Amendments and Supplements to the Law on Annual Accounts and the Law on Consolidated Accounts
- Lithuania
- 09/04/2008
- Raidla Lejins & Norcous
On 26 June 2008, the Seimas amended and supplemented the law on Annual Reports and the law on Consolidated Reports. The amendments were adopted in order to implement the provisions of the Directive 2006/46/EC of the European Parliament and of the Council of 14 June 2006 amending Council Directives 78/660/EEC on the annual accounts of certain types of companies, 83/349/EEC on consolidated accounts, 86/635/EEC on the annual accounts and consolidated accounts of banks and other financial institutions and 91/674/EEC on the annual accounts and consolidated accounts of insurance undertakings. The amendments change the provision concerning the liability for the preparation of the annual and consolidated reports. The amendments also replace some terms used before with newer ones. Moreover, the law specifies several general principles applied by the law. Lastly, the amendments of the law specify the provisions of the law concerning the environmental information, information about major events and the means of insurance, and other information submitted at the annual or consolidated reports. The law also is supplemented with provisions concerning the information, which must be submitted by the companies whose securities are traded at the regulated market.
