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Cabinet of Ministers Regulations No. 776, 2005 in Riga on October 18 (Mon. No 60 § 7) the rules on mandatory applicable accounting standards Issued by Latvia in accordance with the law "on accounting" in article 15, first subparagraph, the law "On the annual accounts of undertakings ' in article 5 and the sixth part of the law" on consolidated annual accounts "14. the third paragraph of article 1 the provisions applicable mandatory Latvian accounting standards and the range of subjects that those standards should be applied.
2. These provisions apply to persons covered by the law on annual accounts "or the law on consolidated annual accounts".
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 "preparation of financial statements the nas 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).
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. bottom 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 book ING's standard requirements.
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. Be declared unenforceable in the Cabinet of Ministers of 24 august 2004, the provisions of no. 728 "rules on the compulsory applicable Latvian book ing standards and procedures for the preparation of the cash flow statement and statement of changes in equity" (Latvian journal, 2004, 136 no; 2005, nr. 76).
Prime Minister a. Halloween Finance Minister o. Spurdziņš Editorial Note: rules shall enter into force on October 22, 2005.
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