Consolidated Annual Accounts Act

Original Language Title: Konsolidēto gada pārskatu likums

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The Saeima has adopted and the President promulgated the following laws: the law on consolidated annual accounts in chapter I General provisions article 1. The terms used in the law (1) of the Act is used in the following terms: 1) significant impact — the effect on other public company that is provided with not less than 20 but not more than 50 percent of the shareholders ' or members ' voting rights in that undertaking;
2 — consolidation group) in the annual report of the merger in accordance with the procedure laid down in this Act;
3) consolidated financial statements, the Group's annual report, in accordance with the procedure laid down in this law, prepared as one in a separate annual report of the society and provides information about the entire group as a whole as one society;
4) consolidated report — a report on the consolidation of the Group companies as a whole, the development of the accounting year;
5) mazākumakcionār — Group subsidiary companies of the shareholders or members that have no parent shareholders or members of the public, nor other participating in the consolidation of the subsidiary;
6) equity method — a method of accounting that associate participation in capital of the company — originally the acquisition (purchase) date: assess and posts according to the acquisition cost, but after that date, each at the end of the accounting year that participation in the value adjusted increasing or decreasing depending on the associated company's equity in the total of the increase or reduction of the period concerned.
(2) the statutory term "sais clouded" meets international standards in matvedīb, Gr. adopted in accordance with the European Parliament and of the Council of 19 July 2002, Regulation (EC) No 1606/2002 on the application of international accounting standards, used terms.
2. article. The purpose of the law this law aims to regulate general consolidated reporting rules, the companies involved in the consolidation, as well as the consolidated annual accounts and consolidated report, inspection, approval and publication procedures.
3. article. The operation of the law (1) this Act applies to companies registered in Latvia and cooperative societies (hereinafter referred to as the company), if they have a parent company.
(2) this Act does not apply to banks, insurance companies in the form of a limited company, cooperative mutual insurance associations, private pension funds, investment companies and investment management firms.
(3) this Act does not apply to institutions which are financed from the State budget or local budgets.
(4) company, which conduct reinsurance, prepare consolidated accounts, in accordance with the financial and capital market Commission rules relating to the preparation of the consolidated annual report is binding on the insurance companies in the form of a limited company.
4. article. The obligation to prepare consolidated annual accounts of the parent company is obliged to prepare consolidated accounts for each financial year, if the parent company directly or indirectly (through one or more subsidiaries of this group's participation) has gained influence under at least one of the following conditions: 1) it is the shareholders ' or members ' voting rights a majority (more than 50 percent of the voting rights), on the basis of the equity interest in the subsidiary company (regardless of the size of this part of participation);
2) it has the right to appoint or revoke the supervision of subsidiary bodies, or of a majority of the members of the Executive Body (more than 50 percent of the number of members), on the basis of the equity interest in the subsidiary company (regardless of the size of this part of participation);
3) it has the right to use 1 or 2 of this article, the rights referred to in paragraph based on the contract concluded with other subsidiaries or shareholders or members in accordance with the statutes of the company (regardless of whether the parent company is or is not a part of the equity interest in the company).
5. article. Voting rights, monitoring bodies and the number of members of the Executive Body, the calculation of this law, the voting rights referred to in article 4, the supervisory authorities and the number of members of the Executive Body, shall be calculated as follows: 1) of the parent company's shareholders ' or members ' voting rights, monitoring bodies and the number of members of the Executive Body, plus it voting rights, respectively, the monitoring bodies and the number of members of the Executive Body, which is the other Group subsidiaries or by persons acting on their behalf, but parent companies or subsidiaries of this group;
2) Group subsidiary companies of the shareholders ' or members ' voting rights will be reduced by the total number of voting rights relating to shares or parts: (a)) which belong to mazākumakcionār and are used for smaller shareholders themselves, (b)) which are held as a guarantee to the extent of the voting rights are used, the person who provided the security, or in accordance with the conditions of the loan, which is c) even in the subsidiary company or its subsidiary company If a person acting in his own name but the same respective subsidiaries or its subsidiaries.
6. article. On the consolidated annual accounts are drawn up by the person responsible for the preparation of the consolidated annual accounts of the parent company is responsible for the administration of this public institution that is empowered to make decisions regarding the operation of this company (hereinafter management).
7. article. The companies involved in the consolidation (1) preparing the consolidated annual accounts, the consolidation of the group assigned to the parent company and all its subsidiaries, except for subsidiaries which, in accordance with article 10 of this law, not involved in the consolidation.
(2) on the parent company's subsidiaries within the meaning of this law, also believes any of this Group subsidiary companies a subsidiary company.
