LAW No. 738 of 01/06/2015

 Ministry of Trade and Industry
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 Act amending the Annual Accounts Act and various other

                                             acts 1)

   (Reduction of administrative burdens, adaptation to international accounting standards,

   implementation of the new Accounting Directive and of amendments to the Transparency

                                          Directive, etc.)


WE MARGRETHE THE SECOND, by the Grace of God, Queen of Denmark, truly do:

The Folketing has passed and We by Our consent confirmed the following law:


                                                §1


    In the Annual Accounts Act, cf. Executive Order no. 1253 of 1 November 2013, as

 amended, among other things. by § 1 of Act no. 1367 of 10 December 2013 and most

 recently by § 46 in Act no. 1284 of 9 December 2014, the following amendments are made:


 1. The footnote to the title of the Act is replaced by the following:

'(1) The law contains provisions implementing parts of Council Directive 1982/891 / EEC of

17 December 1982 on the division of public limited liability companies, Official Journal 1982,

No L 378, page 47, parts of Council Directive 1989/666 / EEC of 21 December 1989 on public

access to branches established in a Member State by certain types of companies governed by

the law of another State, Official Journal 1989, No L 395, page 36, parts of Directive 2004/25

/ Directive of the European Parliament and of the Council EC of 21 April 2004 on takeover

bids, Official Journal 2004, No L 142, page 12, parts of Directive 2004/109 / EC of the
European Parliament and of the Council of 15 December 2004 on the harmonization of

transparency requirements for issuers' information , whose securities are admitted to trading

on a regulated market, and amending Directive 2001/34 / EC, Official Journal 2004, L 390,

page 38, parts of Directive 2006/43 / EC of the European Parliament and of the Council of 17

May 2006 on statutory audit of annual accounts and consolidated accounts, as amended of

Council Directive 1978/660 / EEC and repealing Council Directive 1984/253 / EEC, Official

Journal 2006, No L 157, page 87, parts of Council Directive 2006/99 / EC of 20 November

2006 adapting of certain directives relating to company law due to the accession of Bulgaria

and Romania, Official Journal 2006, No L 363, page 137, parts of Directive 2011/35 / EU of

the European Parliament and of the Council of 5 April 2011 on mergers of public limited

liability companies, EU Official Journal 2011, L 110, page 1, parts of Directive 2012/30 / EU of

the European Parliament and of the Council of 25 October 2012 on the coordination of the

guarantees required in the Member States by the Member States referred to in Article 54 (1).

Companies referred to in Article 2 (2) of the Treaty on the Functioning of the European Union

to protect the interests of both shareholders and third parties with regard to the formation of

the public limited company and the preservation and modification of its capital, with a view

to making those guarantees equally burdensome; , No L 315, page 74, parts of Council

Directive 2013/24 / EU of 13 May 2013 adapting certain directives relating to company law

due to the accession of the Republic of Croatia, Official Journal 2013, No L 158, page 365,

parts of Directive 2013/34 / EU of the European Parliament and of the Council of 26 June

2013 on the annual accounts, consolidated accounts and related reports of certain types of

undertakings, amending Directive 2006/43 / EC of the European Parliament and of the

Council and repealing Council Directive 78/660 / EEC and 83/349 / EEC, Official Journal

2013, No L 182, page 19, as amended by Directive 2014/95 / EU of the European Parliament

and of the Council of 22 October 2014 amending Directive 2013 / 34 / EU, as regards off

publication of non-financial and diversity information for certain large companies and
groups, Official Journal 2014, No L 330, page 1, and as amended by Directive 2014/102 / EU

of the European Parliament and of the Council of 7 November 2014; adapting Directive

2013/34 / EU of the European Parliament and of the Council on the annual accounts,

consolidated accounts and related reports of certain types of companies due to the accession

of the Republic of Croatia, Official Journal 2014, No L 334, page 86, and parts of the European

Directive 2013/50 / EU of the European Parliament and of the Council of 22 October 2013

amending Directive 2004/109 / EC of the European Parliament and of the Council on the

harmonization of transparency requirements in relation to information on issuers whose

securities are admitted to trading on a regulated market, Directive 2003/71 / EC of the

European Parliament and of the Council on the prospectus to be published when securities

are offered to the public or admitted to trading, and Directive 2007/14 / EC of the European

Commission on Implementing provisions for certain provisions of Directive 2004/109 / EC,

Official Journal 2013, No L 294, page 13. '


 2. In § 2, para. 1, 2nd sentence, is inserted after »§§«: »9 a,«.


 3. In § 4, para. 1, is amended »para. 4-6 «to:» pcs. 4-7 «.


 4. In § 4, para. 2, is inserted after »§ 7, para. 3 «:» and 4 «.


 5. In § 4, para. 4, is amended »§ 7, para. 4 «to:» § 7, para. 5 «.


 6. In section 4 , the following is inserted after subsection 4 as a new piece:

    "PCS. 5. Stk. Paragraph 1 shall not apply to undertakings which have shares, debt

 instruments or other securities admitted to trading on a regulated market in an EU / EEA

 country. '

   PCS. 5 and 6 then become para. 6 and 7.


 7. In § 4, para. 6, 1st sentence, which becomes para. 7, 1st sentence, is amended »para. 5

 «to:» stk. 6 «.
 8. In § 5, para. 1, no. 3, and § 6, para. 1, no. 3, 'Council Directive 83/349 / EEC' is replaced by:

 'Directive 2013/34 / EU of the European Parliament and of the Council'.


 9. In section 5 , the following paragraph is inserted : 5:

    "PCS. 5. Stk. Paragraphs 1 to 3 shall not apply to affiliates and limited partnerships which

 have holdings, debt instruments or other securities admitted to trading on a regulated

 market in an EU / EEA country. '


 10. § 6 pieces. 1, no. 1, is replaced by the following:

"(1) the subsidiary's financial statements are included in a consolidated financial statement

prepared by a parent company on full consolidation."


 11. In § 6, para. 1, no. 2, the words 'or the higher parent undertaking' are deleted.


 12. In § 6, para. 1, no. 5, 'liabilities' is changed to: 'existing liabilities and liabilities that arise

 during the period'.


 13. § 7, para. 2 (1) (a) and (b) is replaced by the following:

»A) A balance sheet total of DKK 44 million. kr.,

b) a net turnover of DKK 89 million. hook".


 14. § 7, para. Article 2 (2) (a) and (b) is replaced by the following:

»A) A balance sheet total of DKK 156 million. kr.,

b) a net turnover of 313 mill. hook".


 15. In § 7, para. 3, no. 2, 1st sentence, is amended »no. 11 «to:» no. 13 «.


 16. In section 7 , the following is inserted after subsection 3 as a new piece:

    "PCS. 4. Companies whose financial income or income from investment business at least

 corresponds to the net turnover, cf. Annex 1, C, no. 13, shall, when calculating the size limits

 in subsection (1), 2 apply the net revenue with the addition of financial income and income
from investment business. Positive value adjustments are covered by section 38 (1) as

income from investment activities. 1, and realized gains on the sale of investment

properties. '

  PCS. 4 and 5 will then become para. 5 and 6.


17. In § 7, para. 5, which becomes para. 6, is amended »para. 1 and 4 «to:» para. 1 and 5 '.


18. In § 8, para. 1, is amended »no. 5 «to:» no. 6 «.


19. In § 9, para. 1, 2nd sentence, is inserted after »management statement,«: »cf. however, §

9 a, «.


20. In section 9 , the following is inserted after subsection 1 as a new piece:

   "PCS. (2) If the annual report is signed digitally, cf. section 153 c, the requirement in

subsection 1 stating that the signature and the date of the signature must be given in

connection with the management statement. However, the name of the signatory must be

clearly stated in connection with the management statement. '

  PCS. 2 and 3 then become para. 3 and 4.


21. In § 9, para. 3, which becomes para. 4, is amended »para. 2 «to:» stk. 3 «.


22. In § 9, para. 3, which becomes para. 4, in two places '50,000 euros' is changed to:

'100,000 euros'.


23. In § 9, para. 3, which becomes para. 4, is inserted after 'a currency other than the euro':

', cf. 5 «.


24. In section 9 , the following is inserted after subsection 3, which becomes para. 4, as a

new piece:

   "PCS. 5. Stk. 3 does not apply to companies that only issue debt instruments that are

admitted to trading on a regulated market in an EU / EEA country before 31 January 2010,
if the nominal value per. unit is at least 50,000 euros, or if the face value per unit on the date

of issue corresponds to at least 50,000 euros when the debt instruments are issued in a

currency other than the euro. 1. pkt. shall apply throughout the life of the debt instruments.

'

    PCS. 4 and 5 will then become para. 6 and 7.


25. After section 9, the following is inserted:


    § 9 a. If the company's responsible management body consists of only one member at the

time of approval of the annual report, the company may not include a management

statement in the annual report, unless the company is covered by accounting class D. The

company's reporting of the annual report to the Danish Business Authority documentation

that the management member has approved the annual report.

    PCS. (2) If the company's annual report does not contain a management statement, cf. 1,

they must in § 9, para. The declarations referred to in paragraphs 6 and 7 shall be given in

the management's report. '


26. In section 10 a , the following paragraph is inserted : 2:

    "PCS. (2) If the company's annual report does not contain a management statement, cf.

section 9 a, subsection 1, they shall in para. The information referred to in paragraph 1 shall

be provided in the management's review. '


27. In § 11, para. 3, 1st sentence, change "sections 19-21, 23-76, 79-101, 103-107 and 115-

134 of this Act" to: "this Act".


28. In § 13, para. 2, is inserted as 3rd sentence:

Ȥ 11, para. 3, 2nd sentence, shall apply mutatis mutandis. '


29. § 13, para. 3 is repealed.
30. In § 18, 2nd sentence, "state-authorized or registered" is changed to: "approved".


31. In section 19 , the following is inserted after subsection 1 as a new piece:

  "PCS. 2. Assets and liabilities in the opening balance must be measured according to

either the acquisition method or the aggregation method, cf. sections 122 and 123. The

chosen method must be used systematically and consistently for all assets and liabilities. "

 PCS. 2 and 3 then become para. 3 and 4.


32. § 19, para. 3, which becomes para. 4 is replaced by the following:

  "PCS. 4. If an enterprise that is personally owned by one or more holders recognizes

assets and liabilities as well as income and expenses that do not relate to the business

activities, these must be classified so that they are clearly separated from the business

activities in the balance sheet and income statement. '


33. In § 20, para. 2, is inserted after 'liabilities': 'as well as income and expenses'.


34. § 22, para. 1 is replaced by the following:

  'An enterprise that is included in accounting class B must prepare an annual report which

at least consists of a management statement, cf., however, section 9 a, subsection. 1, balance

sheet, income statement, notes, cf., however, section 22 b, subsection 1, and a management

report. If an approved auditor has submitted an audit opinion or other statement to the

annual report, cf. sections 135 and 135 a, the audit opinion or statement must be included

in the annual report. §§ 11-17, § 19, para. 1, 2 and 4, § 20, para. 2, §§ 22 a, 22 b and 23-77

shall apply, cf., however, § 137. «


35. In section 22 , the following paragraph is inserted : 4:

  "PCS. 4. The first time an enterprise no longer applies one or more of the exceptions in

section 22 b, the enterprise may, for the items in the income statement which are affected

by the application of section 37, calculate comparative figures for the income statement
 pursuant to section 24 for periods prior to financial year, in accordance with the method

 hitherto used. '


 36. After section 22, the following is inserted before the heading before section 23:


                                'Exemption for micro-enterprises


    § 22 a. Micro-enterprises may apply the exceptions in § 22 b, cf. 3. Micro-enterprises are

 defined as very small enterprises covered by accounting class B, which for 2 consecutive

 financial years at the balance sheet date do not exceed two of the following quantities:

1) A balance sheet total of DKK 2,700,000.

