fourth council direct juli base articl treati annual account type compani eec council european commun regard treati establish european econom commun articl thereof regard propos commiss regard opinion european parliament regard opinion econom social committe coordin nation provis present content annual account annual report valuat method public respect compani limit liabil special import protect member parti simultan coordin field form compani hand compani activ frequent extend frontier nation territori offer safeguard parti amount net asset necess urgenc coordin recogn confirm articl direct eec establish commun minimum equival legal requir extent financi inform made public compani competit annual account give true fair view compani asset liabil financi posit profit loss end mandatori layout prescrib balanc sheet profit loss account minimum content note account annual report laid derog grant compani minor econom social import method valuat asset liabil coordin extent ensur annual account disclos compar equival inform annual account compani direct appli publish accord direct eec derog likewis grant area small medium size compani annual account audit author person minimum qualif subject subsequ coordin small compani reliev audit oblig compani belong group desir group account give true fair view activ group publish pend entri forc council direct consolid account derog provis direct order meet difficulti aris present posit legisl member state period allow implement provis direct longer period gener laid case adopt direct articl coordin measur prescrib direct appli law regul oj oj oj administr provis member state relat type compani germani die aktiengesellschaft die kommanditgesellschaft auf aktien die gesellschaft mit beschränkter haftung belgium la société anonym de naamloz vennootschap la société en commandit par action de commanditair vennootschap op aandelen la société de personn responsabilité limité de personenvennootschap met beperkt aansprakelijkheid denmark aktieselskab kommanditaktieselskab anpartsselskab franc la société anonym la société en commandit par action la société responsabilité limité ireland public compani limit share guarante privat compani limit share guarante itali la società azioni la società accomandita azioni la società responsabilità limitata luxembourg la société anonym la société en commandit par action la société responsabilité limité netherland de naamloz vennootschap de besloten vennootschap met beperkt aansprakelijkheid unit kingdom public compani limit share guarante privat compani limit share guarante pend subsequ coordin member state appli provis direct bank financi institut insur compani section gener provis articl annual account compris balanc sheet profit loss account note account document constitut composit drawn accord provis direct annual account give true fair view compani asset liabil financi posit profit loss applic provis direct suffici give true fair view mean paragraph addit inform except case applic provis direct incompat oblig laid paragraph provis depart order give true fair view mean paragraph departur disclos note account explan reason statement effect asset liabil financi posit profit loss member state defin except case question lai relev special rule member state author requir disclosur annual account inform disclos accord direct section gener provis balanc sheet profit loss account articl layout balanc sheet profit loss account form adopt present chang financi year departur principl permit except case departur disclos note account explan reason therefor articl balanc sheet profit loss account item prescrib articl shown separ order detail subdivis item author provid layout compli item ad provid content cover item prescrib layout subdivis item requir member state layout nomenclatur terminolog item balanc sheet profit loss account preced arab numer adapt special natur undertak requir adapt requir member state undertak form part econom sector balanc sheet profit loss account item preced arab numer combin immateri amount purpos articl combin make greater clariti provid item combin dealt separ note account combin requir member state respect balanc sheet profit loss account item figur relat item preced financi year shown member state provid figur compar figur preced financi year adjust case compar adjust figur disclos note account relev comment save item preced financi year mean paragraph balanc sheet profit loss account item amount shown articl derog articl member state prescrib special layout annual account invest compani financi hold compani provid layout give view compani equival provid articl purpos direct quot invest compani quot compani sole object invest fund secur real properti asset sole aim spread invest risk give sharehold benefit result manag asset compani invest compani fix capit sole object compani acquir fulli paid share issu invest compani prejudic provis articl direct eec purpos direct quot financi hold compani quot compani sole object acquir hold undertak manag hold turn profit involv directli indirectli manag undertak aforego prejudic right sharehold limit impos activ compani complianc supervis administr judici author articl member state author requir adapt layout balanc sheet profit loss account order includ appropri profit treatment loss articl set asset liabil item incom expenditur item prohibit section layout balanc sheet articl present balanc sheet member state prescrib oj layout prescrib articl member state prescrib compani choos articl asset subscrib capit unpaid call nation law call capit shown quot liabil quot case part capit call paid asset ii format expens defin nation law nation law permit shown asset nation law provid