8. article. Exemption from the obligation to prepare consolidated accounts (1) of article 3 of this law referred to in the first subparagraph, the Group's parent company is exempted from the obligation to prepare consolidated accounts if it with their own subsidiaries in accordance with all that the annual accounts of companies for two consecutive years shall not exceed at least two of the following criteria: balance sheet total: 1 000 000) lat;
2) net turnover: 2 400 000 lats;
3) average number of employees during the year: 250.

(2) the first subparagraph of this article referred to in paragraph 1 is a balance sheet total of the annual report referred to in article 10 of the law of the active items in total. The first part of this article, paragraph 3 of the 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.
(3) the exemption provided for in this article shall not apply if the parent company of electronics or its subsidiaries are worth transferring paper are included in the regulated market.
9. article. The Group's parent company is exempt from the obligation to prepare consolidated accounts, which is another group subsidiary company (1) article 3 of the law referred to in the first subparagraph, the parent company of which is at the same time another group subsidiary, the company is exempt from the obligation to prepare consolidated accounts, if the parent company is in the Republic of Latvia or another Member State of the European Union registered company, which meets at least one of the following conditions : 1) it belongs to all (100 per cent) under the procedures laid down in this article is from the consolidated annual report of the shares in the exempted undertaking or part;
2) it holds at least 90 percent in accordance with the procedure laid down in this article is from the consolidated annual report released of the obligation of the company or part of the shares, and the remaining shareholders in or members of that undertaking (mazākumakcionār) has agreed to (is informed and do not object) for the application of that exemption.
(2) the exemption provided for in this article shall be applied in accordance with the following conditions: 1) the consolidated annual report of the parent company in the free and all its subsidiaries are included in the parent company's consolidated annual report, which is in the Republic of Latvia or another Member State of the European Union registered company, and this report has been prepared and tested according to the requirements of the country in which the company is registered;
This part 2) referred to in paragraph 1 of the consolidated annual report, together with a copy of the certified copy of the auditor's report or a copy of the report of the person that the other Member State of the European Union is responsible for the consolidated annual report, and the translation of Latvian language in the document (if the documents are submitted in another European Union Member State registered company and they are not prepared in Latvian language) is submitted to the Registrar of companies article 33 of this law in the first part, set out in the order;
3) those parts referred to in paragraph 1 of the consolidated annual report, together with a copy of the certified copy of the auditor's report or a copy of the report of the person that the other Member State of the European Union is responsible for the examination of the consolidated annual accounts (if these documents have been prepared in Latvian language), translations of such documents or the Latvian language (if the documents are submitted in another European Union Member State registered company and they are not prepared in Latvian language) is published in the newspaper "Latvian journal ' article 33 of this law in the second or third in the order set out in part;
4) the consolidated annual report released of the obligation of the parent company's annual accounts is its parent company identification data (name, registered office and registration number in the register of companies or other concerned Member States of the European Union institutions) and the information that companies are exempt from the obligation to prepare consolidated accounts.
(3) the exemption provided for in this article shall not apply if the parent company or its subsidiaries is included in transferable securities on a regulated market.
10. article. Group subsidiary company engaging in (1) the consolidation Group subsidiary companies may not be involved in the consolidation, if at least one of the following conditions: 1) strict limitations substantially in the long term make it difficult for the parent company's possibilities to exercise their rights to this Group subsidiary companies and property management;
2) the consolidated annual report for the preparation of the necessary information may be obtained only by inhibiting this law, 32 and 33 in article deadlines and with excessive costs;
3) Group subsidiary company stock or shares of its parent company in possession of temporary, are included in current products and are kept for 12 months from the date of purchase they sold.
(2) the Group subsidiary companies may not be involved in the consolidation, if the information on this company is not significant this law, article 12, first paragraph, of the requirements. If the same group is more such subsidiaries and its importance as a collection excluding from consolidation would not provide a true and fair view of the Group's operating results and financial position, and then turn them off from the consolidation are not allowed.
Chapter II preparation of the consolidated annual report of article 11. Consolidated annual report (1) the consolidated financial statements as a whole consists of the consolidated financial statements-consolidated balance sheets, consolidated income statement, the consolidated statement of changes in equity, consolidated cash flow statement and the consolidated annual accounts, which added to the consolidated report.
(2) the consolidated annual report of the use of the Latvian currency, the lat, and the numbers rounded to whole numbers. Consolidated accounts shall be drawn up in Latvian language.
(3) consolidated accounts shall be drawn up clearly, transparently and according to the law "on accounting" and this law.
12. article. A true and fair view (1) the consolidated annual accounts must give a true and fair view of the Group's assets, liabilities, financial position, profit or loss.
