NORWAY 4

1. Local name of legal entities 4

2. Size criteria 4
3. Public Limited Compan !ASA" 4
3.1. Accounting records (Duty to keep books, recording of accoun ting transactions) #
3.2. Liability to keep books $
3.3. Keeping of accounts and accounting material %
3.. Accounting principles %
3..1. !"e main rules for estimation and classification of assets and liabilities %
3..2. #oreign currency &
3..3. Accounts recei$ables &
3... !a% &
3..&. 'e$enue &
3.&. Annual accounts and #inancial statement &
3.(. Auditing)disclosure)publicatio n 1'
4. Pri(ate limited compan !AS" 1'
.1. Accounting records (Duty to keep books, recording of accounting transactions) 11
.2. Liability to keep books 12
.3. Accounting principles 12
.3.1. !"e main rules for estimation and classification of assets and liabilities 12
.. Annual Accounts and #inancial *tatement 12
.&. Auditing)disclosure)publication 13
#. )eneral Partners*ip 13
&.1. Accounting records (Duty to keep books, recording account ing transaction) 13
&.1.1. Accountability for *mall +ompany 13
&.1.2. Liability to keep books 14
&.1.3. Keeping of accounts and accounting material 1+
&.2. Accounting principles 1+
&.3. Annual Accounts and #inancial *tatement 1+
&.. Auditing)disclosure)publication 1%
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$. )eneral Partners*ip /it* S*ared liabilit 1%
(.1. Accounting records (Duty to keep books, recording of accounting transactions) 1%
(.2. Accounting principles 1%
(.3. Annual Accounts and #inancial *tatement 1%
(.. Auditing)disclosure)publication 1%
+. Limited Partners*ip 1%
,.1. Accounting records (Duty to keep books, recording accounting transaction) 1&
,.2. Accounting principles 1&
,.3. Annual Accounts and #inancial *tatement 1&
,.. Auditing)disclosure)publication 1&
%. Cooperati(e 1&
-.1. Accounting records (Duty to keep books, recording of accounting transactions) 1&
-.2. Accounting principles 1&
-.3. Annual Accounts and #inancial *tatement 2'
-.. Auditing)disclosure)public ations 2'
-..1. Auditing 2'
-..2. .ublications 2'
&. Sole Proprietors*ip 2'
/.1. Accounting records (Duty to keep books, recording of accounting transactions) 2'
/.2. Liability to keep books 22
/.2.1. Keeping of accounts and accounting material 24
/.3. Accounting principles 24
/.. Annual accounts and financial statement 2#
/.&. Auditing)disclosure)publication 2#
1'. 0eferences 2#
Anne, 1. L - .or/a
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.or/a
1. Local name of legal entities
1S23s4 can generall operate t*roug* one of t*e follo/ing legal forms5
6 Public limited compan - Allmennaks0eselskap !ASA" - 7pe A8
6 Pri(ate limited compan - Aks0eselskap !AS" - 7pe A8
6 )eneral partners*ip - Ans$arling selskap !A.S" - 7pe 98
6 )eneral partners*ip /it* s*ared liabilit - *elskap med delt ans$ar !:A" - 7pe 98
6 Limited partners*ip - Kommanditt selskap !;S" - 7pe 98
6 Cooperati(es Co -operati(es !C<<P" - 7pe 98
6 Sole proprietors*ip - 1nkeltpersonforetak (*.) - 7pe C.
2. Size criteria
2edium-sized companies are not defined for accounting or financial reporting purposes.
According to t*e Accounting Act=s of >ul 1+t*? 1&&% .o. #$ !Section 1 -$"? a small-size
compan must meet t/o of t*ree of
t*e follo/ing criteria in order to be considered as a small compan5
6 .et turno(er less t*an or e@ual to .<; $'?'''?'''8
6 9alance s*eet total less t*an .<; 3'?'''?'''8
6 A(erage emploees less t*an #'.
All ot*er companies !/*ic* are not small" are considered as large companies !or not small
companies" and must t*us
/*oll compl /it* t*e Accounting ActAs regulations regarding companies of t*is size 1.
3. Public Limited Compan !ASA"
.or/egian Public limited companies are comprised b t*e Public Compa nies Act of >une
13t*? 1&&+ .o. 4#.
W*at companies are co(ered b t*is la/ follo/s in t*e Public Companies Act section 1 -1. B
7*e scope of t*e La/.
7*e Public Companies Act co(ers a ll Public limited companies.
9 Public limited companies? /e define e(er compan5
1 According to 7*e Accounting Act of >ul 1+t*? 1&&% .o. #$ Section 1-#? large companies
are5 a" public limited companies8 b"
accountable if s*ares? parts? primar capital certificate or bonds are listed at t*e stocC
e,c*ange? aut*orized marCet place or in
corresponding restricted marCed abroad? or c" ot*er accountable if determined in regulations
gi(en b t*e department. Large
companies can? according to t*e Accounting Act Section 1-#? be bot* Public limited
companies as /ell as Pri(ate limited companies. A
small compan? b t*e definition from t*e Accounting Act Section 1-$? can ne(er be a Public
limited compan.
Anne, 1. L - .or/a
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1. in /*ic* none of t*e s*are*olders *a(e personal responsibilit? un -s*ared or for parts of
t*e companAs total
responsibilit? and
2. t*at are? according to t*e articles of in corporation? designated as a Public limited compan8
3. t*at are registered as a Public limited compan in t*e 0egister of 9usiness 3nterprises.
7*e s*are*olders are not liable for t*e companAs responsibilities to/ards t*e companAs
creditors.
7*e s*are*olde rs are not obligated to pa in t*e compan or in t*e companAs estate? in case
of a banCruptc? in a larger
measure t*an /*at follo/s b t*e basis of t*e in(itation to subscribe for s*ares.
Dn order to establis* a Public limited compan? t*e subscriber *as to maCe a corporate c*arter.
7*e corporate c*arter s*all
include t*e articles of incorporation. !cf. 7*e Public Companies Act c*apter 2".
7*e Public limited companAs s*are capital s*ould at least be .<; 1?'''?'''. 7*e s*are
capital can be distributed to one
or se(eral s*are*olders /*ose sole responsibilit is related to t*e part t*e *a(e subscribed to.
7*e s*ared capital can be
paid in cas* or assets.
7*e Public limited companies *a(e to elect a board of directors consisting of at least t*ree
members. 7* e board of
directors s*all engage a )eneral 2anager.
7*e Public limited companies *a(e to maCe an opening balance and elect an auditor.
7*e auditor s*all confirm t*e opening balance of Public limited companies.
Einall? Public limited companies must be r egistered in t*e .or/egian 0egister of 9usiness
3nterprises .
3.1. Accounting records (Duty to keep books, recording of accounting transactions)
7*e Accounting Act of 1&&% /it* regulat ions co(ers e(ert*ing t*at is accountable according
to t*e actAs Section 1-2
subsection 1? .o. 1 -12 /*ic* is domiciled in .or/a and accountable according to Section
1-2 .o. 13.
Public limited companies are accountable according to t*e Accounting Act Section 1-2
subsection 1 .o. 2.
Eurt*er? t*ose t*at are accountable s*all also follo/ t*e final .or/egian accounting
standards? t*e Falue Added 7a, Act
and t*e 7a, Assessments Act.
7*ose t*at are accountable according to t*e Accounting Act Section 1-2 subsection 1? .o. 1-
13? s*all as t*e main rule? send
one specimen of t*e annual accounts /it* notes? cas* flo/ report? t*e annual report and
possibl t*e audit report to t*e
Accounting 0egister? c f. Accounting Act Section %-2.