2) A net turnover of DKK 5,400,000.

An average number of full - time employees during the financial year of 10.

    PCS. 2. When calculating the size limits in para. 1 finds § 7, para. 3 and 4, corresponding

 application.

    PCS. Notwithstanding that the size limits in para . 1 is met, the exceptions in § 22 b may

 not be applied by the following companies:

1) Companies which hold shares in other companies and which exercise significant influence

over the operational or financial management of one or more of these companies.

2) Companies engaged exclusively in investing their assets in securities and real estate or in

other assets for the sole purpose of apportioning the investment risk and allowing their

shareholders to benefit financially from the results of the management of their assets.

3) Companies associated with companies covered by No. 2, which have fixed capital, provided

that the related companies have the sole purpose of acquiring fully paid-up shares issued by

these investment companies.

4) Companies that at the balance sheet date have rights or obligations as a result of

agreements entered into on derivative financial instruments.
      § 22 b. Micro-enterprises, cf. § 22 a, are in the preparation of the annual accounts

 exempted from providing the following information in the notes:

1) Information on applied accounting policies, cf. section 53.

2) Information on debt that falls due for payment more than 5 years after the balance sheet

date, cf. section 63.

3) Information on certain special items, cf. section 67 a, nos. 1 and 2.

4) Information on the average number of full-time employees in the financial year, cf. section

68.

      PCS. An undertaking which applies one or more of the exceptions in paragraph 1, shall

 state this in the notes.

      PCS. § 11, para . 2 and 3, does not apply to annual accounts where one or more of the

 exemption options in para. 1 has been used.

      PCS. §§ 37-38 do not apply to companies that apply one or more of the exceptions in

 subsection. 1. «


 37. In § 23, para. 2, 3rd sentence, is inserted after «post«: », cf. 6 «.


 38. In § 23, para. (3) is inserted after 'clarity': ', cf. 6 «.


 39. In § 23, para. (4) is inserted after 'required': ', cf. 6 «.


 40. In section 23 , the following paragraph is inserted : 6:

      "PCS. ( 6) The Danish Business Authority may lay down rules that limit the possibilities of

 deviating from the forms for the balance sheet and income statement in accordance with

 subsection (1). 2, 2nd and 3rd sentences, and para. 3 and 4, to the extent that this is

 necessary for annual reports, etc. to be reported digitally. '


 41. § 26, para. 2 is repealed.

      PCS. 3 then becomes para. 2.
42. § 30 is repealed.


43. Section 31 is replaced by the following:


  § 31. The management's proposal for a decision on the use of the company's profit or

coverage of losses must be placed in connection with the income statement. Management's

proposed dividend must appear as a special item in equity under 'Transferred profit or

loss', cf. Appendix 2, Table 1 or 2.

  PCS. 2. If an extraordinary dividend has been distributed during the financial year, this

must be stated separately in the allocation of results. If an extraordinary dividend has been

distributed after the end of the financial year, this must be stated in connection with the

allocation of results. "


44. § 33, para. 1, 3rd sentence, is replaced by the following:

  "The company may also refrain from recognizing internally generated development

projects and consequent intellectual property rights such as patents and similar rights."


45. In section 33 , the following is inserted after subsection 1 as a new piece:

  "PCS. 2. Notwithstanding subsection 1, contingent assets can only be recognized when it

is overwhelmingly probable that they will result in future economic benefits accruing to the

company. '

 PCS. 2 and 3 then become para. 3 and 4.


46. § 34 is repealed.


47. In section 36 , the following paragraph is inserted : 2:

  "PCS. 2. When taking over an existing business, §§ 121-123 apply correspondingly. '


48. In § 37, para. 1, 2 . and 4th sentence, change 'well-functioning' to: 'active'.


49. In § 37, para. 3, no. 3, change 'shares and' to: 'shares'.
 50. § 37, para. 3, no. 4, is repealed and replaced by the following:

'4) equity instruments issued by the company,

5) contracts for conditional remuneration for the acquisition of a company in connection with

a business combination,

6) commodity-based contracts, which give the parties the right to settle in cash or in other

financial instruments, and which are therefore considered as derivative financial

instruments, and which

  (a) has been entered into to secure and continues to secure the Company's expected

  requirements with respect to purchase, sale or use;

  (b) was entered into for that purpose from the outset; and

  (c) is expected to be settled upon delivery of the raw material; and

7) other financial instruments with such specific characteristics that the instruments, in

accordance with what is generally accepted, are recognized and measured differently from

other financial instruments. '


 51. In section 37 , the following paragraph is inserted : 4 and 5:

    "PCS. 4. Notwithstanding subsection 1-3, the company may refrain from measuring

 investments that are not admitted to trading on an active market at fair value.

    PCS. 5. Notwithstanding subsection 1-4, the entity may recognize and measure financial

 assets and liabilities in accordance with the International Accounting Standards adopted by

 the European Commission in accordance with Regulation (EC) No 1606/2002 of the

 European Parliament and of the Council of 19 July 2002 on application of international

 accounting standards, and subsequent amendments adopted by the European Commission

 in accordance with the said Regulation. If the entity uses this option, the information on

 financial assets and liabilities required by the said standards must be provided. '


 52. The following is inserted after section 37:
  § 37 a. Financial assets and liabilities or components thereof may, notwithstanding § 37,

para. 2, are measured at fair value when they are effectively hedged by a hedging

instrument that in accordance with § 37, para. 1 shall be measured at fair value. "


53. § 38, para. 1 is replaced by the following:

  "After initial recognition, investment properties can be adjusted to fair value on an

ongoing basis."


54. § 38, para. 2 is repealed.

  PCS. 3 and 4 then become para. 2 and 3.


55. In § 38, para. 3, which becomes para. 2, the words 'as a main activity' are deleted.


56. § 38, para. 4, which becomes para. 3 is replaced by the following:

  "PCS. § 37, para . 1, 2.-5. pkt., applies correspondingly to para. 1 and 2."


57. In section 40 , the following is inserted after the first sentence:

  "The cost of fixed assets may also include the costs that can be indirectly attributed to the

fixed asset in question if the costs relate to the period of manufacture."


58. § 41, para. 1 is replaced by the following:

  »The entity may revalue intangible and tangible fixed assets and investments in

subsidiaries and associates at fair value. However, intangible fixed assets can only be

revalued if they are traded on an active market. "


59. In § 41, para. 2, and § 43 a, para. 6, 3rd sentence, is amended »§ 37, para. 1, 2.-4. pkt.

«to:» § 37, stk. 1, 2.-5. pkt. «


60. In § 41, para. 3, no. 3, the words 'or' are deleted.


61. In § 41, para. 3, no. 4, '§ 52.' is amended to: '§ 52, or'.
 62. In § 41, para. 3, 3rd sentence, is inserted as no. 5:

'(5) is reduced in value as a result of depreciation.'


 63. In § 42, para. 1, '§§ 37 or 38' is amended to: '§§ 37, 37 a or 38'.


 64. In section 42 , the following paragraph is inserted : 3:

    "PCS. 3. The one in para. The lower value mentioned in 1 can not be maintained when the

 justification for the write-down no longer exists. However, write-downs on goodwill cannot

 be reversed. "


 65. In § 43, para. 2, the words 'measured at the value at the time of the beginning of the

 service life' are deleted.


 66. § 43, para. 3 is replaced by the following:

    "PCS. 3. In special cases where an enterprise is unable to reliably estimate the useful life

 of goodwill and development costs, it shall be assumed to be 10 years. '


 67. Section 44 is replaced by the following:


    § 44. The cost price of current assets must include the costs that are incurred from the

 acquisition or that can be directly attributed to the asset produced.

    PCS. 2. The cost price of current assets may also include the costs that can be indirectly

 attributed to the current asset in question if the costs relate to the production period. In

 addition, interest on capital borrowed to finance the production of goods and relating to the

 production period can be recognized in the cost price.

    PCS. 3. Distribution costs may not be recognized in the cost price, cf. 1 and 2."


 68. Section 46 is replaced by the following:


    § 46. Current assets that are not regularly adjusted to fair value in accordance with §§

 37-38 must be written down to a lower net realizable value.
    PCS. 2. The one in para. The lower value referred to in paragraph 1 may not be

 maintained when the justification for the write-down no longer exists. '


 69. In § 47, para. 1, is inserted as 3rd sentence:

    "Provisions for restructuring must be recognized when a restructuring decision has been

 taken and the restructuring process has begun."


 70. § 47, para. 2 is replaced by the following:

    "PCS. Provisions which do not relate to income taxes may be measured at capital value. '


 71. The heading before § 48 and § 48 is repealed.


 72. In § 49, para. 1, 3rd sentence, is amended »§ 38, para. 1 and 3, «to:» § 38, sec. 1 and 2,".


 73. In § 49, para. 2, no. 1, '§§ 41 and 46' is amended to: '§ 41'.


 74. In § 49, para. 2, no. 2, is deleted "to the extent that the investments are not recognized in

 the balance sheet".


 75. In § 49, para. 2, no. 5, is amended »cf. § 13, para. 2, and «to:» cf. § 13, para. 2, «.


 76. In § 49, para. 2, no. 6, 'fundamental' is changed to: 'essential'.


 77. In § 49, para. 2, no. 6, is amended »cf. § 52, para. 2, «to:» cf. § 52, para. 2, and «.


 78. In § 49, para. 2, is inserted as No. 7:

"7) actuarial gains and losses that are included in the calculation of the pension obligation."


 79. In section 50 , the following paragraph is inserted : 2:

    "PCS. 2. The gross value of the set-off amounts shall be stated in the notes. '


 80. § 51, para. 1 and 2 are replaced by the following:
    'If the company changes its accounting policies, the items in the financial statements that

 are affected by this must be changed in accordance with the new practice by recognizing the

 effect of the change directly on equity at the beginning of the financial year. Comparative

 figures need to be changed in line with new practice.

    PCS. (2) If the company changes its accounting policies in order to be able to write up

 assets pursuant to section 41, subsection 1, recognition must be made directly of equity.

 Revaluations must be processed in accordance with section 41, subsection 3. Comparative

 figures shall not be adjusted. '


 81. § 52, para. 2 is replaced by the following:

    "PCS. 2. If the annual accounts relating to previous financial years contain significant

 errors, the amount effect of the correction must be recognized directly in equity at the

 beginning of the financial year, and the comparative figures for previous years must be

 adjusted. '


 82. After section 52, the following is inserted in Chapter 7:


    "Section 52 a. Notes to the annual accounts must be presented in the same order as the

 items in the income statement and the balance sheet to which they relate."


