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

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
,
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),
Whereas:
(1) 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 statutory audits of accounting documents(4) specify thresholds 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 Directives.
(2) 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.
(3) Directive 78/660/EEC should therefore be amended accordingly,