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Accounting services
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General information
The Law on Accounting and the Law on the Annual Accounts of Undertakings are the basic laws regulating bookkeeping and financial reporting in Latvia. The Law on Accounting and the Law on the Annual Accounts of Undertakings are based on the 4th and 7th European Union Directives. Latvian accounting principles are being brought into line with the international standards applicable in their respective fields.
The Law on Accounting
This Law sets out the basic principles and rules to be followed in accounting records and stocktaking. The Law applies to all enterprises and non-profit organisations registered with the Enterprise Register of the Republic of Latvia, regardless of the type of commercial transactions they carry out, or of the type of ownership. It also applies to the permanent establishments (subsidiaries, departments) of foreign-owned enterprises registered with the Enterprise Register of the Republic of Latvia, to all institutions and organisations which are financed from state and municipal budgets, to all public organisations, associations, foundations with limited numbers of participants, religious organisations and trade unions.
The Law on the Annual Accounts of Undertakings
This Law applies to all enterprises and non-profit organisations that are registered with the Enterprise Register of the Republic of Latvia, irrespective of the type of commercial transactions they carry out or of the type of ownership. The law defines which companies must prepare annual reports and which are exempt from this requirement. The law does not apply to farms, fishery farms or to individual businesses where the annual income from business transactions is LVL 200 000 (EUR 285 000) or less at the beginning of the reporting year. In addition, the law does not apply to banks, to credit institutions and insurance companies, nor to private pension funds, all of which are regulated by special acts passed by Parliament.
The Law on Accounting and the Law on the Annual Accounts of Undertakings are the basic laws regulating bookkeeping and financial reporting in Latvia. The Law on Accounting and the Law on the Annual Accounts of Undertakings are based on the 4th and 7th European Union Directives. Latvian accounting principles are being brought into line with the international standards applicable in their respective fields.
The Law on Accounting
This Law sets out the basic principles and rules to be followed in accounting records and stocktaking. The Law applies to all enterprises and non-profit organisations registered with the Enterprise Register of the Republic of Latvia, regardless of the type of commercial transactions they carry out, or of the type of ownership. It also applies to the permanent establishments (subsidiaries, departments) of foreign-owned enterprises registered with the Enterprise Register of the Republic of Latvia, to all institutions and organisations which are financed from state and municipal budgets, to all public organisations, associations, foundations with limited numbers of participants, religious organisations and trade unions.
The Law on the Annual Accounts of Undertakings
This Law applies to all enterprises and non-profit organisations that are registered with the Enterprise Register of the Republic of Latvia, irrespective of the type of commercial transactions they carry out or of the type of ownership. The law defines which companies must prepare annual reports and which are exempt from this requirement. The law does not apply to farms, fishery farms or to individual businesses where the annual income from business transactions is LVL 200 000 (EUR 285 000) or less at the beginning of the reporting year. In addition, the law does not apply to banks, to credit institutions and insurance companies, nor to private pension funds, all of which are regulated by special acts passed by Parliament.
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