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Case C-322/12: Judgment of the Court (Tenth Chamber) of 3 October 2013 (request for a preliminary ruling from the Cour de cassation — Belgium) — État belge v GIMLE SA (Fourth Directive 78/660/EEC — Article 2(3) — Principle that a true and fair view must be given — Article 2(5) — Obligation to depart from that principle — Article 32 — Valuation method based on historical cost — Purchase price manifestly lower than the real value)
ECLI:EU:UNKNOWN:62012CA0322
62012CA0322
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Valentina R., lawyer
23.11.2013
Official Journal of the European Union
C 344/34
(Case C-322/12) (<span class="super">1</span>)
(Fourth Directive 78/660/EEC - Article 2(3) - Principle that a true and fair view must be given - Article 2(5) - Obligation to depart from that principle - Article 32 - Valuation method based on historical cost - Purchase price manifestly lower than the real value)
2013/C 344/58
Language of the case: French
Referring court
Parties to the main proceedings
Applicant: État belge
Defendant: GIMLE SA
Re:
Request for a preliminary ruling — Cour de cassation (Belgium) — Interpretation of Article 2(3), (4) and (5) of Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies (OJ 1978 L 222, p. 11) — Annual accounts of certain types of companies — Principle that a true and fair view must be given — Acquisition price of assets not reflecting their real value and giving a distorted view of the company’s assets — Obligation to depart from the rule that assets are to be entered in the accounts at their acquisition cost and to recognise them immediately as having their resale value
Operative part of the judgment
The principle that a true and fair view must be given, set out in Article 2(3) to (5) of Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article [44(2)(g) EC] on the annual accounts of certain types of companies, does not permit the principle of valuation of assets on the basis of their acquisition price or their production cost, contained in Article 32 of that directive, to be departed from in favour of a valuation on the basis of their real value, where the acquisition price or the production cost of those assets is manifestly lower than their real value.
(<span class="note">1</span>) OJ C 287, 22.9.2012.