format expens shown item quot intang asset quot fix asset intang asset cost research develop nation law permit shown asset concess patent licenc trade mark similar right asset acquir valuabl consider shown creat undertak nation law permit shown asset goodwil extent acquir valuabl consider payment account ii tangibl asset land build plant machineri fixtur fit tool equip payment account tangibl asset construct iii financi asset share affili undertak loan affili undertak particip interest loan undertak compani link virtu particip interest invest held fix asset loan share indic nomin absenc nomin account par extent nation law permit shown balanc sheet current asset stock raw materi consum work progress finish good good resal payment account ii debtor amount due payabl year shown separ item trade debtor amount ow affili undertak amount ow undertak compani link virtu particip interest debtor subscrib capit call paid nation law call capit shown asset prepay accru incom nation law item shown asset iii invest share affili undertak share indic nomin absenc nomin account par extent nation law permit shown balanc sheet invest iv cash bank hand prepay accru incom nation law item shown asset ii loss financi year nation law shown vi quot liabil quot liabil capit reserv subscrib capit nation law call capit shown item case amount subscrib capit paid capit shown separ ii share premium account iii revalu reserv iv reserv legal reserv nation law requir reserv reserv share nation law requir reserv prejudic articl direct eec reserv provid articl associ reserv profit loss brought forward vi profit loss financi year nation law requir item shown quot asset quot quot liabil quot provis liabil charg provis pension similar oblig provis taxat provis creditor amount due payabl year amount due payabl year shown separ item aggreg item debentur loan show convert loan separ amount ow credit institut payment receiv account order shown separ deduct stock trade creditor bill exchang payabl amount ow affili undertak amount ow undertak compani link virtu particip interest creditor includ tax social secur accrual defer incom nation law item shown quot liabil quot accrual defer incom nation law item shown quot liabil quot profit financi year nation law shown vi quot liabil quot articl subscrib capit unpaid call nation law call capit shown case part capit call paid ii format expens defin nation law nation law permit shown asset nation law provid format expens shown item quot intang asset quot fix asset intang asset cost research develop nation law permit shown asset concess patent licenc trade mark similar right asset acquir valuabl consider shown creat undertak nation law permit shown asset goodwil extent acquir valuabl consider payment account ii tangibl asset land build plant machineri fixtur fit tool equip payment account tangibl asset construct iii financi asset share affili undertak loan affili undertak particip interest loan undertak compani link virtu particip interest invest held fix asset loan share indic nomin absenc nomin account par extent nation law permit shown balanc sheet current asset stock raw materi consum work progress finish good good resal payment account ii debtor amount due payabl year shown separ item trade debtor amount ow affili undertak amount ow undertak compani link virtu particip interest debtor subscrib capit call paid nation law call capit shown prepay accru incom nation law item shown iii invest share affili undertak share indic nomin absenc nomin account par extent nation law permit shown balanc sheet invest iv cash bank hand prepay accru incom nation law item shown ii creditor amount due payabl year debentur loan show convert loan separ amount ow credit institut payment receiv account order shown separ deduct stock trade creditor bill exchang payabl amount ow affili undertak amount ow undertak compani link virtu particip interest creditor includ tax social secur accrual defer incom nation law item shown net current asset liabil take account prepay accru incom shown accrual defer incom shown total asset current liabil creditor amount due payabl year debentur loan show convert loan separ amount ow credit institut payment receiv account order shown separ deduct stock trade creditor bill exchang payabl amount ow affili undertak amount ow undertak compani link virtu particip interest creditor includ tax social secur accrual defer incom nation law item shown provis liabil charg provis pension similar oblig provis taxat provis accrual defer incom nation law item shown capit reserv subscrib capit nation law call capit shown item case amount subscrib capit paid capit shown separ ii share premium account iii revalu reserv iv reserv legal reserv nation law requir reserv reserv share nation law requir reserv prejudic articl direct eec reserv provid articl associ reserv profit loss brought forward vi profit loss financi year articl member state permit compani balanc sheet date exce limit criteria balanc sheet total eua net turnov eua averag number employe financi year draw abridg balanc sheet show item preced letter roman numer articl disclos separ inform requir bracket ii quot asset quot quot liabil quot articl ii articl total articl balanc sheet date compani exce ceas exce limit criteria articl fact affect applic derog provid articl occur consecut financi year purpos translat nation currenc amount european unit account articl increas balanc sheet total refer articl consist asset quot asset quot layout prescrib articl layout prescrib articl articl asset liabil relat layout item relationship item disclos item appear note account disclosur essenti comprehens annual account share share affili undertak shown item