Consolidating foreign subsidiaries ifrs

04-Nov-2020 21:42

In addition, the company must publish its annual report no later than eight days after the determination or approval of the financial statements by the shareholders.

This means filing a copy of the financial statements with the Trade Register at the Chamber of Commerce.

As from 2005, all listed companies in the EU should apply to IFRS.

The same applies to Dutch financial institutions and insurance companies.

The auditors’ report must include the following points: The financial statements must be prepared and approved by the managing directors no later than 5 months after the end of the financial year.

Hereinafter, the shareholders must adopt the financial statements within 2 months after the financial statements have been approved by the managing directors.

Under Dutch Law, a controlled subsidiary is a legal entity in which the companies can directly or indirectly exercise more than 50% of the voting rights at the shareholders’ meeting or is authorized to appoint or dismiss more than half of the managing and supervisory directors.

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Virtually every corporate entity has the obligation to register itself in the Trade Register of the Chamber of Commerce and to publish certain financial data on an annual basis.

The accounting principles require that financial information must be understandable, relevant, reliable and comparable.

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