(2) where, pursuant to this law, prepare consolidated annual accounts do not give sufficient information to the true and fair view of the group, additional information should be provided.
(3) in order for the group to provide a true and clear picture of this article within the meaning of the first subparagraph, in exceptional circumstances, derogate from this law, 13, 14, 15, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27 and 28. article. Any such resignation, to explain the consolidated annual accounts, specifying the reason and the impact on the Group's assets, liabilities, financial position, profit or loss.
13. article. Consolidated financial reporting scheme

(1) Consolidated balance sheet prepared in accordance with the annual accounts Act, article 10 contains the schema, in the light of this law, 17, 18 and 21 items specified in article. The consolidated profit and loss statement can choose one for the preparation of the annual accounts Act, 11, 12, 13 and 14 as set out in article diagrams, taking into account the law 21, 25 and 27 items specified in article.
(2) consolidated income statement scheme next year should only be changed in exceptional cases in accordance with the following conditions: 1) the change of the scheme justifies the fact that the parent company itself has become another group subsidiary company and the other parent company requires the use of a different scheme;
2) following the same scheme statement is prepared for at least two years in a row. Exchange reasons explain the consolidated annual accounts.
(3) consolidated statement of changes in equity and the consolidated cash flow statement is prepared in accordance with the Cabinet of Ministers established the compulsory applicable Latvian accounting standards.
(4) consolidated balance sheets and consolidated income statement items apply to the annual accounts of the law 6, 7, 8, 9, 15, 16, 17, 18, 19, 20, 20.1, 20.2, 21, 22 and 23.
(5) in exceptional cases, may be combined in the consolidated balance sheet of the item, if the item breaking down the individual items are associated with excessive costs.
14. article. The consolidation of the companies involved in the merger of the annual report (1) consolidated accounts shall be drawn up, with the consolidation procedure combining the parent company's annual report and in the consolidation of the subsidiary involved in the annual accounts to the relevant financial statement items the specified features, liability, equity, revenue and expense (the cost). The companies involved in the consolidation balance sheet assets and liabilities are fully included in the consolidated balance sheet. The income statement items to fully contain the consolidated profit and loss statement.
(2) consolidated financial statements should be prepared as a single company's annual report consolidation, the following procedure: 1) adjusts the Group subsidiary company annual accounts that use different accounting methods and other valuation rules;
2) translated in dollars abroad registered Group subsidiary company annual reports;
3) off the parent company's balance sheet value and the corresponding value of the interests in subsidiaries equity (the equity consolidation);
4) completely excludes the consolidation companies for mutual transactions (revenue and cost adjustment) and the balance between the amount of the settlement;
5 turn off not yet obtained) (realizējušo) gains that resulted from the consolidation of the ies clouded to transactions between the company and is included in the value of funds;
6) not yet turn off existing (not realizējušo) losses resulting from the consolidation of the companies involved in mutual transactions and for which the amount is reduced the carrying amount of the funds, unless these damages are not recoverable;
7) determines the participation of mazākumakcionār part in the consolidation of the subsidiary involved in equity and profit or loss.
(3) consolidated accounts based on the calculations and the table where the preparation of the law "on accounting" 6, 7 and 10 in source documents and accounting records. That document — calculation and table-storage time of 10 years.
15. article. Group subsidiary company annual report update, if you used different accounting methods and other valuation rules (1) preparing the consolidated annual report, evaluation of items within the group used the same accounting methods and the same valuation rules for the annual report the law 25, 26, 27, 28, 29, 30, 31, 32, 35, 36, 37, 55.1, 55.2, 55.3 and 55.5 article.
(2) If, in the preparation of the annual report group subsidiary company used different accounting methods and valuation rules other than those that are used in the Group's parent company, the annual report of the parent company, preparing consolidated accounts, shall be adjusted accordingly.
(3) If the adjustment amount calculated is actually not possible, to indicate the consolidated annual accounts, providing information about the subsidiary company of the consolidated annual report in the annual report used different accounting methods and other valuation rules.
(4) in accordance with the procedure laid down in this article is the calculated adjustment amount shall be increased or reduced, the Group's subsidiary BSI values and adjust the corresponding income statement items.
16. article. Authorization to prepare consolidated annual accounts in accordance with international accounting standards on the basis of the European Parliament and of the Council of 19 July 2002, Regulation (EC) No 1606/2002 on the application of international accounting standards and (hereinafter referred to as the regulation) article 5 of the parent company can prepare consolidated annual accounts in accordance with international accounting stan darts, introduced pursuant to article 6 of the regulation the procedures laid down in paragraph 2. These parent companies allowed to derogate from article 13 of the law on the third and fourth subparagraphs, article 15, first paragraph, as well as 25, 26 and article 27.
