Lithuania: accounting requirements


Accounting requirements. A commentary of the Corporate Tax Act regarding requirements for accounting was amended. The commentary specifies in detail what legal acts should be followed by an entity when performing accounting and preparing sets of financial statements depending on the form and activities of the legal entity.

Small partnerships and unlimited civil liability legal entities (except for general partnerships and limited partnerships, the general partners of which are public or private limited liability companies,) are entitled to choose whether accounting should be performed and financial statements should be prepared based only on Business Accounting Standard 38 Record keeping and financial reporting of unlimited civil liability legal entities and small partnerships or based on all other business accounting standards.

The Commentary has been supplemented with a provision which states that not only companies whose securities are traded in regulated market should keep records and prepare financial statements according to the International Accounting Standards but also financial brokerage companies, an operator of the regulated market, the Central Securities Depository of Lithuania and credit institutions except for credit unions.

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