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This company did not comply with the requirements to issuers, whose securities are traded in the regulated market, to manage their accounting and compile their annual financial statements following the International Accounting Standards (IAS) and other legal acts, writes LETA/ELTA.

The Supervision Service instructed Gubernija to correct the financial accounting deficiencies.

The former Securities Commission, whose functions were taken over by the Bank of Lithuania from the beginning of this year, conducted an inspection and stated in its inspection statement of December 22, 2011, that the annual financial statements of Gubernija for 2010 were incompliant with the IAS.

Gubernija was instructed to retrospectively correct the financial statements according to the IAS requirements when preparing the interim six-months statements for 2012 and the annual statements for 2012. The information provided by the company in the explanatory letter of the financial statements for 2012 should comply with the IAS requirements.

Gubernija should prepare a new accounting policy compliant with the IAS requirements by December 31, 2012.