Article 17. Foreign Group subsidiaries established in the company's annual report in LCY conversion (1) To the consolidated annual report foreign country registered Group subsidiary company in foreign currency the company prepared an annual report the conversion to LCY. Making the conversion, respect the following provisions: 1) assets and liabilities (funds, liabilities and equity) translated in dollars after the Bank of Latvia, the foreign exchange rate on the last day of the reporting year;
2) income and expenditure (costs) are translated in dollars after the Bank of Latvia, the foreign exchange rate on the day of the transaction. On the day of the transaction shall be deemed the cash receipt or payment day, the goods and services you purchase or sale of the day, as well as any other day, which actually is obtained or seized funds (liabilities incurred or terminated) and takes the property or put all the associated risks.

(2) the first part of this article, paragraph 2 of the statement of revenue and expenditure (cost) for conversion in local currency may be used weekly, monthly or annual average report rate, calculated by adding all the calendar days period the existing Bank of Latvia the relevant foreign exchange rate and the total divided by the number of days in the calendar of the period.
(3) if the recalculation of this article results in a balance sheet or profit and loss statement of the difference in the value of the items, they point directly to the consolidated reserve. Consolidated balance sheet that reserve contained positive or negative margins can be specified as a separate item "foreign exchange conversion reserve" or the total amount in the consolidated reserves, including allocation of this amount to the consolidated annual accounts.
18. article. Equity consolidation (1) in accordance with this law, article 14 paragraph 3 of the second paragraph, the mutual off the parent company's balance sheet value in each subsidiary involved in the consolidation and the corresponding value of shares of each of these subsidiaries to equity.
(2) the first paragraph of this article shall be the mutual exclusion on the basis of consolidation subsidiaries involved in the shares or the value of the balance sheet date that meets one of the following conditions: 1) this is the date that the subsidiary company was first involved in the consolidation;
2) it is a subsidiary of the shares or acquisition (purchase) date;
3) it is a date that the company has become a Group subsidiary company if that company's stock or shares are acquired (purchased) different dates. The consolidated annual accounts indicate the value date.
(3) mutual exclusion resulting difference attributed to consolidated balance sheets items of value it accordingly if you increase or decrease the value of the item is higher or lower than the going in the consolidation of the subsidiaries send balance initially. If that difference is not possible fully to apply to the consolidated balance sheet items, any remaining positive amount indicates a separate item "goodwill" in the balance sheet assets. The remaining negative difference is immediately included in the consolidated profit and loss statement.
(4) the consolidated annual accounts provide information on the methods used, the item "goodwill" and its changes compared to the previous accounting year.
(5) the consolidated balance sheets under "goodwill" after the amount of the initial accounting estimates the cost less accumulated impairment losses. Each of the parent company at the end of the year of the preparation of consolidated financial statements purposes, consider whether the consolidated balance sheets under "goodwill" amounts on the balance sheet is not impaired.
(6) the procedure defined in this article shall not apply to the parent company's shares or parts, which is the parent company or any subsidiary company involved in the consolidation of the property. The following consolidated balance sheet shares indicates the item "own shares".
19. article. The revenue and the cost adjustment from the consolidated income statement items of the companies involved in the consolidation excluded mutual transactions and the revenue obtained with these revenue costs, these firms and the companies involved in the consolidation applied to dividends, interest and payments, we held, and similar costs.
20. article. Mutual settlement balance amount and adjust the value of the funds from the consolidated balance sheet items off this consolidation of the companies involved in the transactions between the posted amounts: 1) mutual settlement balances (also for dividends) contained in the customer and vendor displays items and stock items;
2) to other reporting periods assigned revenue and expenditure amounts included in deferred income or deferred expenditure items;
3 fixed assets, inventory) and other growth or reduction in the value of the amounts contained in the respective balance sheet assets and profit or lose you calculated items, unless such reduction amounts not recoverable.
21. article. Mazākumakcionār part of the reflection of participation (1) Consolidation subsidiaries involved in the equity of the part to the extent that it relates to the suspension of shares and mazākumakcionār shares represent individual equity under "Mazākumakcionār holding".
(2) Consolidation subsidiaries involved in the profit or loss, relating to shares and mazākumakcionār in suspension parts, shows the consolidated income statement in a separate item "Mazākumakcionār profit or loss".
22. article. The consolidated annual accounts balance sheet date (1), the consolidated annual accounts of the parent company's annual review and consolidation of the subsidiary involved in the annual report, balance sheet dates must be the same, and it is the day when prepared the annual accounts of the parent.
