Article 39
Profit and loss account exemption for parent undertakings preparing consolidated financial statements
A Member State shall not be required to apply the provisions of this Directive concerning the auditing and publication of the profit and loss account to undertakings governed by its national laws which are parent undertakings, provided that the following conditions are fulfilled:
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(1) |
the parent undertaking draws up consolidated financial statements in accordance with this Directive and is included in those consolidated financial statements; |
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(2) |
the exemption is disclosed in the notes to the annual financial statements of the parent undertaking; |
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(3) |
the exemption is disclosed in the notes to the consolidated financial statements drawn up by the parent undertaking; and |
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(4) |
the profit or loss of the parent undertaking, determined in accordance with this Directive, is shown in its balance sheet. |