Companies defined as 1 Large companies4 according to t*e accounting act Section 1-#? *a(e
in principal ordinar liabilit to
perform registration of accounts as /ell as booCCeeping.
7*ose t*at are liable to Ceep booCs are according t*e 9ooCCeeping Act of 1& .o(ember 2''4
.o. +3 Section 25
6 anone /*o is accountable according to t*e Accounting Act Section 1-28
6 anone /*o is liable to submit a trading statement according to t*e 7a, Assessment Act
Section 4-4 or a FA7
0eturn Eorm according to t*e FA7 Act Section 1#-1.
Eurt*er? t*e 7a, <ffice or t *e <il 7a,ation <ffice can in some cases impose t*e liabilit to
Ceep booCs for up to t/o ears
at a time on t*ose /*o can be regarded as carring on business acti(ities.
According to t*e 9ooCCeeping Act? t*ose t*at are liable to Ceep booCs are obligated to
prepare liable accounting reports.
Anne, 1. L - .or/a
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Wit* liable accounting reports is understood8 annual accounts and ot*er reporting of *istorical
accounting information for
e,ternal parties? gi(en in /riting at a time determined and /it* predefined contents and /*ic*
*as been determined or
aut*orised b la/.
Large companies are liable to prepare annual accounts /it* notes? cas* flo/ report and annual
statement according to t*e
Accounting ActAs Section 3-1
Large companies are also liable to prepare t*e annual accounts according to additional
criterion stated in t*e accounting
regulation? .or/egian Accounting Standards and e(entuall ot*er regulations? e.g.
.or/egian StocC regulation of >anuar
1+t*? 1&&4? .o. 3'.
Dn t*e table belo/ !see t*e paragrap* 10eferences4" follo/s an o(er(ie/ o(er t*e
re@uirements for large and 2iddle -sized
companies !7*e Accounting Act Sections +-2 to +-34".
3.2. Liability to keep books
7*ose Public limited companies t*at are accountable s*all also follo/ t*e pro(isions
regarding Ceeping (ouc*ers an d
documentation of t*e accounts in t*e 9ooCCeeping Act and t*e 9ooCCeeping 0egulation.
9ooCCeeping? specification? documentation and Ceeping of account information s*all taCe
place in accordance /it* t*e
follo/ing basic principles5
1. Accounting sstem5 A pro per and eas /a to follo/ t*e accounting sstem s*all e,ist
/*ic* maCes it possible for
t*e production of liable accounts reporting and specifications and /*ic* is set up so t*at t*e
disclosure
re@uirement can be e nsured8
2. Completeness5 All transactions an d ot*er accounting dispositions s*all be entered in t*e
booCs in a complete
manner in t*e accounting sstem8
3. 0ealit5 7*e information entered in t*e booCs s*all be t*e result of actual occurrences or
accounting e(aluations
and s*all concern t* e business re@uired to Ceep booCs8
4. Accurac5 Dnformation s*all be entered in t*e booCs and spec ified correctl and accuratel8
#. Gpdating5 Dnformation s*all be entered in t*e booCs and specified as often as t*e c*aracter
of t*e information
and t*e nature and scope of t* e business re@uired to t*e booCCeeping calls for8
$. :ocumentation of booCed information5 7*e information entered in t*e booCs s*all be
documented in a /a
/*ic* s*o/s its legitimac8
+. 7raceabilit5 7/o -/a control tracCs s*all e,ist bet/een documentation? spe cifications
and liable accounts
reporting8
%. Storage5 :ocumentation? specifications and liable accounts reporting s*all be Cept as long
as a factual need e,ists
to c*ecC t*e liable accounts reporting. Storage s*all taCe place in a manner /*ic* maintains
t*e possibilit to
read t*e material8
&. Safeguarding5 7*e accounting material s*all be safeguarded in an appropriate /a against
ill egal c*anges?
deletion or loss8
1'. 0egular accounting principles5 9ooCCeeping? specification? documentation and storing of
accounts information
s*all be done in accordance /it* regular accounting principles.
Eor eac* period /it* liable accounts reporting t*e follo/ing s*all be prepared in accordance
/it* t*e 9ooCCeeping
0egulation Section 3-15
Anne, 1. L - .or/a
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1. 9ooCCeeping specification. All booCed info rmation b period? /*ere all items s*all appear
in an arranged order /it*
documentation date and documentation reference? allocation codes and ot*er rele(ant
*andling codes. Sstem
generated items can appear as totals i f t*e are easil controllable8
2. Account specification. All accounts b period? /*ere for eac* account ?an account code and
account name s*all be
specified? all items s*all be arranged in order /it* t*e documentation date and documentation
reference? ot*er
rele(ant *andling codes? t*e balance broug*t for/ard and t*e closing balance8
3. Customer specification. All transactions /it* customers b period? /*ere t*e customerAs
code and name? all items
arranged in order /it* documentation date and documentation reference? t*e balance broug*t
for/ard and t*e
closing balance s*all appear8
4. Supplier specification. All transactions /it* suppliers b period? /*ere t*e supplierAs code?
name and business
registration number? all items arranged in order /it* documentation date and documentation
reference? t*e
balance broug*t for/ard and t *e closing balance s*all appear8
#. Specification of /it*dra/als to o/ners? participants and o/n business. All /it*dra/als of
assets and ser(ices
specified b o/ner? participant or o/n business arranged in order /it* t*e real (alue / it*
documentation da te and
documentation reference8
$. Specification of sales to o/ners and participants in companies /it* fe/er t*an 1' o/ners
or participants. All sales
of goods and ser(ices specified b o/ner? or participant? arranged in order /it* documen
tation date and
documentation reference. 7*is applies e(en if o/ners o r participants act as consumers8
+. Specification of sales and ot*er paments to leading emploees. All sales of goods and
ser(ices to leading
emploees? specified b emploee arranged in o rder /it* documentation date and
documentation reference. 7*is
applies e(en if leading em ploees are acting as consumers8
%. Specification of FA7. <utput and input FA7 and t*e basis for calculation of FA7
specified b period according to t*e
accounts in t*e a ccounting sstem. 7*e specification s*all also s*o/ ta, -free sales and
/it*dra/als as /ell as sales
and /it*dra/als /*ic* fall under t*e regulations of t*e FA7 Act c*apter #. <utput FA7
s*ould also be specifiable
b transaction8
&. Specification of pament ob ligated to be reported on a salar statement. Paments
obligated to be reported on
salar statements specified b period according to t*e ac counts in t*e accounting sstem.
Dn addition? obligator emploersA contributions s*ould be @uoted collecti(el? b ta, rate and
municipalit.
Customer and supplier specifications? as mentioned in subsection 1? .o. 3 and 4? s*all also
comprise cas* sales and
purc*ases /*en t*e goods or t*e ser(ice are intended for resale or as an indirect input factor
in production or ser(ice
pro(ision? or if t*e compensation amounts to more t*an .<; 4'?''' including FA7. 7*ose
liable to Ceep booCs /*o
mainl conduct cas* sales can specif suc* sales b presenting copies of t*e sales
documentation arranged b customer.
W*en pro(iding go ods and ser(ices /*ere t*e sales document is issued b an agent on be*alf
of a supplier? t*e
transactions can be registered in t*e customer and supplier specification t*roug* t*e account
of t*e agent.
7*e ministr can t*roug* an indi(idual decision maCe e ,ceptions from t*e re@uirement in
subsection 1? .o. 1 and 2? to
state ot*er rele(ant processing codes in t*e booCCeeping specification and t*e account
specification.
