This seminar focused on IAS implementation in Lithuania, key principles of IAS financial statements, specific IAS, European Union directives and Baltic realities, as well as financial and non-financial disclosure. Examples of best practices of IAS implementation were introduced. Presentations were given by International Financial Reporting Director Mr. David Cairns (USA), IASC Standards Advisory Council member Ms. Rita Ilisson (Estonia), and Director of the Lithuanian Accounting Institute Mrs. Laimute Kazlauskiene.
According to the Lithuanian Law on Accounting, from 1 January 2004, companies, securities of which are listed on the NSEL, will have to publish their financial statements according to IAS. Financial statements encompass information for two past years, therefore, by the end of 2004, comparable data for 2003 will have to be presented according to IAS. Due to this reason, the companies have to know IAS well and to learn how to apply them already in 2003.
"This seminar is a great assistance to the companies when switching to IAS. It is very important to know how to start applying IAS for the first time since a lot of corrections and re-statements will have to be made." - said Laimute Kazlauskiene, Director of the Lithuanian Accounting Institute.
"By requiring listed companies in the European Union (EU) to publish consolidated financial statements in compliance with IAS beginning in 2005, the European Commission has taken a major step towards creating a truly common market, with transparent and comparable corporate reporting. Whereas this step poses a short-term challenge to accounting and audit professionals, company management, board members and supervisory authorities, the long-term and ultimate value to the business community will be significant. This seminar, one in a series of events in Czech Republic, Estonia, Latvia and Lithuania, will expose Lithuanian professionals to best practices in implementation of IAS. Future seminars are planned later this year in Poland and Slovak Republic." - said Geoffrey Mazullo, Director, Partners for Financial Stability (PFS) Program.
The PFS Programme, established at the end of 1999, is a co-operative programme of the USAID and East-West management Institute, Inc., a New York based non profit organisation. The PFS programme is active in Central and Eastern European countries. The goal of the PFS Programme is to promote regional co-operation in the financial sector through selective technical assistance programmes and practical application of lessons learned in neighbouring countries. The substantive areas covered under the PFS Programme are accounting, auditing banking, capital markets, insurance and pension reform.
NSEL holds trading in shares, bonds, and Government securities. Currently there are 44 companies listed as well as 36 issues of debt securities at the NSEL. On 18 February 2003, capitalisation of listed shares totalled LTL 13.02 billion (Euro 3.77 billion). The NSEL total turnover for 2002 exceeded LTL 2 billion (Euro 579.71 m). 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.
