Mandatory Rules on Financial Situation, Dividends Distribution and Fair Value Accounting in the EU IRFS/IAS Regulation

Andrea Lolli
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Abstract

The objective of this work is to show that the financial situation of a company and its future evolution are legally relevant when the distribution of dividends are concerned and if the company wants to avoid - as an exception to the general rule - the application of fair value criteria. This I will argue is the case despite the fact that the EU has still not chosen to introduce a solvency test either as an alternative or as an additional system-to legal capital. The going concern principle as stated in Fourth Council Directive 78/660/EEC of 25 July 1978, and the financial information requested as part of the balance sheet by the EU Directive 51/2003, are the legal elements obliging the company to take into consideration the financial situation when the above mentioned decision is taken, in order to avoid liability for a decision which is inconsistent with the financial situation. The financial situation of the company is now particularly relevant for companies choosing to avoid the appliance of fair value criteria to financial instruments, as that choice presumes the ability to wait to sell that instrument on the market and that ability is very much dependent on the financial resources and the financial needs of the company.
欧盟IRFS/IAS法规中财务状况、股息分配和公允价值会计的强制性规则
这项工作的目的是表明,当涉及股息分配时,如果公司希望避免-作为一般规则的例外-公允价值标准的应用,公司的财务状况及其未来发展在法律上是相关的。尽管事实是欧盟仍未选择引入偿付能力测试,无论是作为一种替代方案,还是作为一项额外的法定资本体系,但我将论证这一点。1978年7月25日第四理事会指令78/660/EEC中规定的持续经营原则,以及欧盟指令51/2003中要求作为资产负债表一部分的财务信息,是要求公司在做出上述决定时考虑财务状况的法律要素,以避免对与财务状况不一致的决定承担责任。公司的财务状况现在与选择避免对金融工具采用公允价值准则的公司尤为相关,因为这种选择假定有能力等待在市场上出售该工具,而这种能力在很大程度上取决于公司的财务资源和财务需求。
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