Liable accounts reporting s*all be up to date according to t*e 9ooCCeeping Act Section +
second subsection as often as t*e
acti(it? t*e nature and scope of t*e transaction re@uire. Eurt*er? t*e booCCeeping s*all be up
-to-date /it*in t*e due date
for obligated financial reports? at least b e(er fourt* mont*.
Companies /*ic* are liable to FA7 or /*ic* *a(e emploees? must perform formal reporting
e(er second mont* and
t*us t*e accounts for t*ese must be up to date bimont*l.
Anne, 1. L - .or/a
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All ot*er companies *a(e four mont*s.
Companies /*ic* do not *a(e sales liable to FA7 or /*ic* *a(e annual reporting o f FA7?
must be up to date /it* liable
accounts reporting /it*in t/o mont*s after t*e end of t*e fourt* mont* !for e,ample5 liable
reporting for t*e period
>anuar 1st to April 3't* must be up to date before >une 3't*".
3.3. Keeping of accounts and accounting ma terial
Dt follo/s b t*e 9ooCCeeping Act Section 13 first and second subsection? t*at annual
accounts? annual report? auditorAs
statement? ot*er liable reporting? specifications of liable reporting? documentation of
registered and deleted information?
documentation of t*e accounting sstem? documentation of t*e balance and numbered letters
from t*e auditor s*all be
Cept in .or/a for ten ears after t*e end of t*e accounting ear. Eurt*er? it follo/s t*at
agreements in(ol(ing t*e
business /it* e,emption of agreements of less importance? correspondence t*at gi(es maHor
additional information in
relation to a registered information? outgoing lists of contents or e@ual documentation on
paper at t*e time of deli(er
and o(er(ie/ of prices t*at are re@uired made according to la/ or regulation? s*all be Cept in
.or/a in t*ree ears and
si, mont*s after t*e end of t*e accounting ear.
0egistered information t*at originall /as a(ailable electronicall s*all be a(ailable
electronicall for t*ree ears and si,
mont*s after t*e end of t*e accounting ear.
7*e accounting material s*all be a(ailable /it* readabilit and it s*all be possible to maCe
prints outs during t*e time t*e
material s*all be Cept? cf. t*e 9ooCCeeping Act Section 13 fourt* subsections.
Dn principle? t*e Ceeping of accounts and material s*all be performed in .or/a. Io/e(er? it
follo/s b t*e 9ooCCeeping
0egulation Section +-#? after a c*ange in legislation 2a 21st? 2'1'? t*at a business can Ceep
electronic material in anot*er
33C countr if an agre ement or a settlement /it* t*e particular countr secures t*e
.or/egian ta, aut*orit sufficient
access to t*e accounting information for t*e purpose of inspections and t*at it /ill not pre(ent
an effecti(e .or/egian
police in(estigation. 7*e accounting ma terial Cept abroad must *a(e readabilit and it must
be possible to maCe print outs
from a terminal or similar in .or/a during t*e complete Ceeping period. Dt is re@uired t*at
t*e business in /riting informs
t*e :irectorate of 7a,es about /*ic* accounting material /ill be Cept abroad? /*ere t*e
material is Cept and *o/ t*e ta,
aut*orities at an time can obtain access to t*e material.
7*e :irectorate of 7a,es /ill in a regulation determine in /*ic* 33C countries t*ese
conditions are met at an time. Suc*
regulation is not et gi(en but it is signalised t*at at least t*e .ordic countries are considered
to meet t*e conditions. Df
electronic material s*all be Cept in ot*er countries? t*e business must appl for a dispensation
to Ceep t*e material
abroad according to t*e 9ooCCeeping Act Section 13? fift* subsection. Suc* application must
be submitted to t*e
:irectorate of 7a,es.
3.. Accounting principles
3..1. !"e main rules for estimation and classification of assets and liabilities
7*e Accounting Act c*apter # compris es t*e main rules for estimation and classifications of
assets and liabilities.
7*e accounting sstem of t*e companies s*ould be able to reproduce liable accounts reporting
on paper. Eurt*er?
documentation of t*e accounting sstem s*all e,ist /*ic* descri bes t*e inspection
possibilities and *o/ t*e sstem
generated items can be re -e,amined. 7*is includes fi,ed codes and firm data if necessar in
order to re -e,amine t*e
information entered.
Liable accounts reporting s*all be in .or/egian? S/edis*? :anis* or 3nglis*. Io/e(er? it is
possible to appl for
dispensation in order to use ot*er languages? cf. t*e Accounting Act Section 12.
Anne, 1. L - .or/a
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Df t*e functional currenc of t*ose liable to Ceep booCs is somet*ing ot*er t*an .or/egian 1
kroner4 !.<;"? t*e
booCCeeping can be done in t*is currenc. 9 functional currenc is meant t*e currenc
/*ic* t*e financial business of
t*ose liable to Ceep booCs are mainl connected to? please see accounting regulation Section
4-2 and t*e Accounting Act
Section %.
Assets determined for permanent o/ners*ip or uses are classified as fi,ed assets. <t*er assets
are classified as current
assets. :ebtors repaid /it*in one ear /ill irrespecti(e of tpe be classified as current assets.
S*ort term and long term
liabilities /ill be classified ana logous to t*e same principles as assets.
7angible fi,ed assets /ill be determined to purc*ase cost? but /ill be /ritten -do/n to t*e
actual (alue /*en t*e
reductions in (alue *a(e reac*ed its end and not considered as temporar.
7angible fi,ed assets /it* a limited financial lifetime /ill be depreciated o(er its financial
life. Long term liabilities /ill be
recognised in t*e balance s*eet for nominal (alue at t*e time of establis*ment. Long term
liabilities /ill not be /ritten up
to actual (alue due to c*an ges in interest rates.
Current assets /ill be determined to t*e lo/est (alue of purc*ase cost or actual (alue. S*ort
term liabilities /ill be
recognised in t*e balance s*eet for actual (alues at t*e establis*ed point in time. S*ort term
liabilities /ill be /ritten up to
actual (alue due to c*anges in interest rates.
3..2. #oreign currency
Li@uid capital in foreign currenc /ill be recalculated to t*e real e,c*ange rate at t*e balance
-s*eet date.
3..3. Accounts recei$ables
Accounts recei(ables and ot*er recei(ables /ill be entered at nominal (alue deducted an
possible pro(ision for bad
debts.
3... !a%
7*e ta, in t*e profit and loss account includes bot* t*e periodAs paable ta, and c*ange in
deferred ta,. :ef erred ta, is
calculated /it* 2% J based at t*e temporar differences t*at e,ist bet/een accounting and ta,
conditioned (alues? and
t*e ta, related deficit broug*t for/ard b t*e end of t*e fiscal ear. 7*e ta, increased and ta,
decreased differences t*at
/ill re(erse or can be re(ersed in t*e same period are assessed and n et accounted.
3..&. 'e$enue
A companAs re(enue s*all be booCed /*en it arises. Dt means t*at t*e compan s*all booC its
re(enue b deli(er. 7*e
in(oice /ill be made /it* t*e deli(er date.
3.&. Annual accounts and #inancial statement
7*e annual account in .or/a in cludes t*e follo/ing documents5
6 Annual StatementKreport 8
6 Cas* Elo/ analses 8
6 PLL8
6 9alance s*eet 8
6 .otes 8
6 AuditorAs statementKreport .
Anne, 1. L - .or/a
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Small companies according to Accounting Act Section 3-1? subsection 1? ma omit Cas*
Elo/ analses from t*eir Annual
accounts.