 83. § 53, para. 2, no. 1, letter ac, is repealed and replaced by the following:

»A) The valuation models and techniques used in the calculation of the fair value when assets

or liabilities are measured at fair value, cf. sections 37-38, and the fair value is not measured

on the basis of observations in an active market.

b) Depreciation method, estimate of residual value and useful life in connection with

depreciation of fixed assets. The amortization period for goodwill must be justified. "

   Letter d then becomes letter c.


 84. § 53, para. 2, no. 4, is replaced by the following:
"4) The recognition methods and measurement basis used in business combinations."


 85. In § 54, 2nd sentence, "errors, including fundamental errors" is changed to: "significant

 errors".


 86. The heading before § 56 and § 56 is repealed.


 87. Section 58 is replaced by the following:


    § 58. If the company revokes fixed assets that are not regularly adjusted to fair value in

 accordance with §§ 37-38, the following must be stated:

1) The carrying amount of the balance sheet, which would have been recognized if the

revaluation pursuant to section 41, subsection 1 had not been made.

2) On the item 'Reserve for revaluation' under equity:

  a) The amount at the beginning of the financial year,

  (b) inflows during the financial year;

  c) the year's reversals of previous years' revaluations,

  d) depreciation for the year,

  (d) departure during the financial year; and

  (f) the amount at the end of the financial year. '


 88. After section 58, the following is inserted:


    § 58 a. If assets or liabilities are measured at fair value, cf. §§ 37-38, and if the fair value

 is not measured on the basis of observations on an active market, information must be

 provided on the key assumptions used in the calculation.

    PCS. 2. The information in para. 1 may be given together for a category or a group of

 assets if the central assumptions for the fair value calculation in the category and the group

 of assets, respectively, do not differ significantly from each other.
  § 58 b. For derivative financial instruments that are continuously measured at fair value,

cf. § 37, subsection 1, information must be provided on the scope and nature of the

instruments as well as significant conditions that may have an impact on the amount, timing

and security of future cash flows.

  PCS. 2. The information in para. 1 may be given together for uniform derivative financial

instruments.


  § 58 c. The company must provide information on the positive and negative differences

that are found on the first recognition of investments in accordance with § 43 a. The

differences are calculated in accordance with § 121, cf. §§ 122 and 123. '


89. Section 64 is replaced by the following:


  § 64. The company must disclose the total size of its contingent liabilities, including

leasing, surety and guarantee obligations and other contingent liabilities that are not

recognized in the balance sheet.

  PCS. If the company has pledged or other collateral in assets, it must state this and state

the total amount of pledges and collateral and state the carrying amount of the pledged

assets and the assets pledged, respectively .

  PCS. Obligations as mentioned in para. 1 and mortgages and securities as mentioned in

para. 2 to affiliated and associated companies, respectively, must be disclosed separately. '


90. After section 67, the following is inserted before the heading before section 69:


                                     »The income statement


  § 67 a. The company must provide information on the size and nature of income or

expense items that are special due to their size or nature. Information about the year must

be provided below
1) reversals of write-downs on current assets,

2) write-downs on current assets that exceed normal write-downs,

Write-downs on fixed assets and

4) reversals of write-downs on fixed assets. '


 91. After the heading before section 69, the following is inserted:


    § 68. The company must state the average number of employees in the financial year. "


 92. Section 71 is replaced by the following:


    § 71. The company must disclose the name and registered office of the parent company

 that prepares consolidated accounts for the smallest group in which the company is

 included as a subsidiary. "


 93. § 72 is repealed.


 94. In § 73, para. 1, 1st sentence, change "a public limited company, a private limited

 company, a partner company (limited partnership) or a trading fund" to: "a company".


 95. In § 73, para. 1, is inserted after the 2nd sentence:

    "In addition, for each category, information must be provided on write-downs on

 recognized amounts and whether waivers, including partial waivers, have been granted on

 recognized amounts."


 96. § 73, para. 3 and 4 are repealed.


 97. The heading before § 75 and §§ 75 and 76 is repealed.


 98. The heading before § 76 a, § 76 a, the heading before § 77 and § 77 is repealed and

 replaced by the following:


                                      »Management's report
    § 76 a. The management report shall

1) describe the company's main activities and

2) account for any significant changes in the company's activities and financial conditions.


    § 77. If a company owns own shares, it must disclose

1) number and nominal value or, in the case of investments without a nominal value, the book

par value, indicating what percentage the company's holding of own shares constitutes of the

company capital,

2) number and nominal value or in the case of investments without nominal value the book

par value, indicating what percentage the company's holding of own shares constitutes of the

share capital acquired and disposed of in the financial year, and the size of the total purchase

price and sale price, respectively;

3) reasons for acquisitions of own shares in the financial year.

    PCS. 2. Stk. Paragraph 1 shall apply mutatis mutandis to own shares acquired by the

 company as security. '


 99. § 78, para. 1 is repealed and replaced by the following:

    »A company that is covered by accounting class C must prepare an annual report that

 consists of at least a management statement, cf., however, section 9 a, subsection. 1, balance

 sheet, income statement, equity statement, cash flow statement, notes and a management

 report.

    PCS. (2) When an annual accounts and a possible consolidated accounts have been

 audited, the audit opinion, etc. is included in the annual report, cf. section 135, subsection 1

 and 5.

    PCS. §§ 11-17, § 19, para. 1, 2 and 4, § 20, para. 2, §§ 23-29 and 32-39, § 40, 1st and 3rd

 sentences, §§ 41-43, § 44, para. 1 and 3, and §§ 45-64, 66-70, 73, 74, 77-77 b, 78 a and 80-

 101 apply.
    PCS. 4. Are there rules in §§ 23-29 and 32-39, § 40, 1st and 3rd sentences, §§ 41-43, § 44,

 para. 1 and 3, and §§ 45-64, 66-70, 73, 74, 77-77 b and 78 a in violation of rules in §§ 80-

 101, the rules in §§ 80-101 take precedence.

    PCS. 5. If a company wishes to submit an annual report in accordance with international

 accounting standards, section 137 shall apply. "

   PCS. 2 and 3 then become para. 6 and 7.


 100. In § 78, para. 3, which becomes para. 7, is inserted after "accounting class A or B,": "or

 which has ceased to apply § 78 a,".


 101. The following is inserted after section 78:


                              'Exemption for medium-sized subsidiaries


    § 78 a. Subsidiaries that in accordance with § 7 are medium-sized companies may,

 notwithstanding § 7, para. 1, no. 3, choose to submit an annual report in accordance with

 the provisions for accounting class B, cf. section III, except for the provisions in §§ 22 a and

 22 b, if

1) the subsidiary's accounts are included in full consolidation in a consolidated financial

statement prepared by a parent company,

2) the parent company is subject to the legislation of an EU / EEA country,

3) the consolidated financial statements have been prepared in accordance with the rules of

this Act or, if the parent company in question is foreign, in accordance with the rules of

Directive 2013/34 / EU of the European Parliament and of the Council, as amended, and have

been audited and published in accordance with those rules;

4) all the participants in the subsidiary's undertakings have agreed to the procedure for the

financial year in question;
5) the parent company has declared that it guarantees the subsidiary's existing liabilities and

obligations that arise in the period until the subsidiary has submitted an annual report for a

later financial year where the exemption has not been applied and this annual report has

been received and published in accordance with Chapter 19; 20 and

6) it is stated in both the subsidiary's annual report and in the consolidated financial

statements in question that the subsidiary has submitted an annual report with reference to

this section.

    PCS. Subsidiaries applying the derogation in paragraph 1, may have the audit of the

 annual accounts and any consolidated accounts performed in accordance with the Danish

 Business Authority's declaration standard for small companies, cf. section 135, subsection

 1, 2. pkt.

    PCS. Subsidiaries applying the derogation in paragraph 1, must submit their annual report

 together with the documents mentioned in § 146 a. '


 102. § 79 is repealed.


 103. Section 80 is replaced by the following:


    § 80. In a line in the income statement and balance sheet, respectively, the company must

 present separately the activities that according to an overall plan must be sold, closed or

 abandoned, unless they can not be separated from the other activities.

    PCS. The items that are summarized in a line in the income statement and the balance

 sheet pursuant to subsection, respectively. 1 shall be specified in the notes. "


 104. In § 81, 2nd sentence, and § 103 , 'form 5' is changed to: 'form 3'.


 105. In § 81, 2nd sentence, and § 103 , 'form 6' is changed to: 'form 4'.


 106. Section 82 is replaced by the following:
    "Section 82. The company must include in the cost price of the inventories it has

 produced the costs that can be indirectly attributed to inventories if the costs relate to the

 production period."


 107. In § 83, 2nd sentence, "concessions" are deleted.


 108. In section 83 , the following paragraph is inserted : 2:

    "PCS. 2. Development projects are recognized, cf. 1, an amount corresponding to the

 recognized development costs must be recognized directly in the item 'Reserve for

 development costs' under equity. § 41, para. 3, 2nd and 3rd sentences, shall apply

 correspondingly to this reserve. '


 109. After section 86, the following is inserted in Chapter 10:


                                       »The equity statement


    § 86 a. The equity statement must state for each item

1) the size at the beginning of the financial year,

2) inflow during the financial year,

Departure during the financial year; and

4) the size at the end of the financial year.

    PCS. 2. The content of the year's movements in the equity statement must appear on the

 name or on the notes.

    PCS. 3. In the statement pursuant to para. 1, additions and departures must appear

 separately in the items »Reserve for revaluation« and »Reserve for development costs« as

 well as amounts that are recognized directly in equity in accordance with section 49,

 subsection. 2, Nos. 3 and 4.

    PCS. 4. The management's proposal for a decision on the use of profits or coverage of

 deficits must appear in the statement. '
110. Section 87 is replaced by the following:


  § 87. In addition to the information required in § 53, the statement of accounting policies

used must contain information on recognition methods and measurement basis for the cash

flow statement, including information on what the company attributes to cash and cash

equivalents. It must be stated separately if the company has failed to prepare a cash flow

statement pursuant to section 86, subsection. 4.

  PCS. 2. The company must state in the management's review the methods used to

calculate the key figures included in the management's report. '


111. The heading before § 87 a is replaced by the following:


                                      'Working capital'.


112. § 87 a is replaced by the following:


  § 87 a. If the working capital of a capital company consists of several classes, these must

be specified, cf. 2 and 3.

  PCS. 2. The number of shares or their nominal value must be stated for each class. In the

case of investments without a nominal value, the book par value must be stated for each

class.

  PCS. For public limited companies, the number and nominal value or, in the case of

investments without nominal value, the book par value must be stated .

  PCS. 4. If new shares have been subscribed for in a public limited company, public limited

company or partner company during the financial year, the number and nominal value or,

in the case of investments without nominal value, the book par value shall be disclosed. '


113. The following is inserted after section 88:
    § 88 a. The company must provide information on the special assumptions on which the

 recognition and measurement of development projects and tax assets are based.