prescrib purpos articl commit guarante kind oblig show liabil set foot balanc sheet note account distinct made type guarante nation law recogn specif disclosur made valuabl secur provid commit kind exist respect affili undertak shown separ section special provis relat balanc sheet item articl asset shown fix asset current asset depend purpos intend fix asset compris asset intend continu basi purpos undertak activ movement fix asset item shown balanc sheet note account end shown separ start purchas price product cost fix asset item hand addit dispos transfer financi year cumul adjust balanc sheet date rectif made financi year adjust previou financi year adjust shown balanc sheet clear deduct relev item note account annual account drawn accord direct time purchas price product cost fix asset determin undu expens delai residu begin financi year treat purchas price product cost applic provis disclos note account articl appli movement fix asset item refer subparagraph paragraph shown start purchas price product cost result revalu paragraph appli present quot format expens quot articl right immov similar right defin nation law shown quot land build quot articl purpos direct quot particip interest quot right capit undertak repres certif creat durabl link undertak intend contribut compani activ hold part capit compani presum constitut particip interest exce percentag fix member state exce articl expenditur incur financi year relat subsequ financi year incom relat financi year question due expiri shown quot prepay accru incom quot member state provid incom includ quot debtor quot incom materi disclos note account articl adjust compris adjust intend account reduct valu individu asset establish balanc sheet date reduct final articl provis liabil charg intend cover loss debt natur defin date balanc sheet incur incur uncertain amount date aris member state author creation provis intend cover charg origin financi year review previou financi year natur defin date balanc sheet incur incur uncertain amount date aris provis liabil charg adjust valu asset articl incom receiv balanc sheet date relat subsequ financi year charg relat financi year question paid subsequ financi year shown quot accrual defer incom quot member state provid charg includ quot creditor quot charg materi disclos note account section layout profit loss account articl present profit loss account member state prescrib layout provid articl member state prescrib layout compani choos articl net turnov variat stock finish good work progress work perform undertak purpos capit oper incom raw materi consum extern charg staff cost wage salari social secur cost separ indic relat pension adjust respect format expens tangibl intang fix asset adjust respect current asset extent exce amount adjust normal undertak concern oper charg incom particip interest separ indic deriv affili undertak incom invest loan form part fix asset separ indic deriv affili undertak interest receiv similar incom separ indic deriv affili undertak adjust respect financi asset invest held current asset interest payabl similar charg separ indic affili undertak tax profit loss ordinari activ profit loss ordinari activ taxat extraordinari incom extraordinari charg extraordinari profit loss tax extraordinari profit loss tax shown item profit loss financi year articl charg reduct stock finish good work progress raw materi consum extern charg staff cost wage salari social secur cost separ indic relat pension adjust respect format expens tangibl intang fix asset adjust respect current asset extent exce amount adjust normal undertak concern oper charg adjust respect financi asset invest held current asset interest payabl similar charg separ indic affili undertak tax profit loss ordinari activ profit loss ordinari activ taxat extraordinari charg tax extraordinari profit loss tax shown item profit loss financi year incom net turnov increas stock finish good work progress work perform undertak purpos capit oper incom incom particip interest separ indic deriv affili undertak incom invest loan form part fix asset separ indic deriv affili undertak interest receiv similar incom separ indic deriv affili undertak profit loss ordinari activ taxat extraordinari incom profit loss financi year articl net turnov cost sale includ adjust gross profit loss distribut cost includ adjust administr expens includ adjust oper incom incom particip interest separ indic deriv affili undertak incom invest loan form part fix asset separ indic deriv affili undertak interest receiv similar incom separ indic deriv affili undertak adjust respect financi asset invest held current asset interest payabl similar charg separ indic affili undertak tax profit loss ordinari activ profit loss ordinari activ taxat profit loss ordinari activ taxat extraordinari incom extraordinari charg extraordinari profit loss tax extraordinari profit loss tax shown item profit loss financi year articl charg cost sale includ adjust distribut cost includ adjust administr expens includ adjust adjust respect financi asset invest held current asset interest payabl similar charg separ indic affili undertak tax profit loss ordinari activ profit loss ordinari activilti taxat extraordinari charg tax extraordinari profit loss tax shown item profit loss financi year incom net turnov oper incom incom particip interest separ indic deriv affili undertak incom invest loan form part fix asset separ indic deriv affili undertak interest receiv similar incom separ indic deriv affili undertak profit loss ordinari activ taxat extraordinari incom profit loss financi year articl member state permit compani balanc sheet date exce limit criteria balanc sheet total million