3.(. Auditing)disclosure)publication
All >oint-StocC Public Companies in .or/a are obligated to elect an auditor !7*e
.or/egian Audit and Auditors Act of
1&&& Section 2-1 subsection .o 1".
3(er ear t*e >oint-StocC Public Companies in .or/a *a(e to file t*eir annual accounts as
specified abo(e to t*e
.or/egian 0egister of Compan Accounts.
Df t*e annual accounts are manuall filed t*e due date is >ul 31st. Df t*e annual accounts are
electronicall filed t*e due
date is August 31st.
4. Pri(ate limited compan !AS"
.or/egian Pri(ate limited companies are comprised b t*e Companies Act of >une 13t*?
1&&+ .o. 44.
W*ic* companies are co(ered b t*is act follo/s in t*e Pri(ate limited Pri(ate limited
companies Act Section 1-1 B 7*e
scope of t*e La/.
7*e Companies Act includes all Pri(ate limited companies in /*ic* none of t*e s*are*olders
*a(e personal liabilit for an
of t*e companAs obligations? entire or for parts t*at toget*er co(er t*e total commitments? if
not*ing else is settled b
la/.
7*e Companies Act does not co(er public Pri(ate limited companies or ot*er companies
/*ic* do not *a(e economic
goals unless ot*er/ise is clearl e,pressed in t*e corporate c*arter t*at t*e compan is a
limited compan.
7*e Companies Act does not co(er co -operati(e companie s.
Dn order to establis* a pri(ate limited compan? t*e subscriber *as to prepare a corporate
c*arter. 7*e corporate c*arter
s*all include t*e articles of incorporation !7*e Pri(ate limited companies Act c*apter 2".
7*e limited companAs s*are capital s*ou ld at least be .<; 1''?'''. 7*e s*are capital ma
be distributed to one or
se(eral s*are*olders /*ose onl responsibilit is related to t*e part for /*ic* t*e *a(e
subscribed. 7*e s*are capital can
be paid in cas* or assets.
7*e Pri(ate limited companies *a(e to elect a board of directors consisting of t*ree members.
Df t*e s*are capital is less
t*an .<; 3?'''?'''? t*e Pri(ate limited companies ma elect less t*an t*ree members. Df
t*ere are bet/een one and
t*ree members of t*e board? t*e companies also ne ed a deput board member.
A Pri(ate limited compan s*all engage a )eneral 2anager. Df t*e s*are capital is less t*an
.<; 3 ?'''?''' in t*e limited
compan? t*e board of directors ma decide not to engage a )eneral 2anager.
Pri(ate limited companies *a(e to prepare an opening balance and elect an auditor.
7*e auditor s*all (erif t*e opening balance.
Einall? t*e Pri(ate Limited Companies must be registered in t*e .or/egian 0egister of
9usiness 3nterprises.
Pri(ate Limited Companies are di(ided into small and large companies.
7*e small companies are defined as5
6 7*at as of t*e accounting da *a(e less t*an .<; $'?'''?''' net sales re(enue 8
6 7*at *a(e a total balance s*eet amount of less t*a n .<; 3'?'''?'''8
Anne, 1. L - .or/a
11
6 7*at *a(e an a(erage number of emploees /orCing less t*an e@ui(alent of #' full-time
emploees .
7/o of t*ree criteria must be met in order for t*e compan to be considered to be a small
compan and t*us being
allo/ed to use t*e simplified regulations /*en submitting t*e annual accounts.
All ot*er compani es are considered as large companies and must t*us /*oll compl /it*
t*e Accounting ActAs
regulations regarding companies of t*is size.
.1. Accounting records (Duty to keep books, recording of accounting transactions)
7*e Accounting Act of >une 1+t*? 1&&% no #$ /it* regulations co(ers all t*at are accountable
according to t*e actAs Section
1-2 subsection? .o. 1 -12 /*o are domiciled in .or/a and accountable according to Section
1-2 .o. 13.
7*e Accounting Act Section 1-2 subsection .o 1 comprises all pri(ate limited companies.
7*ose t*at are accountable according to t*e Accounting Act Section 1-2 are obliged to
prepare annual accounts and an
annual report. Eor Pri(ate Limited Companies t*at are co(ered b t*e Accounting Act Section
1-$ small companies? some
simplifications *a(e been made.
7*ose t*at are accountable according to t*e Accounting Act Section 1-2 subsection 1? .o. 1?
s*all as t*e main rule send
one specimen of t*e annual accounts? t*e annual report and t*e audit report to t*e Accounting
0egister? cf . t*e
Accounting Act Section %-2.
7*ose t*at are accountable s*all also follo/ t*e pro(isions on Ceeping (ouc*ers and
documentation of t*e accounts
according to t*e 9ooCCeeping Act of .o(ember 13t*? 2''4 .o. +3 and t*e 9ooCCeeping
0egulation of :ecember 1st? 2''4
no 1##%.
Io/e(er? Pri(ate Limited Companies? defined as small companies as abo(e -mentioned? ma
c*oose to maCe use of more
simplified rules as follo/s5
6 7*e ma de(iate from t*e basic principles of earning and collocation /*en t*is corresponds
to t*e generall
accepted accounting principles for small companies8 cf. 7*e Accounting Act Section 4-1
second subsection8
6 7*e ma de(iate from t*e basic principle of interest rate *edging? cf. t*e Accounting Act
Section 4-1 second
subsection8
6 7*e ma allocate to net income t*e effects of t*e c*ange of accounting principles and
adHustment of errors in
pre(ious annual accounts8 cf. t*e Accounting Act t*ird subsection8
6 3,ceptions from some (aluation rules in C*apter #8
6 7*e ma be e,empt from prepare t*e consolidated accounts /*en t*e group of companies
collecti(el does not
e,ceed t*e limits set for small companies? cf. t*e Accounting Act Section3-2. 7*is does not
appl if one of t*e
companies in t*e group *as s*ares? primar capital certificates or bonds @uo ted on t*e stocC
e,c*ange?
aut*orised marCet place or similar abroad8
6 7*e ma lea(e out t*e c as* flo/ statement cf. t*e Accounting Act Section 3-2. 7*is entails
t*at small companies
can submit t*e appro(ed accounts for last ear as corresponding figures? e(en in cases /*ere
t*e numbers are
not comparable8
6 7*e do not *a(e to adapt c orresponding numbers? cf. t*e Accounting Act $ -$.
Eurt*er? small companies ma c*oose to maCe use of more simplified notes specified in t*e
Accounting Act Sections +-3#
to +-4#? and simplified annual statement according to t*e Accounting Act Section 3-3.
Anne, 1. L - .or/a
12
7*e Accounting Act /it* regulations co(ers all t*ose /*ic* are account liable according to
Section 1-2 of t*e Act?
subsection 1? .o. 1 -12? /*ic* are resident in .or/a and accou nt liable according to
Section 1-2 .o. 13.
Eurt*er? Pri(ate Limited Companies and public companies are comprised b DE0S?
.or/egian Accounting Standards? t*e
FA7 Act and t*e 7a, Assessment Act.
7*e continuous booCCeeping of t*e companies is regulated in t *e 9ooCCeeping 0egulations
of :ecember 1st? 2''4 no
1##%.
.2. Liability to keep books
7*e Pri(ate Limited CompanAs booCCeeping is regulated b t*e pur(ie/ of t*e 9ooCCeeping
Act .