    § 88 b. If the company has financial fixed assets that are measured at cost, where the

 assets in question are recognized at a higher value than the fair value, the company must

 provide information on the assets' fair value, the recognized value and the reason why no

 write-downs have been made. Information must also be provided on what documentation is

 the basis for the assumption that the book value will be recovered.

    PCS. 2. The information may be provided together for uniform groups of fixed assets. '


 114. In § 93, para. 1, 1st sentence, change "and the stipulated deadline for exchange for

 shares" to: ", the stipulated deadline for exchange for investments and any other rights

 attached thereto".


 115. In section 93 , the following is inserted after subsection 1 as a new piece:

    "PCS. 2. Stk. 1, 1st sentence, applies correspondingly to other rights issued by the

 company, which may result in the disposal of existing or the issuance of new shares in the

 company. The information must be provided for each right. "

   PCS. 2 then becomes para. 3.


 116. After section 93, the following is inserted before the heading before section 94:


                                            "Provisions


    § 93 a. For deferred tax, cf. § 47, at least the amount must be stated

1) at the end of the previous financial year,

2) recognized in the income statement in the financial year,

3) recognized directly in equity in the financial year and

4) at the balance sheet date. '
117. I § 94 a, stk. 2, 2nd sentence, change "Large companies" to: "The company".


118. After section 94 a, the following is inserted before the heading before section 95:


  »§ 94 b. The information on contingent liabilities, cf. § 64, para. 1, must be given

separately for surety and guarantee obligations as well as other contingent liabilities that

are not recognized in the balance sheet.

  PCS. (2) For leasing agreements which are disclosed in accordance with section 64,

subsection (1), the obligations under the agreements must be disclosed separately, unless

the obligations are recognized in the balance sheet. '


119. Section 95 is replaced by the following:


  "Section 95. The company must account for income and expenses arising from changes

in accounting estimates, cf. section 52."


120. After section 95, the following is inserted:


  § 95 a. The company must provide information on the management's proposal for a

decision on the use of the company's profits or coverage of losses. Management's proposed

dividend must appear as a special item in equity under 'Transferred profit or loss', cf.

Appendix 2, Table 1 or 2.

  PCS. 2. If an extraordinary dividend has been distributed during the financial year, this

must be stated. If an extraordinary dividend has been distributed after the end of the

financial year, this must also be disclosed.

  PCS. The submission of the information pursuant to para. 1 and 2 exempt the company

from providing the information required in § 31. '


121. § 96, para. 1, 1st sentence, is replaced by the following:
    "Large companies must disclose the distribution of net sales by activity and by

 geographic market if these activities and markets differ significantly from each other in

 terms of the organization of sales of goods and services."


 122. After section 97, the following is inserted:


    § 97 a. The company must state the name, domicile and legal form of each subsidiary and

 associated company and of each stakeholder or limited partnership in which the company is

 a stakeholder or general partner.

    PCS. 2. The company must also state for each subsidiary and associated company,

1) how large a share the company owns, and

2) the size of the equity and the result according to the most recently approved annual report.

    PCS. 3. The information in para. 2, no. 2, may be omitted if the subsidiary in question or

 associated company is not obliged to publish the annual report and the company owns less

 than 50 per cent. of equity.

    PCS. 4. The information in para. 1 may be omitted if they can cause significant damage to

 the company itself or those in para. Companies referred to in paragraph 1. Application of

 1st sentence. must be provided.


    § 97 b. The company must disclose the name and domicile of the parent companies that

 prepare consolidated accounts for the largest and smallest group, respectively, in which the

 company is included as a subsidiary. It must also be stated where the consolidated accounts

 of the foreign parent companies in question can be requested. '


 123. In § 98 , '§ 76' is amended to: '§ 77'.


 124. § 98 a is replaced by the following:


    "Section 98 a. The company's personnel costs must be specified in salaries, pensions and

 other costs for social security, unless this is stated in the income statement."
 125. § 98 c, para. 1 is replaced by the following:

    'Have transactions taken place between the company and its related parties, cf. 2, the

 company must disclose the nature of the relationship between the company and the related

 parties and provide the information on transactions and balances that is necessary for an

 understanding of the relationship's possible impact on the financial statements. The

 information must at least include

1) the nature and amount of the transactions,

2) the amount of balances and their conditions,

3) write - downs of receivables from related parties for the year and

4) the accumulated write-down on existing receivables. '


 126. In section 98 c , the following paragraph is inserted : 7:

    "PCS. 7. The information pursuant to para. 1 may be limited to transactions which have

 not been carried out under normal market conditions. Application of 1st sentence. must be

 disclosed. "


 127. After section 98 c, the following is inserted before the heading before section 99:


    "Section 98 d. A description must be given of the nature of significant events that have

 occurred after the end of the financial year and the financial effect thereof."


 128. In § 99, para. 1, no. 1, 'main activities' is changed to: 'main activities'.


 129. § 99, para. 1, no. 5, is repealed.

   Nr. 6-11 then becomes No. 5-10.


 130. § 99 a is replaced by the following:


    § 99 a. Large companies must supplement the management's report with a statement of

 social responsibility, cf. 2-9. By corporate social responsibility is meant that companies
 integrate considerations of e.g. human rights, social issues, environmental and climate

 issues and the fight against corruption in their business strategy and activities.

    PCS. (2) The statement must as a minimum contain the following, cf. 3, 6 and 7:

1) A brief description of the company's business model must be provided.

2) Information must be provided about the company's corporate social responsibility

policies, including any standards, guidelines or principles for corporate social responsibility

that the company applies. As a minimum, information must be provided on environmental

policies, including to reduce the climate impact of the company's activities, social and

employee relations, respect for human rights, anti-corruption and bribery. For each policy

area, it must be stated whether the company has a policy in the area in question and what the

policy entails, if any.

3) For each policy area, cf. no. 2, it must be stated how the company translates its policy for

social responsibility into action, and information must be provided about any systems or

procedures for this. Information on due diligence processes used must also be provided if the

company uses such processes.

4) Information must be provided on the most significant risks in relation to the company's

business activities, including, where relevant and proportionate, in relation to the company's

business connections, products and services, which entails a special risk of adversely

affecting those mentioned in no. areas. Information must be provided below on how the

company handles the risks in question. The information must be provided for each policy

area.

5) Information about the company's use of any non-financial key performance indicators that

are relevant to specific business activities must be provided.

6) Information must be provided on the company's assessment of what results have been

achieved as a result of the company's work with corporate social responsibility in the
financial year, and the company's possible expectations for the work in the future. The

information must be provided for each individual policy area, cf. no. 2.

    PCS. If the company does not have policies for social responsibility on the in paragraph .

 2, no. 2, this must be stated in the management's report, stating the reasons for each of the

 areas listed.

    PCS. 4. The statement must be given in connection with the management's report.

 However, the company may instead choose to provide the statement

1) in a supplementary report to the annual report, cf. section 14, to which reference is made

in the management's report, in accordance with rules issued pursuant to subsection (1). 8, 1st

sentence, or

2) on the company's website, to which reference is made in the management's report, in

accordance with rules issued pursuant to subsection (1). 8, 2. pkt.

    PCS. 5. For companies that prepare consolidated accounts, it is sufficient that the

 information pursuant to subsection 1-3 are given for the group as a whole.

    PCS. ( 6 ) A subsidiary that is part of a group may refrain from including the information

 in its management report if a parent company meets the disclosure requirements pursuant

 to subsection (1). 1-3.

    PCS. 7. A company may refrain from preparing a statement on social responsibility

 pursuant to subsection 2, if the company discloses its corporate social responsibility

 policies in accordance with international guidelines or standards that contain the

 provisions of para. 2 listed information. PCS. Paragraph 3 shall apply mutatis mutandis if

 the information does not cover those in para. 2 listed policy areas.

    PCS. 8. The Danish Business Authority shall lay down further rules on the publication of

 the statement of corporate social responsibility in a supplementary report to the annual

 report and the auditor's duties in relation to the information published herein, cf. 4, no. 1.

 The Danish Business Authority lays down more detailed rules on the publication of the
 statement of social responsibility on the company's website, including rules on the

 company's updating of the information on the website and the auditor's duties in

 connection with the information published on the website, cf. 4, No. 2.

    PCS. 9. The Danish Business Authority shall lay down detailed rules on the conditions

 under which a company may disclose corporate social responsibility in accordance with

 international guidelines or standards. '


 131. In § 99 b, para. 1, 2nd sentence, is amended »§ 99 a, para. 4-8, «to:» § 99 a, para. 4-9, «.


 132. In § 99 b, para. 2, 2nd sentence, is amended »§ 99 a, para. 2-8, «to:» § 99 a, stk. 2-9, «.


 133. The following is inserted after section 99 b:


    § 99 c. Large companies with activity within exploration, prospecting, discovery,

 development and extraction of mineral, oil and natural gas deposits, etc. or deforestation of

 primary forests, must supplement the management report with a report on payments to

 authorities, cf. 4. In this context, authorities means any national, regional or local authority

 in Denmark or abroad, including a service, body or undertaking controlled by that authority

 in the same way as a subsidiary is controlled by a parent undertaking. .

    PCS. 2. The report shall contain the following information regarding payments made

 during the financial year, cf. 4, 6 and 7:

1) The total payments made to each authority.

2) The total amounts per. type of payment to each authority concerning

  (a) production rights;

  (b) taxes and duties on the enterprise's income, production or profits, other than taxes and

  duties on consumption;

  c) royalties,

  d) dividends,
  (e) signature, discovery and production bonuses;

  (f) license fees, rental fees, entry fees and other fees for licenses or concessions; and

  (g) payments for infrastructure improvements.

    PCS. When the payments are attributed to a specific project, information must also be

 provided on the total amounts per. type of payment as mentioned in para. 2, no. 2, made for

 each individual project. In addition, the total payments for each individual project must be

 disclosed.

    PCS. 4. The company may refrain from including a payment of less than DKK 750,000 in

 the report. This applies regardless of whether the payment is made as a single payment or

 as a series of interconnected payments when the total number of payments does not exceed

 DKK 750,000 in the financial year.

    PCS. 5. The report on payments to authorities must be given in connection with the

 management report. However, the company may instead choose to provide the report on

 payments to authorities

1) in a supplementary report to the annual report, cf. section 14, to which reference is made

in the management's report, in accordance with rules issued pursuant to subsection (1). 9 or

2) on the company's website, to which reference is made in the management's report, in

accordance with rules issued pursuant to subsection (1). 9.

    PCS. 6. For companies that prepare consolidated accounts, it is sufficient that the

 information pursuant to subsection 1-3 are given for the group as a whole.

    PCS. 7. An undertaking which is covered by para. 1, and which is a subsidiary of a parent

 company that falls under the legislation of an EU / EEA country, may not itself prepare a

 report on payments to authorities, to the extent that they pursuant to para. 1-3 required

 information is included in the parent company's report on payments to authorities.

    PCS. 8. The Danish Business Authority lays down rules that companies that are covered

 by subsection 1 or § 128, para. 1, and who prepares and publishes a report on payments to
authorities, which is deemed to correspond to the requirements of this Act, is exempted

from the requirements of para. 1-7. However, the exemption does not include the obligation

to publish the report in question.

