ANNUAL FINANCIAL REPORT
The financial year starts from any month of the calendar year, but must have twelve consecutive months at the end of which the books of accounts are closed and the financial statements of the company are prepared. As a rule, in the vast majority of Lithuanian companies the financial year coincides with the calendar year.
Each company registered in Lithuania must submit an annual report to the Lithuanian Business Register within six months after the end of the financial year. The annual report must be prepared in Lithuanian in the official currency of Lithuania (Euro).
The annual report is mandatory for all companies registered in Lithuania, even if the company had no activity during the financial year. The deadline for submitting the annual report is six months after the end of the financial year of the company, so if the financial year of your company ends on 31 December, the deadline for submitting the report is 30 June of the following year.
All accounting must be completed before the annual report is prepared.
The annual report should include the following:
- Management Report
- Income statement
- Cash flow report
- Report on changes in capital
- Notes to annual accounts