7*ose t*at are liable to Ceep booCs are according t*e 9ooCCeeping Act Section 25
6 anone /*o is accountable according to t*e Accounting Act Section 1-2
6 anone /*o is liable to submit a trading statement according to t*e 7a, Assessment Act
Section 4-4 or a FA7
0eturn Eorm according to t*e FA7 Act Section 1#-1
Eurt*er? t*e 7a, <ffice o r t*e <il 7a,ation <ffice can in some cases impose t*e liabilit to
Ceep booCs for up to t/o ears
at a time on t*ose /*o can be assumed to carr on business acti(ities.
Companies defined as small companies according to t*e Accounting Act Section 1-$? *a(e in
principal an ordinar liabilit
to perform registration of accounts as /ell as booCCeeping.
Companies /it* less t*an 3'' (ouc*ers per ear *a(e a limited liabilit according to t*e
9ooCCeeping Act Section + and
t*e regulation of t*e 9ooCCeeping Act Section 4-1.
7*e continuous booCCeeping of t*e companies is regulated in t*e 9ooCCeeping 0egulations of
:ecember 1st? 2''4 .o.
1##%.
7*ose t*at are liable to Ceep booCs are obliged to prepare liable accounting reports.
According to t*e 9ooCCeeping Act Section 38 Wit* liable accounting reports are understood8
annual accounts and ot*er
reporting of *istorical accounting information for e,ternal parties? gi(en in /riting at a time
determined and /it*
predefined contents and /*ic* *as been determined or aut*orised b la/.
See also 1Liabilit to Ceep booCs4? and 1;eeping of accounts and accounting material4?
paragrap* s 3.2 and 3.3.
.3. Accounting principles
.3.1. !"e main rules for estimation and classification of assets and liabilities
See paragrap* 3.4.
.. Annual Accoun ts and #inancial *tatement
Pri(ate limited companies *a(e an obligation to prepare annual accounts and annual reports.
7*is s*all include t*e
follo/ing documents5
6 Annual StatementK0eport
6 Cas* Elo/ analses
6 PLL !.ot applicable for small companies"
6 9alance s*eet
Anne, 1. L - .or/a
13
6 .otes
6 AuditorAs statementKreport
Pri(ate Limited Companies? defined as small companies? ma c*oose to maCe use of more
simplified rules as follo/s 5
6 cas* flo/ statement ma be left out? cf. t*e Accounting Act Section 3-2. 7*is entails t*at
small compa nies can
submit t*e appro(ed accounts for last ear as corresponding figures? also in cases /*ere t*e
numbers are not
comparable.
6 ma c*oose to maCe use of more simplified notes specified in t*e Accounting Act Sections
+-3# to +-4#? and
simplified annual s tatement according to t*e Accounting Act Section 3-3.
.&. Auditing)disclosure)publication
See paragrap* 3.$.
#. )eneral Partners*ip
7*e Partners*ips Act concerns an economic enterprise t*at performs for t/o or more
competitorAs common account and
risC? and in /*ic* at least one of t*e competitors *as an unlimited responsibilit for t*e
enterprises total commitments.
7*e la/ also concerns enterprises /*ere t/o or more competitors *a(e an unlimited
responsibilit for parts of t*e
commitments /*en t*ese parts toget *er include t*e enterprises total commitments.
9elo/? t*e companies t*at *a(e t/o or more competitors /*ic* *a(e an unlimited
responsibilit are not included.
&.1. Accounting records (Duty to keep books, recording accounting transaction)
7*e Accounting Act of >une 1+t*? 1&&% no #$ /it* regulations co(ers all t*at are accountable
according to t*e actAs Section
1-2 subsection 1? .o. 1 -12 t*at are domiciled in .or/a and accountable according to
Section 1-2 .o. 13.
)eneral Partners*ip companies are co(ered b t*e abo(e mentioned Accounting Act?
subsection 1? .o 4.
7*e companies accountable according to t*e Accounting Act Section 1-2 are obliged to
prepare annual accounts and an
annual report. Some simplifications *a(e been made in t*e Accounting Act for small comp
anies? see Accountabilit for
Small Companies.
7*e companies t*at are accountable s*all also follo/ t*e pro(isions on Ceeping (ouc*ers and
documentation of t*e
accounts in t*e Accounting Act and t*e Accounting 0egulation.
7*e companies t*at are accountable according to t*e Accounting Ac t Section 1-2 subsection
1? .o. 1-13? s*all as t*e main
rule report t*e annual accounts? t*e annual report and possibl t*e audit report to t*e
Accounting 0egister? cf. Accounting
Act Section %-2.
7*e Accounting Act Section 1-2 Section 1 .o. 48 companies defined in t*e Partners*ips Act
first sentence? letter a? e,cept5
6 inter-municipalit companies 8
6 companies t*at are not s*ipping partners*ips and during t*e ear *a(e *ad less t*an .<; # ?
'''?''' in sales
re(enues and an a(erag e number of emploees of less t*an fi(e full -time e@ui(alent if t*e
number of partners do
not e,ceeds fi(e and none of t*e partners are legal artificial person /it* limited
responsibilit .
&.1.1. Accountability for *mall +ompany
Companies defined as small compani es according to t*e Accounting Act section 1 -$? *a(e in
principal ordinar liabilit to
perform registration of accounts as /ell as booCCeeping.
Anne, 1. L - .or/a
14
Small companies !7*e Accounting ActAs Section 1-$"
6 7*at as of t*e accounting da *a(e less t*an .<; $' ?'''?''' net sales re(enue 8
6 7*at *a(e a total balance s*eet amount of less t*an .<; 3' ?'''?'''8
6 7*at *a(e an a(erage number of emploees /otCing less t*an #' full-time emploees
7/o of t*ree criteria must be met in order for t*e compan to be considered as a smal l
compan and t*us being allo/ed
to use t*e simplified regulations /*en submitting t*e annual accounts.
Io/e(er? small companies as mentioned abo(e ma c*oose to maCe use of more simplified
rules as follo/s5
6 2a de(iate from t*e basic principles of earning and collocation /*en t*is corresponds to
t*e generall
accepted accounting principles for small companies8 cf. 7*e Accounting Act Section 4-1
second subsection.
6 2a de(iate from t*e basic principle of interest rate *edging? cf. t*e Accounting Act Section
4-1 second
subsection.
6 2a allocate to net income t*e effects of t*e c*ange of accounting principles and adHustment
of errors in
pre(ious annual accounts8 cf. t*e Accounting Act t*ird subsection.
6 3,ceptions from some (aluation rules in C*apter #.
6 Eail to prepare t*e consolidated accounts /*en t*e group of companies collecti(el does not
e,ceed t*e limits
set for small companies? cf. t*e Accounting Act Section 3-2. 7*is does not appl if one of t*e
companies in t*e
group *as s*ares? primar capital certific ates or bonds @uoted on t*e stocC e,c*ange?
aut*orised marCet place or
similar abroad.
6 Cas* flo/ statement ma be left out? cf. t*e Accounting Act Section 3-2. 7*is entails t*at
small companies can
submit t*e appro(ed accounts for last ear as correspondin g figures? also in cases /*ere t*e
numbers are not
comparable.
6 7*e do not *a(e to adapt c orresponding numbers? cf. t*e Accounting Act $ -$.
Eurt*er? small companies ma c*oose to maCe use of more simplified notes specified in t*e
Accounting Act Sections +-3#
to +-4#? and simplified annual statement according to t*e Accounting Act Section 3-3.