eua net turnov million eua averag number employe financi year adopt layout prescrib articl limit articl inclus combin item call quot gross profit loss quot articl inclus combin item call quot gross profit loss quot articl combin item call quot gross profit loss quot articl combin item call quot gross profit loss quot articl appli section special provis relat item profit loss account articl net turnov compris amount deriv sale product provis servic fall compani ordinari activ deduct sale rebat ad tax tax directli link turnov articl incom charg aris compani ordinari activ shown quot extraordinari incom extraordinari charg quot incom charg refer paragraph immateri assess result explan amount natur note account appli incom charg relat financi year articl member state permit tax profit loss ordinari activ tax extraordinari profit loss shown total item profit loss account quot tax shown item quot case quot profit loss ordinari activ taxat quot omit layout prescrib articl derog appli compani disclos note account extent tax profit loss affect profit loss ordinari activ quot extraordinari profit loss quot section valuat rule articl member state ensur item shown annual account valu accord gener principl compani presum carri busi concern method valuat appli consist financi year valuat made prudent basi aa profit made balanc sheet date includ bb account forese liabil potenti loss aris financi year concern previou liabil loss appar date balanc sheet date drawn cc account depreci result financi year loss profit account incom charg relat financi year irrespect date receipt payment incom charg compon asset liabil item valu separ open balanc sheet financi year correspond close balanc sheet preced financi year departur gener principl permit except case departur disclos note account reason assess effect asset liabil financi posit profit loss articl item shown annual account valu accord articl base principl purchas price product cost articl member state declar commiss reserv power derog articl pend subsequ coordin permit requir respect compani class compani valuat replac method tangibl fix asset limit econom live stock valuat method provid design account inflat item shown annual account includ capit reserv revalu tangibl fix asset financi fix asset nation law valuat method defin content limit rule applic applic method balanc sheet profit loss account item concern method valu shown calcul disclos note account paragraph appli amount differ valuat method valuat accord gener rule laid articl enter revalu reserv quot liabil quot treatment item taxat purpos explain balanc sheet note account purpos applic subparagraph paragraph compani amount reserv chang financi year publish note account inter alia tabl show amount revalu reserv begin financi year revalu differ transfer revalu reserv financi year amount capit transfer revalu reserv financi year natur transfer disclos amount revalu reserv end financi year revalu reserv capit part time revalu reserv reduc extent amount transfer thereto longer implement valuat method achiev purpos member state lai rule govern applic revalu reserv provid transfer profit loss account revalu reserv made extent amount transfer enter charg profit loss account reflect increas realiz amount disclos separ profit loss account part revalu reserv distribut directli indirectli repres gain realiz save provid revalu reserv reduc adjust calcul year basi adopt financi year question save derog articl member state permit requir amount adjust aris result applic gener rule laid articl shown relev item layout prescrib articl differ aris result valuat method adopt articl shown separ layout articl appli mutati mutandi paragraph appli disclos balanc sheet note account separ balanc sheet item provid layout prescrib articl stock amount balanc sheet date valuat made accord gener rule laid articl amount cumul adjust amount balanc sheet date differ valuat made accord articl result applic articl cumul amount addit adjust prejudic articl council propos commiss year notif direct examin amend articl light econom monetari trend commun articl nation law author inclus format expens quot asset quot written maximum period year format expens complet written distribut profit place amount reserv distribut profit brought forward equal expens written amount enter quot format expens quot explain note account articl fix asset valu purchas price product cost prejudic purchas price product cost fix asset limit econom live reduc adjust calcul write asset systemat econom live aa adjust made respect financi fix asset valu lower figur attribut balanc sheet date bb adjust made respect fix asset econom live limit valu lower figur attribut balanc sheet date expect reduct perman cc adjust refer aa bb charg profit loss account disclos separ note account shown separ profit loss account dd valuat lower valu provid aa bb continu reason adjust made ceas appli fix asset subject except adjust taxat purpos amount adjust reason make note account purchas price calcul ad price paid expens incident thereto product cost calcul ad purchas price raw materi consum cost directli attribut product question reason proport cost indirectli attribut product question ad product cost extent relat period product interest capit borrow financ product fix asset includ product cost extent relat period product event inclus interest quot asset quot disclos note account articl derog articl cc member state invest compani mean articl set adjust invest directli quot capit reserv quot amount question shown separ quot liabil quot balanc sheet articl articl appli cost research develop except case member state permit derog articl case provid derog articl derog reason disclos note