also apply to the half-yearly financial report as well as on any quarterly reports, see. § 2.

§ 5. Establishments covered by article 1, which also is covered by the Executive order on financial reports for insurance companies and lateral pension funds, in addition to the provisions of the annual report, as provided for in the Commission adopted international accounting standards, comply with sections 2, 3, 91 (a), 96-98, 101, 102, 106, 108, 110-117, 120, 124-132 and 141 in the above Ordinance, see. § 2.

(2). The key figures and ratios, which must be disclosed in the annual report referred to in article 6. section 91 (a) of the Executive order on financial reports for insurance companies and lateral pension funds shall be calculated in accordance with the accounting policies as applied in the annual report.

(3). sections 2 and 3, article 145, paragraph 1 1. paragraph, article 145, paragraph 3 and 5-7, and section 145 (a), paragraphs 2 and 3 of the notice on the financial reports for insurance companies and lateral pension funds shall also apply to the half-yearly financial report as well as on any quarterly reports, see. § 2.

§ 6. The provisions relating to the binding of reserves in section 56, paragraph 4, and section 61 (3) and (4) of the Ordinance on financial reports for credit institutions and stockbroking companies and others. as well as § 53, paragraph 4, section 58, (3) and (4) and to section 83, paragraph 2, of the Decree on the financial reports for insurance companies and lateral pension funds shall apply mutatis mutandis to positive adjustments and revaluations made in accordance with the provisions of the international accounting standards adopted by the Commission.

(2). Other positive adjustments and revaluations of assets or negative adjustments and write-downs of commitments made in accordance with the international accounting standards adopted by the Commission, which is not allowed according to the notices referred to in paragraph 1 shall be assigned to the record revaluation reserve under equity.

(3). Paragraphs 1 and 2 shall not apply to the preparation of the consolidated financial statements.

§ 7. When in connection with a merger or similar pursuant to provisions in the legislation required produced an opening balance sheet shall be drawn up in accordance with the international accounting standards adopted by the Commission, in accordance with article 3. However, paragraph 2.

(2). Notwithstanding paragraph 1, the opening balance sheet, when this is required by law, shall be drawn up for the legal continuing operations.

§ 8. Any difference between the accounting result and the equity in the company's annual report drawn up in accordance with the six-month respectively by the Commission adopted international accounting standards and the corresponding amounts, as they are electronically reported to the Danish financial supervisory authority, must be reported.

(2). Unequal amounts referred to in paragraph 1 shall be specified and explained by an indication of the conditions which give rise to unequal amounts.

(3). Shows the votes in accordance with paragraphs 1 and 2 not of company's years-respectively the interim report, to vote at the same time as the publication of half-yearly financial report respectively year-be publicly accessible in any other way, for example, on the company's internet address. It should by year-respectively the half-yearly financial report shall state how the public may become familiar with the vote.

§ 9. Intentional or grossly negligent violation of § 2, § 3, paragraph 1, sections 4 and 5, article 6, paragraphs 1 and 2, §§ 7 and 8 is punishable by a fine.

(2). That can be imposed on companies, etc. (legal persons) criminal liability in accordance with the provisions of the criminal code 5. Chapter.

§ 10. The notice shall enter into force on the 1. January 2009 and finds the first time apply to annual reports and interim reports relating to fiscal years beginning on or after 1. January 2009.

(2). At the same time repealed Executive Order No. 1264 of 26. October 2007 on the application of international accounting standards for enterprises within the scope of the financial business Act. The notice shall, however, apply to annual reports and interim reports for the financial year 2008.
The Danish financial supervisory authority, the 16. December 2008, Peter Sylvest Larsen/Flemming Petersen