Council Directive 2003/38/EC of 13 May 2003 amending Directive 78/660/EEC on the annual accounts of certain types of companies as regards amounts expressed in euro
Date: 2003-05-13
Institutions: Council of the European Union
Subjects: account, balance sheet, capital market, capital movement, euro, organisation, publication of accounts

L 120/22

EN

Official Journal of the European Union

15.5.2003

COUNCIL DIRECTIVE 2003/38/EC

of 13 May 2003

amending Directive 78/660/EEC on the annual accounts of certain types of companies as regards
amounts expressed in euro

THE COUNCIL OF THE EUROPEAN UNION,

(b) the following paragraph shall be inserted:

Having regard to the Treaty establishing the European
Community,

Having regard to the Fourth Council Directive 78/660/EEC of
25 July 1978 on the annual accounts of certain types of
companies (1), and in particular Article 53(2) thereof,

Having regard to the proposal from the Commission (2),

‘In the case of those Member States which have not
adopted the euro,
in national currency
the amount
equivalent to the amounts specified in the first para-
graph shall be that obtained by applying the exchange
rate published in the Official Journal of the European Union
on the date of the entry into force of the Directive
setting those amounts in consequence of the review
provided for in Article 53(2).’;

Whereas:

2.

in Article 27:

(1)

(2)

Articles 11 and 27 of Directive 78/660/EEC and, by way
of reference, Article 6 of the Seventh Council Directive
83/349/EEC of 13 June 1983 on consolidated
accounts (3) and Articles 20 and 21 of
the Eighth
Council Directive 84/253/EEC of 10 April 1984 on the
approval of persons responsible for carrying out the stat-
utory audits of accounting documents (4) specify thresh-
olds expressed in euro for the balance sheet total and
the net turnover, at or below which Member States may
grant derogations from certain provisions of those Direc-
tives.

Since the fifth five-year period following the adoption of
Directive 78/660/EEC ends on 24 July 2003, a review of
those thresholds has duly been undertaken, as required
by that Directive. The results of this review indicate that,
in the light of economic and monetary trends in the
Community, an increase in the amounts expressed in
euro is necessary.

(a) the first paragraph shall be amended as follows:

(i) in the first indent the words ‘balance sheet total:
EUR 12 500 000’ shall be replaced by the words
‘balance sheet total: EUR 14 600 000’;

(ii) in the second indent

turnover:
EUR 25 000 000’ shall be replaced by the words
‘net turnover: EUR 29 200 000’;

the words

‘net

(b) the following paragraph shall be inserted:

‘In the case of those Member States which have not
adopted the euro,
in national currency
the amount
equivalent to the amounts specified in the first para-
graph shall be that obtained by applying the exchange
rate published in the Official Journal of the European Union
on the date of the entry into force of the Directive
setting those amounts in consequence of the review
provided for in Article 53(2).’

(3)

Directive 78/660/EEC should therefore be amended
accordingly,

Article 2

HAS ADOPTED THIS DIRECTIVE:

Article 1

Directive 78/660/EEC is hereby amended as follows:

1.

in Article 11:
(a) the first paragraph shall be amended as follows:

(i) in the first indent the words ‘balance sheet total:
EUR 3 125 000’ shall be replaced by the words
‘balance sheet total: EUR 3 650 000’;
the words

turnover:
EUR 6 250 000’ shall be replaced by the words ‘net
turnover: EUR 7 300 000’;

(ii) in the second indent

‘net

1. Member States shall adopt
the measures necessary to
comply with this Directive if and when they decide to make
use of the option provided for in Articles 11 and 27 of Direc-
tive 78/660/EEC. They shall forthwith inform the Commission
thereof.

When Member States adopt these measures, they shall contain
a reference to this Directive or shall be accompanied by such a
reference on the occasion of their official publication. The
methods of making such reference shall be laid down by
Member States.

2. Member States shall communicate to the Commission the
text of the main provisions of national law which they adopt in
the field governed by this Directive.

(1) OJ L 222, 14.8.1978, p. 11. Directive as last amended by Directive

2001/65/EC (OJ L 283, 27.10.2001, p. 28).

(2) Proposal of 24.1.2003 (not yet published in the Official Journal).
(3) OJ L 193, 18.7.1983, p. 1. Directive as last amended by Directive

2001/65/EC.

(4) OJ L 126, 12.5.1984, p. 20.

Article 3

This Directive shall enter into force on the day of its publica-
tion in the Official Journal of the European Union.

15.5.2003

EN

Official Journal of the European Union

L 120/23

This Directive is addressed to the Member States.

Article 4

Done at Brussels, 13 May 2003.

For the Council

The President

A.-A. TSOCHATZOPOULOS