(2) if the consolidation Group subsidiary involved in the company's annual report on the balance sheet date is different from the parent company annual accounts balance sheet date of three months or more, the following subsidiary involved in the consolidation, the consolidation of the basic tojot for all (non-audited) financial statements at the balance sheet date which corresponds to the consolidated annual accounts of the balance sheet date.
23. article. The Group's subsidiaries disposal or liquidation (1) seized or disposed of the subsidiaries of the group operating results included in the consolidated income statement up to the date of liquidation or disposal — to date, terminated in accordance with this law, 4. and 5. the conditions laid down in article for the parent company's impact on the subsidiary.
(2) the difference between the revenue from the Group's subsidiaries disposal or liquidation and seized or liquidated the company balance sheet value alienation or liquidation day Specifies the consolidated income statement as gains and losses from the disposal of a subsidiary or liquidation.

(3) the Movable assets of the Group subsidiaries or companies balance sheet value is calculated as the difference between its assets and liabilities in the consolidated balance sheet or the Elimination of seizures a day. The calculation of this value, the balance shall also take into account the consolidated balance sheets under "goodwill" for the amount that applies to the movable assets of the group or subsidiary company.
24. article. Changes in the composition of the Group (1) If during the reference year in the consolidation of the companies involved in the composition, there have been significant changes, the consolidated annual report shall include information to enable this report compared to the previous year, the consolidated accounts.
(2) in special cases (if the reference year in the consolidation of the companies involved are significant changes in the composition) of this article the requirements referred to in the first subparagraph may be preparing for the execution of the adjusted opening balance sheet and an adjusted profit or loss calculation.
25. article. Deferred tax liabilities and deferred tax assets amounts of deferred tax liabilities and deferred tax assets in the consolidated balance sheet, the amount as well as deferred tax liabilities and deferred tax assets related revenues and expenses consolidated profit or loss shall be based on the temporary differences arising not off yet (realizējušo) obtained a profit or not existing yet (not realizējušo) and evaluating the individual assets or liabilities in the consolidated balance sheet at their fair value.
26. article. Jointly manage public annual report items into the consolidated annual report (1) If a company involved in the consolidation and consolidation of one or more of the participating companies in this jointly managed by another company, then the company jointly managed funds, liabilities, equity, revenue and expenses (costs) may be included in the consolidated annual accounts in proportion to the consolidation of the companies involved in the part of the equity interest in the company.
(2) the common management include the consolidation of society, using the first part of the specified method is possible only if you comply with this law, respectively, 10, 11, 12, 13, 14, 15, 17, 18, 19, 20, 21, 22, 23, 24 and 25 article.
27. article. The associated company's profit or loss and equity participation share, moreover, the consolidated annual report (1) the participation of the companies involved in the consolidation of the associated company's profit or loss and equity reflects the consolidated annual accounts in the second, third, fourth, fifth, sixth, seventh, eighth, ninth and tenth part.
(2) the associated company's annual report, if possible, be dealt with in accordance with the Group's accounting methods used in the valuation rules and or adjusted in accordance with article 15 of this law the second part. If the associated company registered in a foreign country, its foreign currency annual report issued on conversion in lats in accordance with article 17 of this law.
(3) this Act article 14, second paragraph, point 5 and 6 provided the income from the associated company's balance sheet items is carried out only to the extent that it is based on source documents or facts which are impossible to get source document.
(4) in the consolidated balance sheet includes participation in the associated company, the item "participation in the equity of associated companies", which consists of the amount in the associated company's shares or the acquisition value and the value of those holdings increase or reduction of the period from the date of purchase or the date by which this society has become an associate society [if associated or part of the company's shares acquired (purchased) different dates], to the consolidated annual accounts of the balance sheet date. This value increases or reductions shall be calculated in accordance with the associated companies annual report data, based on the proportion of the capital (as a percentage) of the associated companies in equity.
(5) the difference between associated companies the shares or acquisition value, calculated according to the annual report of the evaluation of the statutory provisions and the amount corresponding to the proportion of capital invested (in percentage) of the associated companies in equity at the date of acquisition, indicate the consolidated annual accounts. That difference shall be calculated as of the date on which the equity method is applied for the first time.
(6) in the years after participation in the associated company originally included in the consolidated balance sheet, under "participation in the equity of associated companies" the amount adjusted increasing or decreasing depending on the associated company the amount of the equity capital of the increase or reduction of the period concerned.
(7) under "participation in the equity of associated companies", the amount of each reporting year also reduces the associated companies calculated the amount of the dividends relating to this participation.
