Business Accounting Standards are prepared and approved by the Authority of Audit and Accounting according to the 3th article of the Law of Accounting of the Republic of Lithuania.
   The Standards are reviewed periodically. At the moment, there are issued 34 Business Accounting Standards, which are based on IFRS accounting principles, and each of them has their implementation guidelines giving the practical examples for its appliance.

    Enterprises may choose to present accounts according to IFRS or BAS. Enterprises whose securities are traded in regulated markets shall present financial statements according to IFRS.