&.1.2. Liability to keep books
7*e continuous booCCeeping of t*e )eneral Partners*ips are regulated in t*e 9ooCCeeping
Act of 1& .o(ember 2''4 no
+3 and t*e 9ooCCeeping regul ation of :ecember 1st? 2''4 .o. 1##%.
Companies /*ic* are not comprised b t*e Accounting Act Section 1-2? do not need to
prepare annual accounts and an
accounting report in accordance /it* t*e regulations of t*e Accounting Act.
Df suc* companies are liab le to submit trading statements according to t*e 7a, Assessment
Act andKor FA7 return forms
according to t*e FA7 Act? t*e must follo/ t*e regulations in t*e Accounting Act and t*e
Accounting 0egulation. Dn
practice? t*is means t*at t*e *a(e t*e same obli gations /it* regards to Ceeping (ouc*ers and
documentation of t*e
accounts? but are onl liable to carr out a ta, related annual settlement !7rading Statement
1".
7*e can t*erefore rel on ta, related accrual and assessment rules !e.g. ta, related depre
ciations" for t*e continuous
accounting and t*e assessment form 1Specification of differences bet/een t*e accounting and
ta, related (alues4 /ill not
appl.
Limited accountabilit is an e,pression /*ic* is often used to describe t*ose t*at are
accountable according to t*e
Accounting Act but are not liable to Ceep booCs according to t*e Accounting Act.
Anne, 1. L - .or/a
1#
Companies /*ic* are onl liable to Ceep booCs can Ceep complete accounts if t*e /is*.
Annual accounts /it* notes !but
not t*e annual report" must in suc* in stances be prepared.
Io/e(er? t*ere is no liabilit to submit t*e annual accounts unless especiall re@uested b t*e
aut*orities.
7*e :irectorate of 7a,es stated in a Letter of August 2&t*? 2''1? t*at businesses /*ic* can
use 7rading Statement 1? for
t*e time being instead can use 7rading Statement 2. 7*is is under t*e assumption t*at a
complete annual settlement is
prepared in accordance /it* t*e Accounting ActAs rules? including note information.
7*e :irectorate of 7a,es taCes for its basis t*at t*is group of account liable companies can
use t*e regulations for small
companies? /*ic* means simplifications /it* regards to note information etc.? cf. .0S % B
)enerall Accepted Accounting
Principles for Small Companies.
Companies /it* less t*an 3'' (ouc *ers per ear *a(e a limited liabilit according to t*e
9ooCCeeping Act Section + and
t*e regulation of t*e 9ooCCeeping Act Section 4-1.
7*ose t*at are liable to Ceep booCs are according t*e 9ooCCeeping Act Section 25
6 anone /*o is accountable according to t*e Accounting Act Section 1-28
6 anone /*o is liable to submit a trading statement according to t*e 7a, Assessment Act
Section 4-4 or a FA7
0eturn Eorm according to t*e FA7 Act Section 1#-1.
Eurt*er? t*e 7a, <ffice or t*e <il 7a,ation <ffice can in some cases impose t*e liabilit to
Ceep booCs for up to t/o ears
at a time on t*ose /*o can be assumed to carr on business acti(ities.
According to t*e 9ooCCeeping Act? t*ose t*at are liable to Ceep booCs are obliged to prepare
liable accounting reports.
Wit* liable accounting reports are understood8 annual accounts and ot*er reporting of
*istorical accounting information
for e,ternal parties? gi(en in /riting at a time determined and /it* predefined contents and
/*ic* *as been determined
or aut*orised b la/.
9ooCCeeping? specification? documentation and Ceeping of account information s*all taCe
place in accordance /it* t*e
follo/ing basic principles mentioned in t*e 9ooC - Ceeping Act Section 45
1. Accounting sstem5 A proper and eas to follo/ accounting ss tem s*all e,ist /*ic*
maCes possible t*e production
of liable accounts reporting and specifications and /*ic* is set up so t*at t*e disclosure
re@uirement can be
ensured.
2. Completeness5 All transactions and ot*er accounting dispositions s*all be booCed in a
complete manner in t*e
accounting sstem.
3. 0ealit5 7*e booCed information s*all be t*e result of actual occurrences or accounting
e(aluations and s*all
concern t*e business re@uired to Ceep booCs.
4. Accurac5 Dnformation s*all be booCed and specified cor rectl and accuratel.
#. Gpdating5 Dnformation s*all be booCed and specified as often as t*e c*aracter of t*e
information and t*e nature
and scope of t*e business re@uired to Ceep booCs calls for.
$. :ocumentation of booCed information5 7*e information booCed s*all be documented in a
/a /*ic* s*o/s its
legitimac.
+. 7raceabilit5 7/o-/a control tracCs s*all e,ist bet/een documentation? specifications and
liable accounts
reporting.
Anne, 1. L - .or/a
1$
%. Storage5 :ocumentation? specifications and liable accounts reporting s*all be C ept as long
as a factual need e,ists
to c*ecC liable accounts reporting. Storage s*all taCe place in a manner /*ic* maintains t*e
possibilit to read t*e
material.
&. Safeguarding5 7*e accounting material s*all be safeguarded in an appropriate /a against
il legal c*anges? deletion
or loss.
1'. 0egular accounting principles5 9ooCCeeping? specification? documentation and storing of
accounts information s*all
be done in accordance /it* regular accounting principles.
Eor eac* period /it* liable accounts reporting? t*e follo/ing s*all be prepared in accordance
/it* t*e 9ooCCeeping Act
Section # and t*e 9ooCCeeping 0egulation Section 3-15
1. 9ooCCeeping specification. All booCed information b period? /*ere all items s*all appear
in an arranged order /it*
documentation date and documentation reference? allocation codes and ot*er rele(ant
*andling codes. Sstem
generated items can appear as totals if t*e are easil controllable.
2. Account specification. All accounts b period? /*ere for eac* account an account code and
ac count name s*all be
specified? all items s*all be arranged in order /it* t*e documentation date and documentation
reference? ot*er
rele(ant *andling codes? t*e balance broug*t for/ard and t*e closing balance.
3. Customer specification. All transactions /it* c ustomers b period? /*ere t*e customerAs
code and name? all items
arranged in order /it* documentation date and documentation reference? t*e balance broug*t
for/ard and t*e
closing balance s*all appear.
4. Supplier specification. All transactions /it* supplie rs b period? /*ere t*e supplierAs code?
name and business
registration number? all items arranged in order /it* documentation date and documentation
reference? t*e
balance broug*t for/ard and t*e closing balance s*all appear.
#. Specification of /it*dra/als to o/ners? participants and o/n business. All /it*dra/als of
assets and ser(ices
specified b o/ner? participant or o/n business arranged in order /it* t*e real (alue /it*
documentation date and
documentation reference.
$. Specification of sales to o/ners a nd participants in companies /it* fe/er t*an 1' o/ners
or participants. All sales
of goods and ser(ices specified b o/ner or participant are arranged in order /it*
documentation date and
documentation reference. 7*is applies e(en if o/ners or participants act as consumers.
+. Specification of sales and ot*er paments to leading emploees. All sales of goods and
ser(ices to leading
emploees is specified b t*e emploee and arranged in order /it* documentation date and
documentation
reference. 7*is applies e(e n if leading emploees act as consumers.
%. Specification of FA7. <utput and input FA7 and t*e basis for t*e calculation of FA7
specified b period according to
t*e accounts in t*e accounting sstem. 7*e specification s*all also s*o/ ta, -free sales and
/it*dra/als as /ell as
sales and /it*dra/als /*ic* fall under t*e regulations of t*e FA7 Act c*apter #. <utput
FA7 s*ould also be
specifiable b transaction.