(8) the associated company's profit or loss amount that applies to companies involved in the consolidation of shares or suspension parts, indicate the separate consolidated income statement item, under one of the following conditions: 1) the item "income from investments in associated company" — if it's associated companies profit;
2) under "long-term financial investments in associated undertakings impairment" — if it has an associated loss of the company.
(9) public participation associated companies long-term investment revaluation reserve and other reserves created in asset value adjustments reflect the consolidated balance sheet, including directly in equity.
(10) in the fifth paragraph of this article, if the difference referred to is positive, it is included in the consolidated balance sheets under "participation in the equity of associated companies" in the specified amount. The resulting negative difference is immediately included in the consolidated profit and loss statement.
(11) an associated company is obliged to provide companies a significant impact on it is, with the associated companies of the shareholders ' or members ' meeting approved the annual report. If the associated company shall prepare consolidated annual accounts, this article shall apply to the associate company consolidated annual accounts.

(12) the procedure defined in this article shall not apply if the information about participation in the associated company and the profit or loss is not important in this law article 12, first paragraph, the requirements specified.
28. article. The consolidated annual accounts preparation (1) in addition to the other information provided for in this law, the consolidated annual report shall specify: Annex 1) the valuation methods used for the evaluation of the various items in the consolidated annual report, as well as asset depreciation, intangible investments, long-term financial investments and other asset values decline and methods of disposal. If any of the items of the consolidated annual report was originally expressed in foreign currency, the conversion of dollar rate used and the reasons for it;
2) consolidation of the companies involved in the name and legal address, as well as the public (with the exception of the parent company) shares (percentage) that belong to the companies involved in the consolidation or by persons acting on their behalf, but the companies involved in the consolidation, in addition, also indicate which of the this law, the provisions of article 4 of the basic public involvement in the consolidation. The information referred to in this paragraph also provides for them Group subsidiary companies which, in accordance with article 10 of this law is not involved in the consolidation, and explain the reason for involvement;
3 associate companies) the name and registered office, as well as public capital (in percentage), which belongs to the companies involved in the consolidation or by persons acting on their behalf, but the companies involved in the consolidation. The information referred to in this paragraph also provides for them the associated companies which, in accordance with article 27 of this law in the twelfth, are not included in the consolidated annual report, and indicate the reasons for include;
4) jointly managed the company name, registered office and the company created a joint administrative reasons, as well as public capital (in percentage), which belongs to the companies involved in the consolidation or by persons acting on their behalf, but the companies involved in the consolidation;
5) the general public the name and legal address, which is not mentioned in the first paragraph of this article 2, paragraphs 3 and 4, and where the parties in the consolidation company created by themselves or through persons acting in their own name, but the public good, holds at least a share of the capital of more than 20 percent, and state capital interests, the amount of equity and the profit or loss of the company for the last accounting year , which is the approved annual report of the company. This information can not provide, if it is not irrelevant to true and clear. Information relating to equity and profit or loss, may not give even if the company does not publish its annual report and in the general good involved in the consolidation (directly or indirectly) owns less than 50 percent of the shares of the company;
6) accounts payable total shown in the consolidated balance sheet and the date of which is more than five years after the balance sheet date, as well as accounts payable the total amount indicated in the consolidated balance sheet and are covered by a guarantee provided by the companies involved in the consolidation, as well as indicate the type and form;
7) any consolidated balance sheet does not reflect the total amount of the obligations, if such information is important for the consolidation of the companies involved in the assessment of the financial situation. Separate indication of commitment to employees concerning pensions and obligations to the Group subsidiary companies that are not involved in the consolidation;
8) consolidated income statement shows net turnover by activity and geographic market if going in the consolidation company operating the clouded (sales and service) and markets differ significantly;
9) consolidation of the companies involved in the average number of employees during the reference year, by category, with the reference year for the related staff costs by spreading them according to the law on annual reports specified in article 11 item 6 or 3 specified in article 13. item if such distribution is not included in the consolidated profit and loss statement. Individually provide infor on jointly managed lag societies the average number of persons employed in the year under review;
10) parent company monitoring institutions and izpildinstit information on the members of their functions in the parent company and its subsidiary total remuneration of assigned by the individual position groups (Council and Board members). The same applies to pensions and similar obligations towards the former supervisory institutions and members of the Executive Body;
11) parent company's supervisory institutions and members of the Executive Body, the parent company or its subsidiaries, in advance of the loan or guarantee the amount of the breakdown of the individual position groups (Council and Board members) including interest rates, key off of the cījum and the amounts to be repaid;
12) parent company of shares or parts, which are the parent company of electronics or its subsidiaries belong or by persons acting in their own name, but the Group's constituent companies (also indicate the number of shares or units and the nominal value).
