Directive 1978/660 - Fourth Council Directive 78/660/EEC based on Article 54 (3) (g) of the Treaty on the annual accounts of certain types of companies

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Current status

This directive was in effect from July 31, 1978 until July 18, 2013 and should have been implemented in national regulation on July 30, 1980 at the latest.

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Key information

official title

Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54 (3) (g) of the Treaty on the annual accounts of certain types of companies
 
Legal instrument Directive
Number legal act Directive 1978/660
Original proposal COM(1971)1232
CELEX number i 31978L0660

3.

Key dates

Document 25-07-1978
Publication in Official Journal 14-08-1978; Special edition in Hungarian: Chapter 17 Volume 001,Special edition in Latvian: Chapter 17 Volume 001,Special edition in Estonian: Chapter 17 Volume 001,Special edition in Croatian: Chapter 17 Volume 001,Special edition in Finnish: Chapter 17 Volume 001,Special edition in Portuguese: Chapter 17 Volume 001,Special edition in Czech: Chapter 17 Volume 001,Special edition in Bulgarian: Chapter 17 Volume 001,Special edition in Greek: Chapter 06 Volume 002,Special edition in Swedish: Chapter 17 Volume 001,Special edition in Slovak: Chapter 17 Volume 001,Special edition in Romanian: Chapter 17 Volume 001,Special edition in Lithuanian: Chapter 17 Volume 001,Special edition in Spanish: Chapter 17 Volume 001,Special edition in Polish: Chapter 17 Volume 001,Special edition in Maltese: Chapter 17 Volume 001,OJ L 222, 14.8.1978,Special edition in Slovenian: Chapter 17 Volume 001
Effect 31-07-1978; Entry into force Date notif.
End of validity 18-07-2013; Repealed by 32013L0034
Transposition 30-07-1980; See Art 55
31-07-1980; See Art 55
30-01-1982; See Art 55
31-01-1982; See Art 55
30-07-1985; See Art 55
31-07-1985; See Art 55
Notification 31-07-1978

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Legislative text

Avis juridique important

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31978L0660

Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54 (3) (g) of the Treaty on the annual accounts of certain types of companies

Official Journal L 222 , 14/08/1978 P. 0011 - 0031

Finnish special edition: Chapter 17 Volume 1 P. 0017

Greek special edition: Chapter 06 Volume 2 P. 0017

Swedish special edition: Chapter 17 Volume 1 P. 0017

Spanish special edition: Chapter 17 Volume 1 P. 0055

Portuguese special edition Chapter 17 Volume 1 P. 0055

FOURTH COUNCIL DIRECTIVE of 25 July 1978 based on Article 54 (3) (g) of the Treaty on the annual accounts of certain types of companies (78/660/EEC)

THE COUNCIL OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Economic Community, and in particular Article 54 (3) (g) thereof,

Having regard to the proposal from the Commission,

Having regard to the opinion of the European Parliament (1),

Having regard to the opinion of the Economic and Social Committee (2),

Whereas the coordination of national provisions concerning the presentation and content of annual accounts and annual reports, the valuation methods used therein and their publication in respect of certain companies with limited liability is of special importance for the protection of members and third parties;

Whereas simultaneous coordination is necessary in these fields for these forms of company because, on the one hand, these companies' activities frequently extend beyond the frontiers of their national territories and, on the other, they offer no safeguards to third parties beyond the amounts of their net assets ; whereas, moreover, the necessity for and the urgency of such coordination have been recognized and confirmed by Article 2 (1) (f) of Directive 68/151/EEC (3);

Whereas it is necessary, moreover, to establish in the Community minimum equivalent legal requirements as regards the extent of the financial information that should be made available to the public by companies that are in competition with one another;

Whereas annual accounts must give a true and fair view of a company's assets and liabilities, financial position and profit or loss ; whereas to this end a mandatory layout must be prescribed for the balance sheet and the profit and loss account and whereas the minimum content of the notes on the accounts and the annual report must be laid down ; whereas, however, derogations may be granted for certain companies of minor economic or social importance;

Whereas the different methods for the valuation of assets and liabilities must be coordinated to the extent necessary to ensure that annual accounts disclose comparable and equivalent information;

Whereas the annual accounts of all companies to which this Directive applies must be published in accordance with Directive 68/151/EEC ; whereas, however, certain derogations may likewise be granted in this area for small and medium-sized companies;

Whereas annual accounts must be audited by authorized persons whose minimum qualifications will be the subject of subsequent coordination ; whereas only small companies may be relieved of this audit obligation;

Whereas, when a company belongs to a group, it is desirable that group accounts giving a true and fair view of the activities of the group as a whole be published ; whereas, however, pending the entry into force of a Council Directive on consolidated accounts, derogations from certain provisions of this Directive are necessary;

Whereas, in order to meet the difficulties arising from the present position regarding legislation in certain Member States, the period allowed for the implementation of certain provisions of this Directive must be longer than the period generally laid down in such cases,

HAS ADOPTED THIS DIRECTIVE:

Article 1

  • 1. 
    The coordination measures prescribed by this Directive shall apply to the laws, regulations and (1)OJ No C 129, 11.12.1972, p. 38. (2)OJ No C 39, 7.6.1973...

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This text has been adopted from EUR-Lex.

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Original proposal

 

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