&. Specification of pament obliged to be reported on salar statement. Paments obliged to
be reported on salar
statements specified b period according to t*e accounts in t*e accounting sstem.
Dn addition? obligator emploersA contributions s*ould be @uoted collecti(el? b ta, rate and
municipalit.
Customer and supplier specifications as mentioned in su bsection 1? .o. 3 and 4? s*all also
comprise cas* sales and
purc*ases /*en t*e goods or t*e ser(ice is intended for resale or as an indirect input factor in
production or ser(ice
pro(ision? or if t*e compensation amounts to more t*an .<; 4'?''' including F A7. 7*ose
liable to Ceep booCs? /*o
mainl conduct cas* sales? ma specif suc* sales b presenting copies of t*e sales
documentation arranged b customer.
Anne, 1. L - .or/a
1+
W*en pro(iding goods and ser(ices /*ere t*e sales document is issued b an agent on be*alf
of a supp lier? t*e
transactions can be registered in t*e customer and supplier specification t*roug* t*e account
of t*e agent.
7*e ministr can t*roug* an indi(idual decision maCe e,ceptions from t*e re@uirement in
subsection 1? .o. 1 and 2? to
state ot*er rele(an t processing codes in t*e booCCeeping specification and t*e account
specification.
7*e accounting sstem of t*e companies s*ould be able to reproduce liable accounts reporting
on paper. Eurt*er?
documentation of t*e accounting sstem s*all e,ist /*ic* desc ribes t*e inspection
possibilities and *o/ t*e sstem
generated items can be re -e,amined. 7*is includes fi,ed codes and firm data if necessar in
order to re -e,amine t*e
information entered.
1. Liable accounts reporting s*all be in .or/egian? S/edis*? :anis* or 3nglis*. Io/e(er? it
is possible to appl for
dispensation in order to use ot*er languages? cf. t*e Accounting Act Section 12.
2. Df t*e functional currenc of t*ose liable to Ceep booCs is somet*ing ot*er t*an .or/egian
1 kroner4 !.<;"? t*e
booCCeeping ma be done in t*is currenc. 9 functional currenc is meant t*e currenc
/*ic* t*e financial
business of t*ose liable to Ceep booCs are mainl connected to? please see 9ooCCeeping
regulation Section 4-2 and
t*e 9ooCCeeping Act Section %.
Liable accounts reporting s*all be up to date according to t*e 9ooCCeeping Act Section +
second subsection as often as t*e
acti(it? and t*e nature and scope of t*e transaction re@uire. Eurt*er? t*e booCCeeping s*all be
up - dated b t*e due date
for obligated financial repo rts? at least b e(er fourt* mont*.
Companies /*ic* are liable to FA7 or /*ic* *a(e emploees? must carr out accounts
reporting e(er ot*er mont* and
t*us t*e accounts for t*ese must be up to date e(er second mont*.
All ot*er companies t*us *a(e four mont*s.
Companies /*ic* do not *a(e sales liable to FA7 or /*ic* *a(e annual reporting of FA7?
must be up to date /it* liable
accounts reporting /it*in t/o mont*s after t*e end of t*e fourt* mont* !for e,ample5 liable
reporting for t*e period
>anuar 1st to April 3't* must be up to date before >une 3't*".
&.1.3. Keeping of accounts and accounting material
See 1;eeping of accounts and accounting material4? paragrap* 3.3.
&.2. Accounting principles
See paragrap* 3.4.
&.3. Annual Accounts and #inancial *tatement
See paragrap* 3.#.
Io/e(er? companies /*ic* are not comprised b t*e Accounting Act Section 1-22? do not
need to prepare annual
accounts and an accounting report in accordance /it* t*e regulations of t*e Accounting Act.
7*is means t*at partners*ips t*at meet t*e fo llo/ing re@uirements are not re@uired to prepare
annual financial
statement5
6 turno(er must not e,ceed .<; #?'''?'''
2 7*e Accounting Act Section 1-2 Section 1 .o. 48 companies defined in t*e Partners*ips Act
first sentence? letter a? e,cept5 a" intermunicipalit
companies8 b" companies t*at are not s*ipping partners*ips and during t*e ear *a(e *ad less
t*an .<; #?'''?''' in sales
revenues and an average number of employees of less than five full-time equivalent
if the number of partners do not exceeds five and
none of the partners are legal artificial person with limited responsibility.
Annex 1. L - Norway
18
they must have less than 5 employees
they must have less than 5 partners
None of the owners is a A or AA
5.4. Auditing/disclosure/publicatio n
!he liability to have an auditor follows by the Norwegian Audit and Auditor Act"
ection 1-1 subsection #" No. $ and No. %&
All 'eneral and limited partnership companies with more than 5 participants are
obligated to elect an auditor(
All limited partner ship companies in which the general partner is a legal person
where none of the owner has
personal liability for the total or part of the liabilities as together completes the legal
person)s total liability(
All 'eneral partnerships where all partners are legal persons where none of the
participant)s has personal liability
for a whole or the part of the liabilities that together completes the legal person)s total
liabilities.
'eneral *artnerships with 5 or less than 5 participants are not obligated to elect an
auditor.
+very year the limited companies in Norway have to file their annual accounts" as
specified above" to the Norwegian
,egister of -ompany Accounts.
.f the annual accounts are manually filed" the due date is /uly #1st. .f the annual
accounts are electronically filed" the due
date is August #1st.
6. General Partnership with Shared liability
!he *artnerships Act concerns an economic enterprise that performs for two or more
competitor)s common account and
ris0" and in which at least one of the competito rs has an unlimited responsibility for
the enterprises total commitments.
!he law also concerns enterprises where two or more competitors have an unlimited
responsibility for parts of the
commitments when these parts together include the enterprises total commitments.
6.1. Accounting records (Duty to keep books, recording of accounting
transactions)
ee paragraph 5.1.
6.2. Accounting principles
ee paragraph 5.$.
6.. Annual Accounts and !inancial "tate#ent
ee paragraph 5.#.
6.4. Auditing/disclosure/publication
ee paragraph 5.%.
7. Limited Partnership
!he *artnerships Act 3 concerns an economic enterprise that performs for two or
more competitor)s common account and
ris0" and in which at least one of the competitors has an unlimited responsibility for
the enterprises total com mitments.
!he law also concerns enterprises where two or more competitors have an unlimited
responsibility for parts of the
commitments when these parts together include the enterprises total commitments.
# !he -ompanies Act - ections 1-1 subection 1.
Annex 1. L - Norway
11
!he laws chapter $ concerns 2imited *artnerships un less other is mentioned in the
laws chapter #.
$.1. Accounting records (Duty to keep books, recording accounting
transaction)
ee paragraph 5.1.
$.2. Accounting principles
ee paragraph 5.$.
$.. Annual Accounts and !inancial "tate#ent
ee paragraph 5.#.
$.4. Auditing/disclosure/publication
ee paragraph 5.%.
. !ooperati"e
3y -ooperatives are meant an organisation which primary goal is to advance the
financial interest for its members through
their participation in the activities as customers or suppliers or in other simila r way"
and where
return on investments" except ordinary return of equity in the company or divided
between the members based
on each members part in the cooperative and
none of the members have personal responsibility for the cooperative)s liabilities" d
ivided or undivided
!he -ooperative Act of /une $1th" $445 No. 81" ection 1-$" subsection $ No. 1 and
$.
!he -ooperative Act is not applicable for &
*ublic limited companies (
*rivate limited companies (
-o-operative building societies (
6ousing cooperatives (
7utual insurance companies (
ubsidiary -ooperatives .