(2) the first subparagraph of this article, 2., 3., 4., 5., 8. information referred to in paragraph 1 may not be provided if it would seriously harm the companies. Any such information is not necessary to provide the basis of the consolidated annual accounts.
(3) If financial instruments are measured at fair value, the application of the annual report, 55.2 and 55.3 55.1 of the Act article, then the consolidated annual accounts also include: 1) major assumptions on which is based the assessment model used and the choice of methods, if the fair value of those instruments in accordance with the annual accounts Act 55.2 of the first paragraph of article 2;

2) fair value of financial instruments, and changes in these values on the basis of the annual accounts Act, article 55.3 included in the income statement or the balance sheet item "financial instruments revaluation reserve" breakdown of the categories of financial instruments according to the international accounting standards adopted in accordance with the European Parliament and of the Council of 19 July 2002, Regulation (EC) No 1606/2002 on the application of international accounting standards, specific allocations;
3) by financial derivatives groups — these instruments explanations indicating the total, as well as information about the significant terms and conditions that may affect the future cash flow amount, timing and certainty;
4) a table showing the balance sheet item "financial instruments revaluation reserve" in the year of change.
(4) if it is not used in the annual report provided for in article 55.1 of the Act option financial instruments to apply the evaluation at fair value in the consolidated annual accounts shall provide explanations on derivative financial instruments and the nature of the breakdown of the groups and this instrument indicates the balance value and fair value, if you can identify with any of the annual review of the law in the first part of article 55.2 the following methods.
(5) If the annual accounts are not law article 28 provided for in the second paragraph of the possibility to apply the value of the annual report, the fourth article 55.1 of the law referred to a long-term financial investment, which the fair value is less than the value of the balance sheet, the consolidated annual accounts provide information on the question of the individual assets or groups of assets book value and fair value, explaining why it is not suitable for the write-down, and giving news that suggests that the decline in value is temporary, and temporary circumstances occurred.
(6) the total amount of remuneration separately for the reporting year sworn auditor or certified auditor company (hereinafter referred to as the sworn auditor) for: 1) the consolidated annual report;
2) other audit tasks;
3) consultations in tax matters;
4) other expert tasks.
(7) provide information about each not included in the consolidated balance sheet, indicating its type, destination, and the financial impact if the risk related to the agreement or benefits are significant and if the information about these risks and benefits is required to evaluate the consolidation as a whole, the company's financial position.
(8) provide information about the parent company or other companies involved in the consolidation of transactions with related parties (with the exception of the companies involved in the consolidation between transactions), if such transactions are material and do not correspond to normal market conditions, specifying the amount of such transactions the related party relationship type, and other information about those transactions necessary for an understanding of the companies involved in the consolidation as a whole, the financial situation. Information about individual transactions with the related parties can be combined by this type of transactions, except when necessary to provide certain information to evaluate the effects of related party transactions on the companies involved in the consolidation as a whole the financial situation. 
Chapter III consolidated report article 29. A consolidated message content (1) consolidated report provides clear information on the companies involved in the consolidation as a whole development, financial performance and financial position, as well as information about relevant risks and uncertain factors that companies involved in the consolidation are facing. This information is based on a balanced and comprehensive consolidation of the society as a whole, the development, operations, financial results and financial condition analysis according to their size and complexity of the transaction. To understand going in the consolidation taken as a whole the clouded development, financial performance and financial position, in that the analysis include: 1) financial performance indicators;
2) in so far as they are relevant, the main society and also the raksturojošo in the non-financial indicators, information on the effects of environmental protection requirements and employee information (for example, employment policies, warranties and support staff) or other information;
3) if possible, references to the consolidated financial statements the value and additional explanations for them.
(2) in relation to the companies involved in the consolidation as a whole in the consolidated report also gives details of: 1) any important events that taken as a whole the operation after the end of the reporting year;
2) this society as a whole future development prospects;
3) research and development activities;
4) the use of financial instruments and, where relevant, of the assets, financial position and profit or loss — financial evaluation risk management objectives and policies, including the risk management policy for each major type of forecasted transaction for the future, for which hedge accounting is used, and for the companies involved in the consolidation as a whole, the exposure to market risk, credit risk, liquidity risk and cash flow risk. 
Chapter IV of the consolidated annual report of the test article 30. Sworn auditor's activities in the consolidated annual accounts of the parent undertaking, the examination of the consolidated annual accounts drawn up by checking one or more sworn auditors according to the law "on sworn auditors".
31. article. Auditor's report if the parent company's annual accounts and consolidated annual accounts verified the same sworn auditors (same sworn auditors) and in accordance with article 33 of this law, these reports are submitted at the same time, the auditor's report on the consolidated annual accounts can be combined with the auditor's report on the annual report.