account articl appli goodwil member state permit compani write goodwil systemat limit period exceed year provid period exce econom life asset disclos note account support reason articl tangibl fix asset raw materi consum constantli replac secondari import undertak shown quot asset quot fix quantiti quantiti composit thereof vari materi articl current asset valu purchas price product cost prejudic adjust made respect current asset view show lower market circumst lower attribut balanc sheet date member state permit except adjust basi reason commerci assess valuat item modifi futur fluctuat amount adjust disclos separ profit loss account note account valuat lower provid continu reason adjust made ceas appli current asset subject except adjust taxat purpos amount adjust reason make disclos note account definit purchas price product cost articl appli member state appli articl distribut cost includ product cost articl member state permit purchas price product cost stock good categori fungibl item includ invest calcul basi weight averag price quot quot fifo method quot quot lifo method similar method shown balanc sheet applic method calcul paragraph differ materi balanc sheet date basi market prior balanc sheet date amount differ disclos total categori note account articl amount repay account debt greater amount receiv differ shown asset shown separ balanc sheet note account amount differ written reason amount year complet written time repay debt articl provis liabil charg exce amount sum provis shown balanc sheet quot provis quot disclos note account materi section content note account articl addit inform requir provis direct note account set inform respect matter valuat method appli item annual account method emploi calcul adjust item includ annual account origin express foreign currenc base convers express local currenc disclos regist offic undertak compani person act compani behalf hold percentag capit member state fix show proport capit held amount capit reserv profit loss latest financi year undertak concern account adopt inform omit purpos articl neglig import inform capit reserv profit loss omit undertak concern publish balanc sheet capit held directli indirectli compani number nomin absenc nomin account par share subscrib financi year limit author capit prejudic amount capit concern articl direct eec articl direct eec class share number nomin absenc nomin account par class exist particip certif convert debentur similar secur right indic number right confer amount ow compani due payabl year compani entir debt cover valuabl secur furnish compani indic natur form secur inform disclos separ creditor item provid layout prescrib articl total amount financi commit includ balanc sheet inform assist assess financi posit commit pension affili undertak disclos separ net turnov mean articl broken categori activ geograph market take account manner sale product provis servic fall compani ordinari activ organ categori market differ substanti averag number person emploi financi year broken categori disclos separ profit loss account staff cost relat financi year broken provid articl extent calcul profit loss financi year affect valuat item derog principl enunci articl made financi year question earlier financi year view obtain tax relief influenc valuat futur tax charg materi detail disclos differ tax charg financi year earlier financi year amount tax payabl respect year provid differ materi purpos futur taxat amount disclos balanc sheet cumul amount separ item head amount emolu grant respect financi year member administr manageri supervisori bodi reason respons commit aris enter respect retir pension member bodi indic total categori amount advanc credit grant member administr manageri supervisori bodi indic interest rate main condit amount repaid commit enter behalf guarante kind indic total categori pend subsequ coordin member state appli paragraph financi hold compani mean articl articl member state permit compani refer articl draw abridg note account inform requir articl note disclos inform articl total item concern articl appli articl member state disclosur prescrib articl form statement deposit accord articl direct eec disclos note account omit natur prejudici undertak articl relat member state make omiss subject prior administr judici author omiss disclos note account paragraph appli inform prescrib articl member state permit compani refer articl omit disclosur prescrib articl articl appli section content annual report articl annual report includ fair review develop compani busi posit report give indic import event occur end financi year compani futur develop activ field research develop inform acquisit share prescrib articl direct eec section public articl annual account duli approv annual report opinion submit person respons audit account publish laid law member state accord articl direct eec law member state permit annual report publish stipul case made public compani regist offic member state concern obtain copi part report free charg request derog paragraph member state permit compani refer articl publish abridg balanc sheet show item preced letter roman numer articl disclos separ inform requir bracket ii quot asset quot quot liabil quot articl ii articl total item concern abridg note account explan requir articl note disclos inform articl total item concern articl appli addit member state reliev compani oblig publish profit loss account annual report opinion person respons audit account member state permit compani mention articl publish abridg balanc sheet show item preced letter roman numer articl disclos separ balanc sheet note account ii iii ii iii quot asset quot quot liabil quot articl ii iii