Order No VAS-13 of 2 June 2010 of the Director of the Authority of Audit and Accounting on the Approval of Business Accounting Standard 6 “Explanatory Notes” (Official Gazette (Valstybės Žinios), No 68-3430).

      

      The general requirements for the content of the explanatory notes and the minimum requirements for the comments in the explanatory notes were updated in accordance with the current legislation, except for companies in specific fields which present information in the explanatory notes based on the requirements of the specific standards. This Standard contains minimum simplified requirements for the comments in the explanatory notes that were partly amended taking into account the requirements of the Fourth Directive of the European Union.

      

      This Standard applies to the financial statements for the reporting period starting on 1 January 2011 and subsequently. The Standard may also be applied to the financial statements of earlier reporting periods.

      

      Order No VAS-14 of 14 June 2010 of the Director of the Authority of Audit and Accounting on the Approval of Business Accounting Standard 5 “Cash Flow Statement” (Official Gazette (Valstybės Žinios), No 68-3431).

      

      This Standard specifies the procedure for the compilation of a cash flow statement and classification of cash flows into cash flows from operating, investment and financial activities. The Standard applies to all companies except for the companies operating in specific fields. The requirements for the cash flow statements of such companies and their reporting forms are presented in the standards regulating their accounting. The terms used in the Standard were harmonized with the terms presented in the bank of terms of the Republic of Lithuania. This Standard was also extended with new paragraphs regarding disclosure of term deposits and grants received in cash in the cash flow statement. It was established that when preparing a cash flow statement, cash flows of extraordinary items shall not be disclosed separately. The wording of many paragraphs of the Standard was adjusted.

      

      This Standard applies to the financial statements for the reporting period starting on 1 January 2011 and subsequently. The Standard may also be applied to the financial statements of earlier reporting periods.