Chapter v of the consolidated annual report, and the publication of article 32. The consolidated annual report, and the signing of (1) the consolidated annual accounts of the parent company signature management: 1) Corporation and cooperatives — the Executive Board;
2-all this public partnership) members or members of the public that they are specifically authorized to represent the company.

(2) If a corporation or cooperative society Board member or member of the partnership believes that the consolidated annual report is in Albania, the US or raise objections, he noted the different views in a special note.
(3) the consolidated annual report, together with the annual report of the company seven months after the end of the reporting year approve the parent company shareholders or members of the current meeting.
33. article. Consolidated annual report submission and publication (1) not later than one month after the approval of the consolidated annual accounts of the parent company's shareholders or members during the meeting and not later than seven months after the end of the reference year shall be submitted by the parent company to the Registrar of companies and the State revenue service territorial institution (after parent company) article 32 of this law in accordance with the procedure laid down in the approved copy of the consolidated annual report, together with the meeting of the shareholders or members, a certified copy of the annual report and Auditor's report of the certified copies. These documents may be submitted electronically, adding the written proof of their compliance with the originals.
(2) not later than two months after the approval of the consolidated annual accounts of the parent company's shareholders or members during the current meeting, and no later than eight months after the end of the reporting year of the parent company at their expense, submit for publication in the newspaper "Latvian journal" consolidated annual report, together with a copy of the shareholders ' or members ' meeting approved the annual report and a copy of the certified auditor report copies. Sworn auditor's report in the newspaper "journal" published in full.
(3) If the first paragraph of this article reports are not published in full, clearly indicates that they published in abridged form and fully available in the register of companies. Sworn auditor's report in this case are not published, but the publication declares, or sworn auditor, there have been complaints or remarks, or he is given a negative opinion or refused to comment.
(4) If the management of the parent company is not presented or published a consolidated annual accounts, the consolidated report and the auditor's opinion or the jury disregarded the other first, second or third part, so called to liability law.
Transitional provisions 1. With the entry into force of this Act invalidates the law on consolidated annual accounts "(the Saeima of the Republic of Latvia and the Cabinet of Ministers rapporteur, 1999; 2004, nr. 22, 2. No; 2005, 13. no).
2. This law, article 28 of the sixth, seventh and eighth paragraph shall enter into force on January 1, 2008.
3. Article 13 of the law referred to in the third subparagraph of the Cabinet of Ministers Regulations entry into force, but not longer than until 1 September 2007. applicable to the Cabinet of Ministers of 18 October 2005, Regulation No 334 of the "provisions on the mandatory applicable accounting standards in Latvia (Republic of Latvia Saeima and the Cabinet of Ministers rapporteur, 2006, no. 3; Latvian journal, 2006, no. 140). 
Informative reference to European Union directives, the law includes provisions resulting from: 1) Council of 13 June 1983, the seventh Directive 83/349/EEC based on article 54 of the Treaty, paragraph 3 of the "g" at the bottom point and refers to consolidated accounts;
2) Council of 8 November 1990 directive 90/604/EEC Directive 78/660/EEC on annual accounts and Directive 83/349/EEC on consolidated accounts amending concerns the exemptions for small and medium-sized companies and the publication of accounts in ECUs;
3) Council of 8 November 1990 directive 90/605/EEC, as regards the scope of amending Directive 78/660/EEC on annual accounts and Directive 83/349/EEC on consolidated accounts;
4) of the European Parliament and of the Council of 27 September 2001 by Directive 2001/65/EC, amending Directives 78/660/EEC, 83/349/EEC and 86/635/EEC as regards the valuation rules that apply to certain types of companies, as well as of banks and other financial institutions the annual accounts and consolidated accounts;
5) of the European Parliament and of the Council of 18 June 2003 of Directive 2003/51/EC in respect of certain types of companies, banks and other financial institutions and insurance undertakings annual and consolidated accounts, amending Directives 78/660/EEC, 83/349/EEC, 86/635/EEC and 91/674/EEC;
6) the European Parliament and of the Council of 17 May 2006 of Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC;
7) the European Parliament and of the Council of 14 June 2006, Directive 2006/46/EC, amending Council Directives 78/660/EEC concerning the annual accounts of certain types of companies, 83/349/EEC concerning consolidated accounts, 86/635/EEC on banks and other financial institutions the annual accounts and consolidated accounts and 91/674/EEC on the annual accounts and consolidated accounts of insurance undertakings.
The law adopted by the Parliament in 2006 on October 19.
State v. President Vaira Vīķe-Freiberga in Riga in 2006 on 8 November Editorial Note: the law shall enter into force on 22 November 2006.

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