Regulation of Accounting in Lithuania

     All legal entities of limited and unlimited civil liability (public limited liability companies, private limited liability companies, individual enterprises, general partnerships, limited partnerships and etc.), farmers’ farms, residents engaged in individual activities, branches, associates and representative offices of foreign legal entities must keep and handle their accounting in compliance with the Law on Accounting of the Republic of Lithuania.  

      The Law on Accounting of the Republic of Lithuania establishes organisation of accounting, defines accounting documents and accounting registers as well as keeping thereof, correction of errors, liability for organisation of accounting and storage of accounting documents. 

      The procedure of the accounting of farmer’s farms, residents engaged in individual activities, foreign economic entities acting through the permanent establishment in the Republic of Lithuania, foreign economic entities whose representative offices are located in the Republic of Lithuania, non-profit legal persons with limited civil liability shall be established by the Government or an institution authorised by it to the extent the Accounting  Law of the republic of Lithuania does not provide otherwise. 

       Pursuant to paragraph 3 of article 3 of the Accounting Law of the Republic of Lithuania (Žin., 2001, No 99-3515) Economic entities whose securities are traded on a regulated market shall handle accounting in accordance with the International Accounting Standards. The provisions of this paragraph came into force on 1 January 2005.  

      Profit-seeking legal persons with limited civil liability, except for the economic entities specified in paragraph 3 of this article, shall handle accounting in pursuance of the Business Accounting Standards or International Accounting Standards. Having selected handling of accounting in pursuance of Business Accounting Standards or International Accounting Standards, such selection shall not be changes earlier than after 5 years (except for the case, where a profit-seeking legal entity of limited civil liability becomes the enterprise of a group of enterprises).  

       The International Financial Reporting Standards (IFRS) are adopted and  distributed by the International Accounting Standards Board  (IASB).  Further information about these activities is available http://www.iasb.org/Home.htm. 
  
  Accounting of a legal entity may be performed by:

      In consideration of the fact that it is very difficult to enterprises to find a reliable accountant and to maintain the high level of accounting, we offer you to conclude an Accounting Service Supply Agreement and   confide handling of accounting to professionals.




Finance depart.: +370 672 17947
E-mail.: info@tfs.lt