  PCS. 9. The Danish Business Authority shall lay down more detailed rules on the

publication of the report on payments to authorities in a supplementary report to the

annual report and more detailed rules on the auditor's duties in relation to the information

published herein, cf. 5, no. 1. The Danish Business Authority lays down more detailed rules

on the publication of the report on payments to authorities on the company's website,

including rules on the company's updating of the information on the website and on the

auditor's duties in connection therewith, cf. 5, No. 2. «


134. In § 101, para. 1, no. 1, the words 'result of extraordinary items' are deleted.


135. In § 101, para. 3, 1st sentence, change "a medium-sized company" to: "the company".


136. § 102, para. 1 is repealed and replaced by the following:

  'An enterprise included in accounting class D shall prepare an annual report consisting of

at least a management statement, balance sheet, income statement, equity and cash flow

statement, notes and a management report.

  PCS. (2) When an annual accounts and a possible consolidated accounts have been

audited, the audit opinion, etc. is included in the annual report, cf. section 135, subsection 1

and 5.

  PCS. §§ 11-17, § 19, para. 1, 2 and 4, § 20, para. 2, §§ 23-29 and 32-39, § 40, 1st and 3rd

sentences, §§ 41-43, § 44, para. 1 and 3, §§ 45-64, 66-70, 73, 74, 77-77 b and 80-95 a, § 96,

para. 1 and 2, and §§ 97-101 and 103-108 apply, cf., however, § 137.

  PCS. 4. Are there rules in §§ 23-29 and 32-39, § 40, 1st and 3rd sentences, §§ 41-43, § 44,

para. 1 and 3, and §§ 45-64, 66-70, 73, 74 and 77-77 in violation of the rules in §§ 80-95 a, §
 96, para. 1 and 2, and §§ 97-101, the rules in §§ 80-95 a, § 96, para. 1 and 2, and §§ 97-101

 precedence.

    PCS. 5. Are there rules in §§ 23-29 and 32-39, § 40, 1st and 3rd sentences, §§ 41-43, § 44,

 para. 1 and 3, §§ 45-64, 66-70, 73, 74, 77-77 b and 80-95 a, § 96, para. 1 and 2, and §§ 97-

 101 in violation of the rules in §§ 103-108, the rules in §§ 103-108 take precedence.

    PCS. 6. Where the rules in §§ 80-95 a, § 96, para. 1 and 2, and §§ 97-101 contain

 differences in the requirements for medium-sized and large companies, a company that is

 covered by accounting class D, regardless of the company's own size, must follow the rules

 for large companies. '

   PCS. 2 and 3 then become para. 7 and 8.


 137. § 106 a is repealed.


 138. In § 107 a, para. 1, no. 1, letter c, is amended »§ 75, para. 1, «to:» § 87 a, «.


 139. I § 107 a, stk. 2, is amended »§ 75, para. 1, and § 104 «to:» §§ 87 a and 104 «.


 140. § 109, para. 2 is repealed and replaced by the following:

    "PCS. § 110 does not apply to parent companies that are covered by accounting class D, or

 if a subsidiary of the parent company in question is

1) falls within accounting class D,

2) a credit institution as defined in Article 4 (1) of Directive 2006/48 / EC of the European

Parliament and of the Council which is not referred to in Article 2 of the Directive, or

An insurance undertaking as defined in Article 2 (3); 1 of Council Directive 91/674 / EEC.

    PCS. Furthermore , § 112 does not apply to parent companies that have securities

 admitted to trading on a regulated market in an EU / EEA country. '


 141. § 110, para. 1, nos. 1 and 2 are replaced by the following:

»1) A balance sheet total of DKK 44 million. kr.,
2) a net turnover of DKK 89 million. hook".


 142. § 110, para. 2 is repealed and replaced by the following:

    "PCS. § 7, para. 3 and 4, shall apply correspondingly to the entire group. The balance sheet

 total and net turnover must, however, be calculated in accordance with sections 119 and

 120.

    PCS. 3. Instead of using the one in para. 2, 2nd sentence, the parent company may

 calculate the balance sheet total, net turnover and average number of full-time employees

 in the financial year as the sum of all the group companies' balance sheet sums, net

 turnover and full-time employees. When calculating the balance sheet total and net

 turnover, the amounts in para. 1, nos. 1 and 2, with 20 per cent. '

   PCS. 3 then becomes para. 4.


 143. In § 111, para. 3, no. 2, 'Council Directive 1983/349 / EEC' is replaced by: 'Directive

 2013/34 / EU of the European Parliament and of the Council'.


 144. In § 112, para. 1, no. 2, is inserted after 'consolidated accounts': 'and consolidated

 management report'.


 145. In § 112, para. 2, no. 1, change 'consolidated accounts, and' to: 'consolidated accounts,'.


 146. § 112, para. 2, no. 2, is repealed and replaced by the following:

»2) the higher parent company prepares consolidated financial statements and consolidated

management report in accordance with

  a) Directive 2013/34 / EU of the European Parliament and of the Council, as amended,

  (b) rules which are at least equivalent to the rules on consolidated accounts in Directive

  2013/34 / EU of the European Parliament and of the Council, as amended;

  (c) the international accounting standards adopted by the European Commission in

  accordance with the Regulation of the European Parliament and of the Council on the
  application of international accounting standards, as well as subsequent amendments

  adopted by the European Commission in accordance with that Regulation; or

  (d) rules deemed by the European Commission to be equivalent to the rules on

  consolidated financial statements in international accounting standards; and

(3) the consolidated financial statements have been audited by persons approved in

accordance with the national legislation to which the higher parent undertaking belongs. '


 147. § 112, para. 3, no. 1, is replaced by the following:

"1) the lower parent company's own accounts and the accounts of its subsidiaries are

included in the consolidated accounts of the higher parent company on full consolidation, cf.,

however, section 114,".


 148. § 112, para. 3, no. 3, is replaced by the following:

»3) the lower parent company to the Danish Business Authority together with its own annual

report submits it in subsection. 1 or 2, the consolidated financial statements, the

management's report and the associated auditor's report, as well as the information that the

Agency may require, cf. section 147. '


 149. § 113 is replaced by the following:


    »§ 113. For groups which, after elimination, cf. § 120, meet the size limits for medium-

 sized companies, cf. § 7, subsection 2-4, the consolidated financial statements must be

 prepared at least in accordance with the rules for medium-sized companies in accounting

 class C.

    PCS. (2) For groups which, after elimination, cf. section 120, meet the size limits for large

 companies, cf. section 7, subsection 2-4, the consolidated financial statements must at least

 be prepared in accordance with the rules for large companies in accounting class C. 1. pkt.

 applies correspondingly to groups which, after elimination, cf. section 120, meet the size
limits for small enterprises, cf. section 7, subsection 2-4, but who can not fail to prepare

consolidated financial statements in accordance with section 110.

  PCS. If the parent company is included in accounting class D, the consolidated financial

statements must be prepared in accordance with the rules in accounting class D, regardless

of the size of the group .

  PCS. 4. If a parent company that may fail to present consolidated financial statements,

nevertheless a consolidated financial statement that is not used exclusively for the

company's own use, the provisions on consolidated financial statements in Chapter 14 shall

apply. The parent company may, however, apply the rules for annual accounts in accounting

class B to the consolidated accounts if the parent company could fail to present

consolidated accounts pursuant to section 110. Investments in associated companies must,

however, be recognized in the consolidated accounts and measured at these companies' net

asset value. . 2-6. «


150. In § 116, para. (2) is inserted in two places after 'before': 'or after'.


151. In § 118, para. 1, 1st sentence, is inserted after «income statement«: », equity

statement«.


152. § 118, para. 4 is replaced by the following:

  "PCS. 4. The proportionate share of the minority interests in the equity of the subsidiaries

is entered as a separate main item under 'Equity'. The proportionate share of the minority

interests in the results of the subsidiaries must be entered as a separate item in the

management's proposal for a decision on the use of the company's profits or coverage of

losses. '


153. § 120, para. 2, § 121, para. 3, and § 122, para. 1, 2nd sentence, is repealed.


154. In section 122 , the following is inserted after subsection 1 as a new piece:
    "PCS. 2. The assessment of which company is the acquiring company is based on the

 actual circumstances. Where it is not clear who the real acquirer is, the formally acquiring

 company can be regarded as the acquirer. '

   PCS. 2-4 then becomes para. 3-5.


 155. § 122, para. 3, which becomes para. 4 is replaced by the following:

    "PCS. 4. One after para. The resulting positive difference amount is treated as goodwill, cf.

 section 43. The negative difference resulting from 3 is recognized as income in the income

 statement. '


 156. § 123 is replaced by the following:


    § 123. According to the consolidation method, the consolidated financial statements for

 the period in which the consolidation has taken place are presented as if the companies had

 been merged from the earliest accounting period included in the financial statements.

    PCS. 2. The company may, however, instead choose to regard the merger as having taken

 place at the time of acquisition.

    PCS. 3. The difference between the amount paid as share capital and any share premium

 plus any cash consideration and the carrying amount of the subsidiary shall be clearly

 added to and deducted from the reserves that can be used to cover losses. '


 157. § 125, para. 2, no. 4, is repealed.


 158. § 126, para. 1 is replaced by the following:

    'The following requirements apply correspondingly to the consolidated financial

 statements:

1) Information on the division of net revenue into activities and geographical segments, cf.

section 96, subsection 1.

2) Information on audit fees, cf. section 96, subsection 2.
3) Information on special income or expense items, cf. section 67 a.

4) Information on the management's proposal for a decision on the use of the company's

profits or coverage of losses, cf. section 95 a.

5) Information on fixed assets, cf. sections 58-58 c and 88-88 b.

6) Information on contingent assets, cf. section 90 b.

7) Information on the working capital, cf. section 87 a.

8) Information on obligations, cf. sections 92-93 a.

9) Information on contingent liabilities, etc., cf. sections 64 and 94-94 b.

10) Information on related parties, etc., cf. section 68, section 69, subsection 3 and 4, §§ 73,

97 b and 98 a and § 98 c, para. 1, 2, 4 and 6.

11) Information on significant events that have occurred after the end of the financial year, cf.

section 98 d. «


 159. § 126, para. 3, 2nd sentence, is repealed.


 160. In section 126 , the following paragraph is inserted : 5-7:

    "PCS. 5. The information, cf. 1 shall be presented in the same order as the items in the

 income statement and the balance sheet to which they relate.

    PCS. 6. The average number of employees in pro rata consolidated companies must be

 disclosed separately.

    PCS. 7. Information shall be provided on the changes in the reserves that result from the

 application of section 123, and the names and registered offices of the companies that have

 been recognized and measured in accordance with section 123 during the year. '


 161. § 128, para. 2 is repealed and replaced by the following:

    "PCS. §§ 76 a, 77, 99-99 b, 100 and 101 apply correspondingly. Information pursuant to

 section 99, subsection 1, no. 10, may, however, be omitted.
  PCS. 3. If the parent company is covered by the rules in accounting class D, section 107

and section 107 b, subsection 1, no. 6, and para. 3 and 4, corresponding application to the

consolidated financial statements, cf. 5. «

 PCS. 3 and 4 then become para. 4 and 5.


