The Council of the European Communities,

Having regard to the Treaty establishing the European Economic Community,

Having regard to 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 No L 222, 14. 8. 1978, p. 11.], and in particular Article 53(2) thereof,

Having regard to the proposal from the Commission,

Whereas Regulation (EEC) No 3180/78 [OJ No L 379, 30. 12. 1978, p. 1.], as amended by Regulation (EEC) No 2626/84 [OJ No L 247, 16. 9. 1984, p. 1.], defined a new unit of account, known as the ECU;

Whereas Regulation (EEC, Euratom) No 3308/80 [OJ No L 345, 20. 12. 1980, p. 1.] replaced 'European unit of account' by 'ECU' in all Community legal instruments applying at the time of its entry into force;

Whereas Articles 11 and 27 of Directive 78/660/EEC and, by reference thereto, Article 6 of Directive 83/349/EEC [OJ No L 193, 18. 7. 1983, p. 1.] and Articles 20 and 21 of Directive 84/253/EEC [OJ No L 126, 12. 5. 1984, p. 20.] lay down limits in ECU for the balance sheet total and net turnover within which the Member States may grant certain derogations from the provisions of those Directives;