{"id":39054,"date":"2026-10-02T10:40:47","date_gmt":"2026-10-02T07:40:47","guid":{"rendered":"https:\/\/tet.lt\/legal-framework\/law-on-financial-accounting\/"},"modified":"2026-10-02T10:40:48","modified_gmt":"2026-10-02T07:40:48","slug":"law-on-financial-accounting","status":"publish","type":"page","link":"https:\/\/tet.lt\/lt\/legal-framework\/law-on-financial-accounting\/","title":{"rendered":"Law on Financial Accounting of the Republic of Lithuania"},"content":{"rendered":"<section class=\"l-section wpb_row height_custom\"><div class=\"l-section-h i-cf\"><div class=\"g-cols via_flex valign_top type_default\"><div class=\"vc_col-sm-12 wpb_column vc_column_container\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column tet-lf\"><div class=\"wpb_wrapper\"><h1 style=\"text-align: center;\">Law on Financial Accounting of the Republic of Lithuania<\/h1>\n<h2>What the law regulates<\/h2>\n<p>The Law on Financial Accounting (No. IX-574, formerly the Law on Accounting) sets the requirements for keeping financial accounting in Lithuania: accounting documents, accounting registers, the recording of economic operations, the storage of accounting information and the responsibility for organising accounting.<\/p>\n<h2>Who it applies to<\/h2>\n<p>All legal entities registered in Lithuania, including companies owned by non-residents, and some other entities. Financial statements themselves are prepared under the Law on Financial Reporting of Undertakings and the Business Accounting Standards (BAS) or IFRS.<\/p>\n<h2>Key points for company owners<\/h2>\n<ul>\n<li><strong>Responsibility.<\/strong> The head of the company (director) is responsible for organising financial accounting, even when the bookkeeping itself is outsourced.<\/li>\n<li><strong>Outsourcing.<\/strong> Accounting can be kept by the company&#8217;s own accountant or by an external accountant or accounting firm under a contract.<\/li>\n<li><strong>Documents.<\/strong> Every economic operation must be supported by an accounting document; documents and registers must be kept for the periods set by law.<\/li>\n<li><strong>Language and currency.<\/strong> Accounting in Lithuania is kept in the official language and in euro; documents in a foreign language may need a translation.<\/li>\n<li><strong>Reporting.<\/strong> Accounting data are the basis for tax returns to the VMI, social insurance reports to Sodra and the annual financial statements filed with the Register of Legal Entities.<\/li>\n<\/ul>\n<p class=\"tet-lf-official\"><strong>Official text:<\/strong> <a href=\"https:\/\/e-seimas.lrs.lt\/portal\/legalAct\/lt\/TAD\/51ae66c0aeae11ed924fd817f8fa798e\" target=\"_blank\" rel=\"noopener\">Law on Financial Accounting, No. IX-574 (English translation)<\/a> (Register of Legal Acts of the Seimas, e-seimas.lrs.lt). English translations there may not include the latest amendments \u2014 the Lithuanian version prevails.<\/p>\n<div class=\"tet-term-links\">\n<div class=\"tet-term-links-title\">Susijusios paslaugos<\/div>\n<ul>\n<li><a href=\"https:\/\/tet.lt\/lt\/buhalterines-apskaitos-paslaugas-lietuvoje\/\">Apskaitos paslaugos<\/a><\/li>\n<li><a href=\"https:\/\/tet.lt\/lt\/buhalterines-apskaitos-paslaugas-lietuvoje\/isorine-apskaita-2\/\">Outsourced accounting<\/a><\/li>\n<li><a href=\"https:\/\/tet.lt\/lt\/metine-ataskaita\/\">Annual report<\/a><\/li>\n<li><a href=\"https:\/\/tet.lt\/lt\/zodynelis\/metines-finansines-ataskaitos\/\">Glossary: annual financial statements<\/a><\/li>\n<\/ul>\n<\/div>\n<p class=\"tet-lf-note\">This overview explains the law in plain English for business owners. It is not legal advice and does not replace the official text; laws change, so always check the current version. For advice on your situation, <a href=\"https:\/\/tet.lt\/lt\/kontaktas\/\">kontaktai<\/a>.<\/p>\n<p class=\"tet-back\"><a href=\"https:\/\/tet.lt\/lt\/legal-framework\/\">\u2190 Legal framework<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>","protected":false},"excerpt":{"rendered":"Law on Financial Accounting of the Republic of Lithuania What the law regulates The Law on Financial Accounting (No. IX-574, formerly the Law on Accounting) sets the requirements for keeping financial accounting in Lithuania: accounting documents, accounting registers, the recording of economic operations, the storage of accounting information and the responsibility for organising accounting. 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