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Version status: Entered into force | Document consolidation status: Updated to reflect all known changes
Version date: 20 January 1992 - onwards
  Version 2 of 2    

Article 48

1. In the case of investments other than land and buildings, current value shall mean market value, save as provided in paragraph 5.

2. Where investments are officially listed on an official stock exchange, market value shall mean the value on the balance-sheet date or, when the balance-sheet date is not a stock-exchange trading day, on the last stock-exchange trading day before that date.

3. Where a market exists for investments other than those referred to in paragraph 2, market value shall mean the average price at which such investments were traded on the balance-sheet date or, when the balance-sheet date is not a trading day, on the last trading day before that date.

4. Where on the date on which the accounts are drawn up investments such as referred to in paragraphs 2 or 3 have been sold or are to be sold within the short term, the market value shall be reduced by the actual or estimated realization costs.

5. Except where the equity method is applied in accordance with Article 59

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