162. In § 128, para. 4, 1st sentence, which becomes para. 5, 1st sentence, is amended »§ 22,

para. 2, § 78, para. 2, and § 102, para. 3 «to:» § 22, stk. 4, § 78, para. 6, and § 102, para. 8 «.


163. After section 128, the following is inserted in Chapter 14:


  »§ 128 a. Large parent companies, which are covered by § 7, para. 2, no. 3, and parent

companies covered by accounting class D must prepare a report on payments to authorities,

cf. section 99 c, subsection. 2, if the company itself or a subsidiary has activities which are

covered by section 99 c, subsection. 1. The report must be given as if the consolidated

companies together were one company.

  PCS. 2. To the extent that the parent company recognizes participation in jointly managed

companies pro rata, cf. section 124, payments that are covered by subsection 1, in these

companies correspondingly included in the report pro rata.

  PCS. 3. For the report on payments to authorities pursuant to para. 1 finds § 114, para. 2,

corresponding application.

  PCS. 4. A parent company that has activities covered by section 99 c, subsection 1, may

refrain from preparing a report pursuant to para. 1, if it is itself a subsidiary of a higher

parent company that is subject to the legislation of an EU / EEA country.

  PCS. 5. A parent undertaking covered by para. 1, and who does not prepare consolidated

accounts, must provide the report in its own annual report. "


164. § 129, para. 1, 2nd sentence, is replaced by the following:
     "The rules of the parent company apply to the acquiring company and the rules of

subsidiaries apply to the company being acquired."


165. I § 134 a, stk. 3, in two places '50,000 euros' is changed to: '100,000 euros'.


166. I § 134 a, stk. (3) is inserted after 'a currency other than the euro': ', cf. 4 «.


167. In section 134 a , the following paragraph is inserted : 4:

     "PCS. 4. Stk. 1 and 2 do not apply to companies that only issue debt instruments that are

admitted to trading on a regulated market in an EU / EEA country before 31 January 2010,

if the nominal value per. unit is at least 50,000 euros, or if the face value per. unit on the

date of issue corresponds to at least 50,000 euros when the debt instruments are issued in a

currency other than the euro. 1. pkt. shall apply throughout the life of the debt instruments.

'


168. In § 135, para. 4, is inserted after »§ 7, para. 3 «:» and 4 «.


169. I § 135 a, stk. 1, 1st sentence, change "Only state-authorized or registered auditors" to:

"Only auditors who have been approved for this in accordance with the Auditors Act,".


170. In § 136, para. 1, 2nd sentence, 'Council Directives 78/660 / EEC and 83/349 / EEC' is

amended to: 'Directive 2013/34 / EU of the European Parliament and of the Council'.


171. After section 137, the following is inserted in section IX:


     "Section 137 a. The Danish Business Authority may lay down rules that certain

provisions of this Act may be deviated from when this is necessary to apply international

accounting standards, which are specially adapted to the needs of small and medium-sized

enterprises."


172. In § 138, para. 4, is amended »§ 4, para. 6, 1st sentence, «to:» § 4, para. 7, 1st sentence,

«.
 173. In § 141, para. 2, 4th sentence, is amended »§ 9, para. 4, «to:» § 9, para. 6, «.


 174. In § 144, para. 1, no. 2, 'Council Directive 83/349 / EEC with subsequent amendments

 on consolidated accounts' is amended to: 'Directive 2013/34 / EU of the European

 Parliament and of the Council as amended'.


 175. The heading before section 145 is replaced by the following:


   "Submission of declaration of exemption and supplementary documents, etc. for companies

                     that apply the exemptions in §§ 4-6, 78 a, 112 and 144".


 176. After section 146, the following is inserted:


    »§ 146 a. Subsidiaries that apply the exemption in § 78 a, para. 1, must submit the annual

 report to the Danish Business Authority in accordance with section 138 supplemented by

1) that in § 78 a, para. 1, the consolidated financial statements or

2) a reference to the consolidated financial statements contained in an annual report which

the Agency has received for publication.

    PCS. (2 ) The declarations mentioned in section 78 a, subsection 1, Nos. 4 and 5.

    PCS. The declarations pursuant to para. Paragraph 2 shall be submitted only for the first

 financial year for which the declarations are made. '


 177. In § 148, para. 1, '2 months' is replaced by: '3 months'.


 178. In Annex 1, A, the following number is inserted before point 1:

»1. Active market:

    A market in which transactions with the asset or liability take place with sufficient

 frequency and to a sufficient extent to provide pricing information on an ongoing basis. '

   Nr. 1-7 then becomes No. 2-8.
 179. In Appendix 1, B, no. 5, 1st sentence, the following is inserted after 'his subsidiaries':

 'holds shares and'.


 180. In Annex 1, C, the following numbers are inserted after point 3:

»4. Current assets:

     An asset must be classified in Annex 2, Table 2, as short-term if it meets one of the

 following criteria:

a) It is expected to be realized or held for sale or consumption as part of the company's

normal operating cycle.

b) It is held primarily for trade purposes.

c) It is expected to be realized within 12 months after the balance sheet date.

d) It is in the form of cash, unless it is subject to a restriction which means that it cannot be

traded or used to meet an obligation for at least 12 months after the balance sheet date.

5. Non-current assets:

     Assets that are not considered current assets, cf. no. 4, are considered non-current assets.

 '

     Nr. 4-12 then becomes No. 6-14.


 181. Annex 2 is replaced by Annex 1 to this Act.


                                                 §2


     The Companies Act, cf. Executive Order no. 610 of 28 April 2015, is amended as follows:


 1. The footnote to the title of the Act is replaced by the following:

'(1) The Act contains provisions implementing parts of Council Directive 1968/151 / EEC of 9

March 1968, as regards public access to certain types of company, Official Journal 1968, No L

065, page 8, as last amended by Directive 2003/58 / EC of the European Parliament and of

the Council of 15 July 2003, Official Journal 2003, L 221, page 13, parts of Council Directive
1982/891 / EEC of 17 December 1982 on the division of public limited liability companies,

EC Official Journal L 378, page 47, parts of Council Directive 1989/666 / EEC of 21 December

1989 on public access to branches established in a Member State by certain companies

governed by the law of another State, Official Journal 1989 , No L 395, page 36, Parts of

Directive 2004/25 / EC of the European Parliament and of the Council of 21 April 2004 on

takeover bids, Official Journal 2004, No L 142, page 12, Parts of Parliament and of the Council

Directive 2005/56 / EC of 26 October 2005 on cross-border mergers of limited liability

companies, Official Journal 2005, No L 310, page 1, parts of Council Directive 2006/99 / EC of

20 November 2006 adapting certain directives relating to company law due to the accession

of Bulgaria and Romania, Official Journal 2006, No L 363, page 137, parts of the European

Parliament and Council Directive 2007/36 / EC of 11 July 2007 on the exercise of certain

shareholder rights in listed companies, Official Journal 2007, L 184, page 17, parts of

Directive 2007/63 / EC of the European Parliament and of the Council of 13 November 2007

amending Council Directives 78/855 / EEC and 82/891 / EEC as regards the requirement for

an independent expert to draw up a report in connection with a merger or division of public

limited liability companies, Official Journal 2007, no. L 300, page 47, parts of Directive

2009/102 / EC of the European Parliament and of the Council of 16 September 2009 in the

field of company law on limited liability companies, Official Journal 2009, no. 258, page 20,

parts of European Directive 2009/109 / EC of the European Parliament and of the Council of

16 September 2009 amending Council Directives Articles 77/91 / EEC, 78/855 / EEC and

82/891 / EEC and Directive 2005/56 / EC as regards reporting and documentation

requirements relating to mergers and divisions, Official Journal 2009, L 259 , page 14, parts of

Directive 2011/35 / EU of the European Parliament and of the Council of 5 April 2011 on

mergers of public limited liability companies, Official Journal 2011, L 110, page 1, parts of

Directive 2012/35 of the European Parliament and of the Council 30 / EU of 25 October 2012

on the coordination of the guarantees required in the Member States by the Companies
referred to in Article 2 (2) of the Treaty on the Functioning of the European Union to protect

the interests of both shareholders and third parties with regard to the formation of the public

limited company and the preservation and modification of its capital, with a view to making

those guarantees equally burdensome; , No L 315, page 74, parts of Council Directive

2013/24 / EU of 13 May 2013 adapting certain directives relating to company law due to the

accession of the Republic of Croatia, Official Journal 2013, No L 158, page 365, parts of

Directive 2013/34 / EU of the European Parliament and of the Council of 26 June 2013 on the

annual accounts, consolidated accounts and related reports of certain types of undertakings,

amending Directive 2006/43 / EC of the European Parliament and of the Council and

repealing Council Directive 78/660 / EEC and 83/349 / EEC, Official Journal 2013, No L 182,

page 19, and parts of Directive 2013/50 / EU of the European Parliament and of the Council

of 22 October 2013 amending and Council Directive 2004/10 9 / EC on the harmonization of

transparency requirements in relation to information on issuers whose securities are

admitted to trading on a regulated market, Directive 2003/71 / EC of the European

Parliament and of the Council on the prospectus to be published when securities are offered

to the public or admitted to trading and Commission Directive 2007/14 / EC laying down

detailed rules for the application of certain provisions of Directive 2004/109 / EC, Official

Journal 2013, L 294, page 13. '


 2. In § 38, para. In Article 1 (1), the fourth Directive of the Council of 25 July 1978 (78/660 /

 EEC), as amended or in the Seventh Council Directive of 13 June 1983 (83/349 / EEC), is

 replaced by the following: ' and Council Directive 2013/34 / EU '.


 3. I § 139 a, stk. 1, no. 2, is amended »para. 3-6 «to:» pcs. 4-7 «.


 4. § 139 a, para. 2, nos. 1 and 2, is replaced by the following:

»1) A balance sheet total of DKK 156 million. kr.,

2) a net turnover of DKK 313 million. hook".
 5. In section 139 a , the following is inserted after subsection 2 as a new piece:

    "PCS. 3. When calculating the sizes in para. 2 finds the Annual Accounts Act § 7,

 paragraph. 3 and 4, shall apply. "

   PCS. 3-6 then becomes para. 4-7.


                                                 §3


    Act no. 712 of 25 June 2014 on commercial funds makes the following amendments:


 1. In § 34, para. Article 4 (1) (1) is amended as follows: 'Fourth Council Directive of 25 July

 1978 (78/660 / EEC) on the annual accounts of certain types of companies, as amended, or

 in the Seventh Council Directive of 13 June 1983 (83/349 / EEC) on consolidated accounts'

 to: 'Directive 2013/34 / EU of the European Parliament and of the Council'.


 2. In § 41, para. 1, no. 2, is amended »para. 4 and 5 «to:» para. 5 and 6 «.


 3. § 41, para. 2, nos. 1 and 2, is replaced by the following:

»1) A balance sheet total of DKK 156 million. kr.,

2) a net turnover of DKK 313 million. hook".


