This seminar focused on IFRS explanations and implementation of the standards. Presentations were given by Director of International Financial Reporting, Mr. David Cairns (UK), and Director of the Lithuanian Accounting Institute, Mrs. Laimute Kazlauskiene.
According to the Lithuanian Law on Accounting, from 1 January 2005, companies, securities of which are listed on the NSEL, have to publish their financial statements according to IFRS.
“In 2005, listed companies throughout a recently-expanded European Union of 25 member states will publish consolidated financial statements in accordance with IFRS. This will create for the first time a level playing field for business partners, investors and shareholders seeking to compare the financial situation of companies from Aberdeen to Athens and from Tallinn to Tenerife. Over the past three years, the National Stock Exchange of Lithuania and the Lithuanian Accounting Institute have undertaken ongoing efforts to prepare Lithuanian companies for the new reporting requirements. This seminar focuses on the most recent changes to IFRS” – said Mr. Geoffrey Mazullo, Director of PFS Program.
The PFS Program established at the end of 1999, is a co-operative programme of the United States Department of State and East-West Management Institute, Inc., a New York based non-profit organisation. The goal of the PFS Program, active in the three Baltic Republics, is to promote regional co-operation in the financial sector through selective technical assistance programs and practical application of lessons learned in neighbouring countries. The substantive areas covered under the PFS Program are accounting, auditing banking, capital markets, insurance and pension reform.
NSEL is an associate member of the Federation of European Securities Exchanges. NSEL holds trading in shares and Government securities. Currently there are 44 companies listed as well as 37 issues of debt securities at the NSEL. On 19 May 2004, total NSEL capitalisation stood at LTL 20.23 billion (Eur 5.86 billion). Average daily total turnover in 2004 almost doubled from LTL 7.8 m (Eur 2.26 m) to LTL 13.87 m (Eur 4.02 m) in comparison to 2003.The dynamics of the securities market in Lithuania are reflected by the official NSEL indices LITIN-10, LITIN, and LITIN-G.
The Lithuanian Accounting Institute was established on 28 February 2002. The main activities and goals of the Institute are publishing of business accounting standards as well as their development and appropriation towards EU and international requirements.
