Amendments To The Law On Annual Reports

Original Language Title: Grozījumi Gada pārskatu likumā

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Read the untranslated law here: https://www.vestnesis.lv/op/2012/199.3

The Saeima has adopted and the President promulgated the following laws: the law on annual reports to make annual reports Act (Republic of Latvia Supreme Council and Government Informant, 1992, 44/45.nr.; The Saeima of the Republic of Latvia and the Cabinet of Ministers rapporteur, 1995, no. 8; in 1996, no 24; in 1998, nr. 6, 21; 2000, no. 2; 2001, no. 9; 2004, no. 2; 2005, no. 13; 2006, nr. 24; 2008, no. 13; 2009, no. 9; Latvian journal, 2009, no. 199; 2010, 40, 102, 166 no; 2012, 101 no) the following amendments: 1. Replace article 1, in the sixth paragraph, the words "and the number and article 66, second paragraph" with the figures and the words "the second paragraph of article 66 and Chapter 6.1". 2. Express article 2 as follows: "article 2 annual report of the Republic of Latvia shall apply currency lats and the numbers rounded to whole numbers (lats). The annual report shall be drawn up in Latvian language. " 3. Supplement article 4 with the sixth part as follows: "(6) of this article, the fourth and the fifth subparagraph shall not apply to companies that comply with this law, in the second paragraph of article 54.1 of the criteria specified in the preparation of the annual report and opted to use this law 6.1 chapter benefits and exemptions." 4. Add to article 54, the first paragraph after the words "not prepare" with the words "management report". 5. To supplement the law with Chapter 6.1 as follows: "6.1 the Department additional incentives and exemptions for companies article 54.1 (1) companies which, at the balance sheet date, not more than two from the second part of this article, the following criteria, in addition to article 54 of this law the relief referred to in the first subparagraph are allowed: 1) prepare condensed balance sheet of this Act specified in article 54.2; 2) dial. In this case, or balance sheet at the end of the short balance sheet note with numbers, text or tables (balance sheet notes) this Act provides the information referred to in article 54.3. (2) the first paragraph of this article, the criteria are: 1) the balance sheet total: 35 000 lats; 2) net turnover: 70 000 lats; 3) average number of employees during the year: 5. (3) balance sheet total according to the second paragraph of this article, the requirements of this Act respectively indicated in article 10 of the balance sheet or the abridged balance sheet (54.2) all active items in total. (4) average number of employees calculated by adding public employees workers review on the last day of each month and dividing the sum by the number of months in the year. (5) If at the balance sheet date, a company exceeds or ceases to exceed two of this article, the second part of the criteria, it loses or acquires the ability to apply the first subparagraph in these facilities, but only if it occurs in both the current and the previous reporting year. The newly formed company may apply to the benefit referred to in the first subparagraph in the first year, if its balance sheet date do not exceed two of the second part of this article, the specified criteria. Article 54.2 (1) Abridged Balance sheet does not include the following article 10 of this law, the balance sheet items and the items: 1) "active" in the chapter "long-term investments": (a) the items in the Group III) "III. Investment property", items IV b) Group IV. "biological assets"; 2) part of the "active" in the chapter "current assets": a group of items in the "II) held-for long-term investment," (b) "group of items IV) short-term financial investments item 4" 4. Derivative financial instruments "; 3) "Passive" chapter in the "equity" item 4 "4. Financial instruments revaluation reserve". (2) a company that opted to prepare abridged balance sheet: 1) plots of land, buildings or structures, or parts thereof, in accordance with article 10 of this law in the balance sheet are specified in an investment property, and outdoor plantings, which specifies the composition, biological assets reclassified as fixed assets and reflects article 10 of this law in the balance sheet in the "active" portion of the "long-term investment" item group II "II. Fixed assets" item 1 "parcels 1. , building and construction and permanent plantations "in the same balance sheet value; 2) working and productive animals in accordance with article 10 of this law in the balance sheet are indicated on the composition, biological assets reclassified as items and reflects article 10 of this law in the balance sheet in the "active" portion of the chapter "current assets" item of the group "I i. supplies" item 6 "6. Working animals and productive animals" in the same balance sheet