Following the publication of the final Dual Display of Prices Guidelines and the FAIR initiative last week, the National Euro Changeover Committee is now publishing two further guidelines for public consultation. The new consultation documents are the guidelines for the filing of financial statements and the guidelines for the usage and validity of Maltese lira denominated stored value documents. These guidelines form the basis of the “phasing out” framework in the sense that they regulate the reporting of financial statements and the residual Lm monetary amounts post e-day.

The new NECC Guidelines for the filling of the financial statements describe how organisations should fulfil their obligations relating to the reporting of financial statements with regulatory authorities or administrative entities such as the MFSA, the Inland Revenue Department, the Department of VAT, the Department of Social Security and with banks for loans assessments after the euro changeover. These guidelines only determine the reporting currency of submission of financial statements and in no manner prescribe the book-keeping requirements of individual organisations.

These guidelines are based on the principle that the Maltese lira is the reporting currency of financial statements drawn up post e-day, but not later than 31 December 2008, referring to financial periods ending not later than 31 December 2007. Similarly, the euro is the reporting currency for all financial statements referring to financial periods ending on or after 1 January 2008. For the financial statements referring to periods ending before e-day but submitted after 31 December 2008, an organisation can opt for either Maltese lira or euro as the reporting currency, depending on which currency is most convenient for them.

The second guidelines being published for consultation today explain the changeover process for stored monetary value documents, identifying the periods during which such documents and/or their residual value post e-day will be able to be used by consumers.

The guidelines also establish parameters for the sale of Lm denominated stored value documents post changeover.

Stored value documents refers to either documents which represent monetary values (e.g. stamps) or documents which are purchased and contain a credit value, which value may be stored on magnetic stripes or an electronic chip. Pre-paid debit cards, gift vouchers, and telephone cards are examples of stored value documents.

The NECC encourages contribution by the general public during the consultation period.

Both guidelines can be downloaded from www.euro.gov.mt and further information can be obtained by calling linja ewro 154. The feedback can be send on [email protected] or by post addressed to the Executive Director, the National Euro Changeover Committee, Level 2, Mangion House, Triq Dun Karm Psaila, Birkirkara, BKR 14.

The closing date for public consultation is 7 September.