7 Amendments of Derk Jan EPPINK related to 2011/0308(COD)
Amendment 25 #
Proposal for a directive
Recital 6
Recital 6
(6) Annual financial statements should give a true and fair view of an undertaking’s assets and liabilities, financial position and profit or loss. To this endhe true and fair view is the minimum standard of presenting the accounts in order to discharge the duties of the directors to the company, which includes, that the company is capable of being a going concern by virtue of the net assets in its balance sheet being sufficient to support the creditor interest1. That test requires that assets are not stated at above their realisable amounts and that prospective liability and prospective contingent liabilities are included. Also a mandatory layout should be prescribed for the balance sheet and the profit and loss account and the minimum content of the notes to the financial statements and the management report should be laid down. According to the ‘think-small-first’ principle the mandatory requirements for small undertakings should be fully harmonised in legislation. In order to avoid disproportionate burdens on these entities, Member States should not be entitled to require the presentation of further information. Member States may however impose further requirements on medium- sized and large undertakings. __________________ 1 European Court of Justice, Tomberger Case C-234/94 27th June 1996, and DE + ES Bauunternehmung Case C-275/97 14th September 1999. Also see Article 15 of the 2nd Directive 2006/68/EC, which also sets a net assets test for determining whether a dividend can be paid.
Amendment 30 #
Proposal for a directive
Recital 31
Recital 31
(31) The annual financial statements and consolidated financial statements should be audited. The requirement is that an audit opinion should state whether the annual or consolidated financial statements give a true and fair view in accordance with the relevant financial reporting framework does not represent a restriction of the scope of that opinion but clarifies the context in which it is expressed. The annual financial statements of small undertakings should not be covered by this audit obligation, as audit can be a significant administrative burden for this category of undertaking, whilst for many small undertakings the same persons are both shareholders and management and therefore have limited need for third party assurance on the financial statements.
Amendment 55 #
Proposal for a directive
Article 4 – paragraph 3
Article 4 – paragraph 3
3. The annual financial statements shall give a true and fair view of the undertaking’s assets, liabilities, financial position and profit or loss. Where the application of the provisions of this Directive would not be sufficient to give a true and fair view of the undertaking’s assets, liabilities, financial position and profit or loss, additional information shall be given.
Amendment 61 #
Proposal for a directive
Article 7 – paragraph 5
Article 7 – paragraph 5
5. By way of derogation from Article 5(1)(i), Member States may in respect of any assets and liabilities which qualify as hedged items under a fair value hedge accounting system, or identified portions of such assets or liabilities, permit measurement at the specific amount required under that system, subject to that being consistent with the true and fair view principle.
Amendment 62 #
Proposal for a directive
Article 7 – paragraph 6
Article 7 – paragraph 6
6. By way of derogation from paragraphs 3 and 4 of this Article, Member States may permit or require the recognition, measurement and disclosure of financial instruments in conformity with international accounting standards adopted in accordance with Regulation (EC) No 1606/2002, subject to that being consistent with the true and fair view principle.
Amendment 63 #
Proposal for a directive
Article 18 – paragraph 1 – point f
Article 18 – paragraph 1 – point f
Amendment 67 #
Proposal for a directive
Article 28 – paragraph 1 – subparagraph 2 – point b
Article 28 – paragraph 1 – subparagraph 2 – point b