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Comptabilitat a Letònia

Accounting Rules

Tax Year
The fiscal year begins on 1 January and ends on 31 December of the same year.
Accounting Standards
Since 1 January 2005, all consolidated accounts must be drawn up in conformity with European accounting standards IAS/IFRS.
Accounting Regulation Bodies
Ministry of Finance, Accounting Policy
Accounting Reports
A company's accounts must clearly reflect its operations and its financial results and give a precise and faithful picture of its financial situation.

Amounts are given in Latvian currency. The documents are in Latvian. If a member of a company is not a natural person or a legal entity of the country (registered company), it is possible, with the agreement of the parties concerned, to use a second language, that the auditors deem to be acceptable. The accounting documents and the supporting documents that accompany them must remain on Latvian territory. Any accounting entry must be supported by an appropriate document.

The accounting year spreads over 12 months. It corresponds to the civil year, but the shareholders can choose other dates. Companies that form a group must have identical accounting years. This year can be modified, but the modification must be justified and explained in the notes attached to the annual report.

A company's financial statements must include a balance sheet, a profit and loss account, notes to the accounts and an annual report.

Publication Requirements
In the event that the company exceeds two of the criteria listed below, the annual reports must be audited by a certified auditor or by a firm of certified (sworn) auditors, duly elected by the shareholders:
- Total assets: EUR 356,000;
- Net turnover: EUR 711,000;
- Average number of employees in the reporting year: 25

Moreover, the European Directive of 19 July 2002 obliges all European companies listed on the Stock Exchange to establish their consolidated annual accounts on the basis of IAS/IFRS.

Professional Accountancy Bodies
LACA , Latvian Association of Certified Auditors
Certification and Auditing
If two of the indicators below go over the indicated amounts, the annual report must be examined by an auditor or by an officially designated accounting audit body, chosen by the shareholders:
- total capital: EUR 170,000
- net turnover: EUR 340,000
- average number of workers during the accounting year: 25.
You can contact an external auditor in the list below:
KPMG, Deloitte, Ernst & Young, PricewaterhouseCoopers and Leinonen.
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Actualitzacions: April 2022

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