On 3 February 2016 Panevezio statybos trestas AB received the decision taken on 1 February 2016 by the Director of the Supervision Service of the Bank of Lithuania regarding imposition of sanctions on Panevezio statybos trestas AB.
It has been established that in the annual financial statements of Panevezio statybos trestas AB for 2014 the amount of deferred tax asset is unreasonably increased, risk of the loans issued to subsidiary companies is measured inadequately and information provided in the explanatory note on the assumptions for recognition of the amount of deferred tax asset and on the risk of the loans granted is disclosed insufficiently.
The company was instructed to publish a notification that by the decision taken by the Director of the Supervision Service of the Bank of Lithuania Panevezio statybos trestas AB was warned:
- about the infringement of Article 21 (5) of the Law on Securities of the Republic of Lithuania;
- that the financial statements of Panevezio statybos trestas AB for 2014 do not comply with the provisions of Article 12 Income Taxes and Article 39 Financial Instruments: Recognition and Measurement of the International Accounting Standards (IAS).
Hereby the company informs that the amount of deferred tax asset in the consolidated annual financial statements and reduction of financial assets in separate financial statements of Panevezio statybos trestas AB for 2014 will be corrected retrospectively.
The annual consolidated and separate financial statements for the year 2015 will be published not later than by 30 April 2016.
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