The Rules On Mandatory Applicable Latvian Accounting Standards

Original Language Title: Noteikumi par obligāti piemērojamiem Latvijas grāmatvedības standartiem

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Read the untranslated law here: https://www.vestnesis.lv/ta/id/155218

Cabinet of Ministers Regulations No. 201 in Riga in 2007 (March 27. No 21 13) provisions for mandatory applicable accounting standards Issued by Latvia in accordance with the law "on accounting" in article 15, first subparagraph, of the Act, the annual accounts article 5 sixth and consolidated annual accounts article 13 of the law of the third paragraph of rule 1 of the compulsory applicable Latvian accounting standards and the range of subjects that these standards should be applied.
2. the rules apply to persons covered by the annual accounts Act or the consolidated annual accounts Act.
3. To recognise and assess the financial statements and the consolidated financial statement items and provide explanations for them, the person applies the following Latvian accounting standards: 3.1 the Latvian accounting standard no 1 "financial reporting guidelines" (Latvian journal, 2004, nr. 23);
3.2. Accounting Standard No 2 "cash flow statement" (Latvian journal, 2004, nr. 23);
3.3. The Latvian accounting standard no. 3 "events after the balance sheet date" (Latvian journal, 2004, nr. 201);
3.4. the Latvian accounting standard no. 4 "accounting policies, changes in accounting estimates and errors of previous periods" (Latvian journal, 2005, 25 no);
3.5. the Latvian accounting standard no. 5 "long-term contracts" (Latvian journal, 2005, nr. 112);
3.6. The Latvian accounting standard No 6 "revenue" (Latvian journal, 2005, nr. 199);
3.7. The Latvian accounting standard no. 7 "fixed assets" (Latvian journal, 2005, 208. No.);
3.8. The Latvian accounting standard no. 7 "provisions, contingent liabilities and contingent assets" (Latvian journal, 2005, 208. no).
4. Statement of changes in equity and consolidated statement of changes in equity shall be prepared in accordance with the rules referred to in point 3.1., Latvian accounting standards with the requirements of chapter XIII.
5. the cash flow statement and the consolidated cash flow statement is prepared in accordance with the provisions referred to in point 3.2 of the Latvian accounting standards.
6. This rule 3.3, 3.4 and 3.5. Sub paragraph 1 shall apply to the financial statements and the consolidated financial statements with period beginning in 2006.
7. This provision 3.6, 3.7 and 3.8 shall apply below the financial statements and the consolidated financial statements with period beginning in 2007.
8. Be declared unenforceable in the Cabinet of Ministers of 18 October 2005, Regulation No 334 "rules on the compulsory applicable Latvian accounting standards" (Latvian journal, 2005, nr. 168; 2006, no. 140).
Prime Minister, Minister of defence (A). The Minister of finance by Slakter site – the Minister of Justice g. Smith Editorial Note: regulations shall enter into force by 31 March 2007.