 4. In section 41 , the following is inserted after subsection 2 as a new piece:

    "PCS. 3. When calculating the sizes in para. 2 finds the Annual Accounts Act § 7,

 paragraph. 3 and 4, shall apply. "

   PCS. 3-5 will then be para. 4-6.


                                                 §4


    The Act on Certain Business Enterprises, cf. Executive Order no. 1295 of 15 November

 2013, as amended by section 2 of Act no. 616 of 12 June 2013, is amended as follows:


 1. In § 18 a, para. 1, no. 2, is amended »para. 3-5 «to:» pcs. 4-6 «.
 2. § 18 a, para. 2, nos. 1 and 2, is replaced by the following:

»1) A balance sheet total of DKK 156 million. kr.,

2) a net turnover of DKK 313 million. hook".


 (3) In section 18 a , the following is inserted after subsection (1): 2 as a new piece:

    "PCS. 3. When calculating the sizes in para. 2 finds the Annual Accounts Act § 7,

 paragraph. 3 and 4, shall apply. "

   PCS. 3-5 will then be para. 4-6.


                                                 §5


    In the Act on Securities Trading, etc., cf. Statutory Order no. 831 of 12 June 2014, as

 amended by section 2 of Act no. 1490 of 23 December 2014, section 4 of Act no. 334 of 31

 March 2015 and section 1 of Act no. 532 of 29 April 2015, the following amendments are

 made:


 1. In the footnote to the title of the Act, 'and parts of Directive 2010/73 / EU of the

 European Parliament and of the Council of 24 November 2010 (amendment of the

 Prospectus Directive), Official Journal 2010, No L 327, page 1.' : ', Parts of Directive 2010/73

 / EU of the European Parliament and of the Council of 24 November 2010 (amendment of

 the Prospectus Directive), Official Journal 2010, No L 327, page 1, and parts of Directive

 2013 of the European Parliament and of the Council / 50 / EU of 22 October 2013

 (amendment of the Transparency Directive), Official Journal 2013, No L 294, page 13. '


 (2) In section 27 , the following paragraph is inserted : 13 and 14:

    "PCS. 13. An issuer as mentioned in para. 7 with activity in the extractive industry or

 deforestation of primary forests must, no later than 6 months after the end of each financial

 year, publish a report approved by the supreme governing body on payments to authorities.

 Payments to authorities are calculated at group level. The issuer must ensure that reports
are available to the public for at least 10 years. Sections 99 c and 128 a of the Danish

Financial Statements Act apply to reports from issuers with registered domicile in this

country. Reports for issuers domiciled in another country within the European Union or in a

country with which the Union has concluded an agreement in the financial field shall be

drawn up in accordance with the legislation implementing Chapter 10 of Directive of the

European Parliament and of the Council 2013/34 / EU of 26 June 2013 on annual accounts,

consolidated accounts and related reports for certain types of companies in the country

where the issuer has its registered office.

  PCS. 14. The Danish FSA may lay down rules on the requirements of reports for issuers

registered in a country outside the European Union with which the Union has not concluded

an agreement in the financial field. '


3. In § 84 d, para. 6, 2nd sentence, is amended »§ 27, para. 1, 7 and 8, «to:» § 27, para. 1, 7

and 13, «, and» § 28 «is deleted.


4. The following is inserted after section 84 k:


  § 84 l. The Danish Financial Supervisory Authority publishes on its website in the cases

mentioned in subsection. 2, reprimands, injunctions, administrative fines and coercive fines

issued in accordance with section 83, subsection 1, § 93, para. 3, and § 95, decisions on

suspension of voting rights announced in accordance with § 29 a, para. 1, as well as the

name of the company or person. The Danish FSA publishes on its website in the cases

mentioned in subsection 2, police reports and the name of the company. 1st and 2nd point.

applies correspondingly to reprimands, injunctions, administrative fines, coercive fines and

police reports made by the Danish Financial Supervisory Authority's Board of Directors in

the 2 mentioned cases and decisions on suspension of voting rights announced in

accordance with § 29 a.

  PCS. 2. Publication, cf. 1, shall take place in cases of violation of
1) the rules on publication of annual and half-yearly reports, cf. section 27, subsection 7, and

rules in this regard issued pursuant to section 27, subsection 12, and § 30 as well as

regulations issued pursuant to Directive 2004/109 / EC of the European Parliament and of

the Council of 15 December 2004 on the harmonization of transparency requirements in

relation to information on issuers whose securities are admitted to trading on a regulated

market,

2) the rules on publication of reports on payments to authorities, cf. section 27, subsection

13, and rules issued pursuant to section 27, subsection 14, and § 30,

3) the rules on publication, registration and storage of information, cf. section 27 a,

subsection 1-3, and of relevant rules issued pursuant to § 30 as well as regulations issued

pursuant to Directive 2004/109 / EC of the European Parliament and of the Council of 15

December 2004 on the harmonization of transparency requirements in relation to

information on issuers whose securities are admitted to trading on a regulated market,

4) the rules on the notification of major holdings of shares, rights to acquire, dispose of or

exercise voting rights and financial instruments, cf. section 29, and of rules to this effect

issued pursuant to section 29, subsection. 7, and § 30 as well as regulations issued pursuant

to Directive 2004/109 / EC of the European Parliament and of the Council of 15 December

2004 on the harmonization of transparency requirements in relation to information on

issuers whose securities are admitted to trading on a regulated market, and

5) the rules on issuers' disclosure obligations, home country and equal treatment of and

communication with shareholders and holders of bonds or other types of negotiable debt

instruments issued pursuant to § 30 as well as regulations issued pursuant to Directive

2004/109 / EC of the European Parliament and of the Council of 15 December 2004 on the

harmonization of transparency requirements in relation to information on issuers whose

securities are admitted to trading on a regulated market.
  PCS. 3. Publication pursuant to para. 1 must be postponed or done in an anonymised form

if the publication will cause disproportionate damage to the company or person, if

investigative reasons militate against publication, if publication will threaten financial

stability, or if societal considerations regarding the publication of a person's name may not

be considered be proportionate to the consideration of the person.

  PCS. 4. If the reprimand, order or coercive fine mentioned in subsection 1, cf. 2, for the

Commercial Appeals Board or the courts, this must be stated in the publication. The status

and the subsequent result of the Business Appeals Board's or the court's decision must also

be published on the Danish FSA's website as soon as possible. Is a case as mentioned in

para. 1, cf. 2, handed over for police investigation, and if a judgment has been handed down

in whole or in part or a fine has been passed, the judgment, the decision on the fine or a

summary thereof must be published on the Danish FSA's website as soon as possible.

  PCS. 5. Publication pursuant to para. 1-4 must take place as soon as possible after the

company or person has been notified of the prosecution, order, police report,

administrative fine or coercive fine, and must appear on the Danish FSA's website for at

least 5 years from publication. Publications which concern persons shall, however, only

appear on the Danish FSA's website as long as the information is considered necessary in

relation to the societal considerations behind the publication. "


5. § 93, para. 1, 1st sentence, is replaced by the following:

»Violation of § 8, para. 1, § 9, para. 5, § 10, para. 1, §§ 10 b, 10 c and 11, § 11 a, para. 1, § 12

a, § 12 b, para. 1 piece. 2, 1st sentence, and para. 3-6 and 10, § 12 c, § 12 d, para. 1, § 12 f,

para. 1, no. 1, § 12 g, § 14, para. 1, § 15, para. 3, § 16, para. 2, 3rd sentence, and para. 3, § 18,

§ 18 a, para. 1 and 2, § 18 b, para. 1 and 2 and para. 3, 2nd and 3rd sentences, § 19, § 20,

para. 4, 2nd sentence, para. 5 and para. 6, 1st sentence, § 21, para. 1 and 2 and para. 3, 2nd

sentence, § 23, para. 1 and 3, § 24, para. 1, § 25, para. 1, 2nd sentence, and para. 2, § 27,

para. 1 piece. 2, 1.-3. pkt., and stk. 7 and 13, § 27 a, para. 1-3, § 28 a, para. 1, 1st and 2nd
sentence, para. 3, 3rd sentence, and para. 6, § 28 b, para. 1, § 29, para. 1-6, § 31, para. 1, § 32,

para. 1-3, § 33, para. 2 and 4, § 33 a, para. 1 and para. 2, 2nd sentence, § 33 b, para. 1 and 2,

§ 37, para. 1-5, para. 6, 1st sentence, para. 7, 1st sentence, and para. 8 and 9, § 40, para. 2, §

41, para. 1, 2nd sentence, § 42, para. 1 and para. 2, 2nd and 3rd sentences, § 42 a, § 42 b,

subsection 1, § 42 c, § 42 d, para. 1, 2nd sentence, and para. 2, § 42 e, para. 1, 2nd sentence,

and para. 2, 2nd sentence, § 44, para. 1 and 3, § 75, para. 2, 2nd sentence, § 76, para. 2, and §

84 c, para. 1, 1.-5. pkt., and stk. 3, 3.-7. Article 42 of Commission Regulation (EU) No

1031/2010 of 12 November 2010 on the timing and administrative arrangements for

auctions of greenhouse gas emission allowances and other aspects of such auctions

pursuant to Parliament and the Council Directive 2003/87 / EC establishing a scheme for

greenhouse gas emission allowance trading within the Community is punishable by a fine. '


                                                §6


  In Act no. 532 of 29 April 2015 amending the Securities Trading Act, etc., the Financial

Business Act, the Credit Agreements Act, the Financial Advisers Act, the Mortgage Debt

Companies Act, the Mortgage Loans and Mortgage Bonds Act, etc. and various other laws

(Right to basic deposit account, implementation of amendments to the Transparency

Directive, modernization of the rules for submitting annual reports, extension of insurance

companies' operations of other companies, clarification of regulation of refinancing risk for

mortgage bonds, etc. and implementation of the Mortgage Credit Directive, etc.) are made as

follows:


1. § 1, nos. 37, 38 and 43, is repealed.


                                                §7


  PCS. 1. The Act enters into force on 1 July 2015, cf. 2.

  PCS. § 5 and § 6 enter into force on 26 November 2015.
  PCS. § 1 has effect for financial years beginning on 1 January 2016 or later, cf. 4-6.

  PCS. 4. Notwithstanding subsection 3, companies may apply § 1 for a financial year

ending 31 December 2015 or later, when this is done systematically and consistently.

  PCS. 5. Notwithstanding subsection 3, § 1, no. 130, first effect for financial years beginning

on 1 January 2018 or later, for large companies covered by accounting class C and for

companies covered by accounting class D, which at the balance sheet date have had an

average number of full-time employees during of the financial year of less than 500. Until

then, the current § 99 a applies to these companies, as the statement in accordance with §

99 a, paragraph. 3, for financial years beginning on or after 1 January 2016, however, must

also be supplemented with information on environmental policy if the company has

environmental policy. If the company does not have such policies, this must be stated in the

management's report. For companies covered by accounting class D, which at the balance

sheet date have had an average number of full-time employees of 500 or more, section 1,

no. 130, however, has effect for financial years beginning on 1 January 2016, cf. 3.

  PCS. 6. Stk. 5 applies correspondingly to parent companies that submit consolidated

accounts, as the number of full-time employees must be understood as the number of

employees in the group as a whole.