value; 3 viengadīgo of plantations and volume), as well as animals that are not working and productive animals and which, in accordance with article 10 of this law in the balance sheet are indicated on the composition, biological assets reclassified as items and reflect the relevant article 10 of this law in the balance sheet in the "active" portion of the chapter "current assets" item of the group "I i. supplies" item 2 "progress 2" or 3 "item 3. Finished goods and goods for sale" , or other relevant item under the same balance sheet value; 4) long-term investment objects, in accordance with article 10 of this law in the balance sheet are indicated on the sale of long-term investments held, reclassified back to the appropriate long-term investment items in the same balance sheet value; 5) held-for-investment in the long term given plots of land, buildings, structures or other fixed asset objects that are for sale in the ordinary course of business, may reclassify items and reflect in article 10 of this law in the balance sheet in the "active" portion of the chapter "current assets" item of the group "I i. supplies" item 3 "3. Finished goods and goods for sale" in the same balance sheet value. Article 54.3 (1) balance sheet notes gives this law article 45, on the second and fourth paragraphs, and the information referred to in article 49, as well as details of the revised annual average number of employees. (2) a company that uses the facilities referred to in this chapter and the exemptions and the reference year are: 1) the change in the reporting year, in addition to the annual report the reasons for the change (article 3, paragraph 2); 2) changed the calculation of the profit or loss of the scheme, in addition to the reasons of this change explained (article 5, fifth); 3) merged into one balance sheet item of minor amounts apply to several balance sheet items, provide additional detail for this total (article 6, paragraph 2); 4) identified prior period errors or changed accounting policy and accordingly adjusted the previous reporting year data, for each case, in addition to providing an explanation (article 7, paragraph 1); 5) departed from this law, article 25 referred to in the first subparagraph, accounting principles, in addition to providing an explanation of any such resignation, indicating how it will affect the company's assets and liabilities, financial position and profit or loss (article 25, paragraph 2); 6) included a newly created assets cost interest on loans received for the period until its commissioning, in addition to the information on the percent of (article 26, fourth part); 7) overestimating long-term investment objects according to a higher or lower value, in addition to providing reasons for revaluation on each balance sheet item revalued assets, as well as the difference of the evaluation (article 28 of the fourth and the sixth paragraph of article 29); 8) established a savings not secure debts, in addition to providing this level of justification provision (article 37, first paragraph). (3) society, which has its own shares or parts (is the sum of the balance sheet under "own shares"), in addition to the balance sheet notes gives this law laid down in article 51. (4) farmers and fishermen, the holding company, a cooperative society, individual company that deals with agricultural production and receive State aid to agriculture or European Union support for agriculture and rural development or corporate tax rebate taxable persons involved in agricultural activities, in addition to the balance sheet notes indicates income from agricultural activities, included in the income statement net turnover (48, the third part of the article). Article 54.4 company that uses at least one of this law, 54.1 of the first paragraph of article 1 and referred to in paragraph 2, relief and exemptions must not be used and 55.5 of this Act referred to in article 55.1 choices to evaluate financial instruments (including derivative financial instruments), investment property, biological assets and the sale of long-term investments held at fair value. " 6. transitional provisions be supplemented with paragraph 15 as follows: "Amendment 15 article 1 of this law, the sixth part, as well as in article 4 of this law, sixth paragraph and Chapter 6.1 apply to annual reports, starting with the 2013 financial year." 7. Add to the informative reference to directives of the European Union with 14 the following: "14) of the European Parliament and of the Council of 14 March 2012 the 2012/6/EU directive, with regard to economic mikrovienīb amending Council Directive 78/660/EEC on the annual accounts of certain types of companies (text with EEA relevance)". The law shall enter into force on January 1, 2013. The Parliament adopted the law in 2012 on November 29. The President a. Smith in Riga 2012 December 19.