ii iii articl inform requir bracket ii quot asset quot quot liabil quot articl total item concern separ ii quot asset quot quot liabil quot inform requir bracket ii articl total item concern separ ii abridg note account inform requir articl note account give inform articl total item concern paragraph prejudic paragraph relat profit loss account annual report opinion person respons audit account articl appli articl annual account annual report publish full reproduc form text basi person respons audit account drawn opinion accompani full text report person respons audit account made qualif refus report account fact disclos reason articl annual account publish full version publish abridg refer made regist account file accord articl file effect fact disclos report issu person respons audit account accompani public disclos report issu qualif refus articl publish annual account manner propos appropri profit treatment loss appropri profit treatment loss item annual account section audit articl compani annual account audit person author nation law audit account person person respons audit account verifi annual report consist annual account financi year member state reliev compani refer articl oblig impos paragraph articl appli exempt provid paragraph grant member state introduc sanction law case annual account annual report compani drawn accord requir direct section final provis articl contact committe set auspic commiss function facilit prejudic provis articl treati harmon applic direct regular meet deal practic problem aris connect applic advis commiss addit amend direct contact committe compos repres member state repres commiss chairman repres commiss commiss provid secretariat committe conven chairman initi request member articl purpos direct european unit account defin commiss decis ecsc decemb equival nation currenc calcul initi rate obtain date adopt direct year council act propos commiss examin revis amount express european unit account direct light econom monetari trend commun articl direct affect law member state requir annual account compani fall jurisdict file regist branch compani list articl member state bring forc law regul administr provis compli direct year notif forthwith inform commiss thereof member state stipul provis refer paragraph appli month end period provid paragraph period month year case unregist compani unit kingdom ireland purpos applic articl articl layout balanc sheet profit loss account member state brought layout document forc year notif direct purpos applic direct calcul disclosur balanc sheet depreci relat asset cover asset item mention articl ii articl ii purpos applic articl direct compani oblig public articl direct eec case subparagraph articl direct appli annual account opinion drawn person respons audit account purpos applic articl direct period month extend year compani princip object ship exist entri forc provis refer paragraph member state ensur commun commiss text main provis nation law adopt field cover direct articl oblig show annual account item prescrib articl relat affili undertak oblig provid inform undertak accord articl enter forc time council direct consolid account articl entri forc council direct consolid account prejudic provis direct eec eec member state appli depend compani group govern nation law provis direct content audit public annual account depend compani condit fulfil domin compani subject law member state sharehold member depend compani declar agreement exempt oblig declar made respect financi year domin compani declar guarante commit enter depend compani declar refer publish depend compani accord subparagraph articl annual account depend compani consolid group annual account oj exempt prepar audit public annual account depend compani disclos note group annual account articl appli group annual account articl appli group annual account articl entri forc council direct consolid account prejudic provis direct eec member state appli domin compani group govern nation law provis direct audit public profit loss account domin compani condit fulfil exempt publish domin compani accord articl annual account domin compani consolid group annual account exempt audit public profit loss account domin compani mention note group annual account profit loss domin compani determin accord principl direct shown balanc sheet domin compani articl appli group annual account articl appli group annual account articl pend subsequ coordin member state permit valuat hold affili undertak equiti method provid condit fulfil method valuat disclos note account compani hold amount differ exist hold acquir purchas price percentag capit repres includ affili undertak reserv profit loss profit loss brought forward shown separ balanc sheet note account compani hold purchas price hold increas reduc balanc sheet compani hold profit loss realiz affili undertak percentag capit held amount subparagraph shown year profit loss account compani hold separ item head affili undertak distribut dividend compani hold book valu reduc amount shown profit loss account accord subparagraph exce amount dividend receiv payment claim amount differ reserv distribut sharehold articl pend subsequ coordin member state prescrib invest invest compani mean articl invest fund valu basi market case member state waiv oblig invest compani variabl capit show separ adjust refer articl articl entri forc council direct consolid account member state appli domin compani group govern nation law provis articl amount capit reserv profit loss undertak concern annual account undertak consolid group annual account hold undertak valu equiti method articl direct address member state brussel juli council presid von dohnanyi