  PCS. § 5, no. 2, has effect for financial years beginning on or after 1 January 2016.


                                              §8


  PCS. Changes in methods for recognition and measurement of assets and liabilities that

follow from section 19, subsection 2, § 36, para. 2, §§ 121-123 and § 129, para. 1, as worded

by section 1, nos. 31, 47, 153-156 and 164, may, notwithstanding section 51, subsection 1,

as worded by § 1, no. 80, shall be such that only matters that occur from the first financial

year, which begins on 1 January 2016 or later, are recognized in accordance with the new

rules.
  PCS. Recognition of amounts in the item »Reserve for development costs« under equity in

accordance with section 1, no. 108, may, notwithstanding section 51, subsection 1 of the

Danish Financial Statements Act . 1, as worded by § 1, no. 80, shall be such that only for the

development costs that are recognized for the first time in the balance sheet in financial

years beginning on 1 January 2016 or later, a corresponding recognition shall be made in

the item »Reserve for development costs'.

  PCS. Companies that have applied the current section 38 of the Danish Financial

Statements Act for investment assets other than investment properties may,

notwithstanding section 51, subsection 1 of the Danish Financial Statements Act . 1, as

worded by § 1, no. 80, consider the recognized fair value in the annual report for the last

financial year, which begins before 1 January 2016, as a new cost price for assets in the

annual report for the following financial year. In such cases, no comparative figures shall be

changed in the income statement.

  PCS. 4. Companies that have deferred recognition of certain pension obligations, etc.

according to the corridor method as described in the previous international accounting

standard IAS 19, may, notwithstanding § 1, apply the previous practice for recognition and

measurement of pension obligations etc. for financial years beginning before 1 January

2021 .

  PCS. (5 ) The Danish Business Authority may lay down rules on further transitional

provisions in addition to those in subsection (1). 1-4, to the extent necessary to facilitate the

transition to the application of the provisions of § 1.


                                               §9


  PCS. 1. The Act does not apply to the Faroe Islands and Greenland, cf. 2 and 3.

  PCS. 2. The Act may by royal decree be brought into force in whole or in part for

Greenland with the changes required by the conditions in Greenland.
    PCS. § 5 and § 6 may by royal decree be fully or partially brought into force for the Faroe

 Islands with the changes that the Faroese conditions require.

                              Given at Christiansborg Castle, 1 June 2015


                                   Under Our Royal Hand and Seal

                                           MARGRETHE R.

                                                                            / Henrik Sass Larsen




                                                                                    Annex 1

                                                                                   »Appendix 2


                        Forms for balance sheets and income statements


 1. Form for balance in account form (accounting classes B, C and D)

 ACTIVATE


 FIXED ASSETS


 I. Intangible fixed assets

Completed development projects, including patents and similar rights arising from

development projects

Acquired concessions, patents, licenses, trademarks and similar rights

3. Goodwill

4. Development projects under construction and advance payments for intangible fixed assets


 II. Tangible fixed assets

1. Land and buildings
2. Production plants and machines

Other plant, equipment and fixtures and fittings

Tangible fixed assets under construction and prepayments for tangible fixed assets


 III. Financial assets

Investments in affiliated companies

Receivables from affiliated companies

Investments in associates

Receivables from associates

5. Other securities and investments

6. Other receivables

7. Receivables from company participants and management

 CURRENT ASSETS


 I. Inventories

Raw materials and consumables

2. Goods in progress

Manufactured goods and merchandise

Prepayments for goods


 II. Receivables

Receivables from sales and services

Receivables from affiliated companies

Receivables from associates

4. Other receivables

5. Requirement for payment of company capital and share premium

Receivables from company participants and management

7. Prepayments and accrued income
 III. Securities and investments

Investments in affiliated companies

2. Other securities and investments

 IV. Cash and cash equivalents


 PASSIVES


 EQUITY


 I. Working capital


 II. Premium on issue


 III. Reserve for revaluations


 IV. Other reserves

Reserve for net revaluation according to the equity method

Reserve for loans and collateral

Reserve for unpaid share capital and share premium

Reserve for entrepreneurial companies

5. Reserve for development costs

6. Other statutory reserves

7. Statutory reserves

8. Other reserves

 V. Transferred profit or loss


 PROVISIONS

Provisions for pensions and similar obligations

Provisions for deferred tax
Other provisions


 LONG-TERM DEBT LIABILITIES

Debt incurred in issuing bonds

2. Convertible and dividend-bearing promissory notes

Debt to credit institutions

4. Prepayments received from customers

5. Suppliers of goods and services

6. Current debt

7. Debt to affiliates

8. Debt to associates

9. Other debts, including taxes due and social security contributions due

10. Prepayments and accrued income


 SHORT-TERM DEBTS

Debt incurred in issuing bonds

2. Convertible and dividend-bearing promissory notes

Debt to credit institutions

4. Prepayments received from customers

5. Suppliers of goods and services

6. Current debt

7. Debt to affiliates

8. Debt to associates

9. Other debts, including taxes due and social security contributions due

10. Prepayments and accrued income


 2. Form for balance sheet in account form - division into long-term and short-term

 assets and liabilities (accounting classes B, C and D)
 ACTIVATE


 LONG-TERM ASSETS


 I. Intangible assets

Completed development projects, including patents and similar rights arising from

development projects

Acquired concessions, patents, licenses, trademarks and similar rights

3. Goodwill

4. Development projects under construction and prepayments for intangible assets


 II. Tangible assets

1. Land and buildings

2. Production plants and machines

Other plant, equipment and fixtures and fittings

Tangible fixed assets under construction and prepayments for tangible assets


 III. Financial assets

Investments in affiliated companies

Receivables from affiliated companies

Investments in associates

Receivables from associates

5. Other securities and investments

6. Other receivables

7. Receivables from company participants and management

 SHORT-TERM ASSETS


 I. Inventories

Raw materials and consumables
2. Goods in progress

Manufactured goods and merchandise

Prepayments for goods


 II. Receivables

Receivables from sales and services

Receivables from affiliated companies

Receivables from associates

4. Other receivables

5. Requirement for payment of company capital and share premium

Receivables from company participants and management

7. Prepayments and accrued income


 III. Securities and investments

Investments in affiliated companies

2. Other securities and investments

 IV. Cash and cash equivalents


 PASSIVES


 EQUITY


 I. Working capital


 II. Premium on issue


 III. Reserve for revaluations


 IV. Other reserves

Reserve for net revaluation according to the equity method
Reserve for loans and collateral

Reserve for unpaid share capital and share premium

Reserve for entrepreneurial companies

5. Reserve for development costs

6. Other statutory reserves

7. Statutory reserves

8. Other reserves

 V. Transferred profit or loss


 LONG-TERM OBLIGATIONS

1. Pensions and similar obligations

Deferred tax

Other provisions

Debts raised on the issuance of bonds

5. Convertible and dividend-bearing promissory notes

6. Debt to credit institutions

7. Prepayments received from customers

8. Suppliers of goods and services

9. Current debt

10. Debt to affiliates

11. Debt to associates

12. Other debts, including taxes due and social security contributions

13. Prepayments and accrued income


 SHORT-TERM OBLIGATIONS

1. Pensions and similar obligations

Other provisions
Debt incurred in issuing bonds

4. Convertible and dividend-bearing promissory notes

5. Debt to credit institutions

6. Prepayments received from customers

7. Suppliers of goods and services

8. Current debt

9. Debt to affiliates

10. Debt to associates

11. Other debts, including taxes due and social security contributions

12. Prepayments and accrued income


 3. Form for income statement in report form, broken down by type (accounting

 classes B, C and D)


 (* next to the item indicates that small and medium-sized companies can summarize the

 item, cf. sections 32 and 81. Gross profit / Gross loss in parentheses must in that case be

 placed instead)

1. Net sales *

2. Change in stocks of finished goods and work in progress *

3. Work carried out for own account and entered under assets *

4. Other operating income *

5. External costs *

   a) Costs of raw materials and consumables *

   b) Other external costs *

(Gross Profit / Gross Loss)

6. Staff costs

   a) Wages
   b) Pensions

   c) Other costs of social security

Depreciation and write-downs of tangible and intangible fixed assets

Write-downs of current assets that exceed normal write-downs

9. Other operating expenses

10. Income from investments in affiliated and associated companies

   a) Income from investments in affiliated companies

   b) Income from investments in associates

11. Income from other investments, securities and receivables that are fixed assets

12. Other financial income from affiliated companies

13. Other financial income

Impairment of financial assets

15. Other financial expenses

   a) Financial costs arising from affiliates

   b) Other financial costs

16. Tax on profit for the year

17. Other taxes

18. Results for the year


 4. Form for income statement in report form, broken down by function (accounting

 classes B, C and D)


 (* next to the item indicates that small and medium-sized companies can summarize the

 item, cf. sections 32 and 81. Gross profit / Gross loss in parentheses must in that case be

 placed instead)

1. Net sales *

2. Production costs *
3. Gross profit *

(Gross Profit / Gross Loss)

4. Distribution costs

5. Administrative costs

6. Other operating income *

7. Income from investments in affiliated and associated companies

      a) Income from investments in affiliated companies

      b) Income from investments in associates

8. Income from other investments, securities and receivables that are fixed assets

9. Other financial income from affiliates

10. Other financial income

Write-down of financial assets

12. Other financial expenses

      a) Financial costs arising from affiliates

      b) Other financial costs

13. Tax on profit for the year

14. Other taxes

15. Results for the year «.

                                                  Official notes

 1)   The Act contains provisions implementing parts of Directive 2013/50 / EU of the European Parliament and of

 the Council of 22 October 2013 amending Directive 2004/109 / EC of the European Parliament and of the

 Council on the harmonization of transparency requirements for issuers of information , whose securities are

 admitted to trading on a regulated market, Directive 2003/71 / EC of the European Parliament and of the

 Council on the prospectus to be published when securities are offered to the public or admitted to trading, and

 Commission Directive 2007/14 / EC on implementing provisions for certain provisions of Directive 2004/109

 / EC, Official Journal 2013, No L 294, page 13, parts of Council Directive 2013/24 / EU of 13 May 2013 adapting

 certain directives relating to company law due to the Republic of Accession of Croatia, Official Journal 2013, No
L 158, page 365, parts of Directive 2013/34 / EU of the European Parliament and of the Council of 26 June

2013 on annual accounts, consolidated accounts and related reports see Forms of business, amending Directive

2006/43 / EC of the European Parliament and of the Council and repealing Council Directives 78/660 / EEC

and 83/349 / EEC, Official Journal 2013, No L 182, page 19, as amended Directive 2014/95 / EU of the

European Parliament and of the Council of 22 October 2014 amending Directive 2013/34 / EU as regards the

publication of non-financial and diversity information for certain large companies and groups, Official Journal

2014, L 330, page 1, and as amended by Directive 2014/102 / EU of the European Parliament and of the

Council of 7 November 2014 adapting Directive 2013/34 / EU of the European Parliament and of the Council

on annual accounts, consolidated accounts and related reports on certain types of business due to the accession

of the Republic of Croatia, Official Journal 2014, No L 334, page 86.