A -ooperative can be established by at least two persons and must have at least two
members. !he +stablishers have to
ma0e a corporate charter. !he corporate charter shall include the articles of incor
poration 8ee the -ooperative Act
ection 8 and 19.
!he -ooperatives which h ave sales revenue of more than N:; $"444"444 are
accountable by the Accounting Act of /uly
15th" 1118 No. 5< ection 1-$ No. 5.
According to this" the -ooperatives are also obliged to submit the annual accounts.
ee the Accounting Act ection #.
%.1. Accounting records (Duty to keep books, recording of accounting
transactions)
ee =2iability to 0eep boo0s> and =;eeping of accounts and accounting material>"
paragraph s #.$ and #.# .
%.2. Accounting principles
ee paragraph #.%.
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%.. Annual Accounts and !inancial "tate#ent
ee paragraph #.5.
-ooperatives with less than N:; $"444"444 are not accountable or obliged to submit
the annual accounts according to the
Accounting Act. ee Accounting Act ections 1-$ subsection $ No. 5.
%.4. Auditing/disclosure/publications
8.4.1. Auditing
!he -ooperatives are obliged to have an auditor according to the Norwegian Audit
and Auditors Act of /anuary 15th" $441
No. $" ection $-1" subsection 1.
-ooperatives with less than N:; 5"444"444 in sale revenue are not obliged to have
an auditor.
8.4.2. Publications
!he Annual meeting is the topmost management in -ooperatives.
-ooperatives that is accountable according to the Accounting Act ection 1-$
subsection $ No. 5 shall present and get an
acceptance of the Annual accounts at !he Annual meeting. !he Annual meeting
must be held within six months after each
fiscal year.
!hese -ooperatives shall file the annual accounts to the ,egister of -ompany
Accounts.
-ooperatives that are not account able according to the Accounting Act 8less than
N:; $"444"444 in sales revenue9 shall
have an Annual meeting once per calendar year.
#. Sole Proprietorship
ole proprietorships are an organisational structure where a physical person 8i.e.
you9" are responsib le for the business.
!his implies that you have the full financial responsibility for the company)s liabilities.
?ou may say that you and the
company are one. ?ou are personally liable for the company)s debts" including your
private assets and property.
ole proprietorship is the simplest organisational structure and the quic0est way to
start your own business. !he
registration is free and it is easy to get started. As the proprietor of a sole
proprietorship" you will be given a business
registration number . !he company)s profit is taxed as personal income" i.e. the profit
is added to any other wage earnings
you might have.
!he ole *roprietorship is not based upon specific legal business framewor0" except
the following&
!he -ompanies Act)s regarding represe ntation and the right to sign on behalf of the
firm also applies to sole
proprietorships as long as the company has had an average of more than #4
employees" or decisions have been adopted
regarding company representation" in the last three months.
&.1. Accounting records (Duty to keep books, recording of accounting
transactions)
!he Accounting Act of /uly 15th" 1118 No. 5< with regulations covers all that are
accountable according to the act)s ection
1-$ subsection" No. 1 -1$ who are domiciled in Norway and a ccountable according
to ection 1-$ No. 1#.
!he Accounting Act ection 1-$ subsection" No. 11 provides that e very ole
*roprietorship which during the year have had
assets with a value of over N:; $4 "444"444 or an average number of employees
higher than $4 full-time equivalent.
@ith references to the above -mentioned" ole *roprietorship that are accountable
shall prepare accounts and an annual
report.
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ome simplifications have been made in the Accounting Act for small companies"
see Accountability for mall -ompanies.
!hose that are accountable according to the Accounting Act ection 1-$ subsection
1" No. 1-1#" shall as the main rule send
one specimen of the annual accounts" the annual report and possibly the audit report
to the Accounting ,egister" cf.
Accounting Act ection 8-$.
!hose that are accountable shall also follow the provisions of 0eeping vouchers and
documentation of the accounts in the
3oo00eeping Act and the 3oo00eeping ,egulation.
A ole *roprietorship which is subAect to supervision from !he Binancial upervisory
Authority of Norway is accountable
even if the above -mentioned values are not exceeded. 8+.g. Accountants" auditors
and real estate agents shall prepare
annual accounts and annual statements even if they are organised as ole
*roprietorship or *artnerships companies.
:ther ole *roprietorships are accountable by the Accounting Act based upon
special regulations or based on other laws.
8Accounting Act ection 1-$ subsection 1" No. 1$ C which among all lawyers whom
runs law firms in thei r own name" cf.
,egulation for law professionals ection #a -19.
!he obligation to file tax returns and trading statement follows by the !ax
Assessments Act chapter %.
ole *roprietorships that follow the purview of the Accounting Act will use accounting
v alue in their accounting as well as
in the trading statement 8,B -11<5 !rading tatement $9.
ole *roprietorships that are accountable are also liable to follow the Accounting
Act)s ection 1-5 and 1-< when they are
preparing their Annual accounts and Annua l reports.
mall companies 8!he Accounting Act)s ection 1-<9&
!hat as of the accounting day have less than N:; <4 "444"444 net sales revenue (
!hat have a total balance sheet amount of less than N:; #4 "444"444 (
!hat have an average number of employees wor0ing less than equivalent of 54 full-
time employees .
!wo of three criteria must be met in order for the company to be considered to be a
small company and thus being
allowed to use the simplified regulations when submitting the annual accounts.
:ther ole *roprietorship than the above -mentioned are not liable to follow the
purview of the Accounting Act and are
also exempt from the liability to prepare annual accounts and annual statements.
!his ole *roprietorship is still obligated to file trading statement s according to the
!ax Assessments Act ection %-% and
eventually DA! returns according to the Dalue Added !ax Act chapter 15. !hese are
still liable to follow the 3oo00eeping
Act and the 3oo00eeping ,egulations purviews.
!his ole *roprietorship can file !rading tatement 1 8cf. point below9.
6owever" small companies according to the Accounting Act ection 1-< may choose
to ma0e use of more simplified rules
as follows&
7ay deviate from the basic principles of earning and collocation when this
corresponds to the generally accepted
accounting principles for small companies( cf. !he Accounting Act ection %-1
second subsection(
7ay deviate from the basic principle of interest rate hedging" cf. the Accounting Act
ection %-1 second
subsection(
7ay allocate to n et income the effects of the change of accounting principles and
adAustment of errors in
previous annual accounts( cf. the Accounting Act third subsection(
+xceptions from some valuation rules in -hapter 5(
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Bail to prepare the consolidated accounts when th e group of companies collectively
does not exceed the limits
set for small companies" cf. the Accounting Act ection #-$. !his does not apply if
one of the companies in the
group has shares" primary capital certificates or bonds quoted on the stoc0 exchang
e" authorised mar0et place or
similar abroad(
-ash flow statement may be left out" cf. the Accounting Act ection #-$. !his entails
that small companies can
submit the approved accounts for last year as corresponding figures" also in cases
where the number s are not
comparable(
!hey do not have to adapt c orresponding numbers" cf. the Accounting Act < -<.
Burthermore" small companies may choose to ma0e use of more simplified notes
specified in the Accounting Act ections
5-#5 to 5-%5" and simplified annual rep ort according to the Accounting Act ection #-
#.
Burthermore" a ole *roprietorship has to follow Norwegian Accounting tandards"
the DA! Act and the !ax Assessment
Act.
&.2. 'iability to keep books
A ole *roprietorship)s boo00eeping is regulated by the purvie w of the 3oo00eeping
Act .
!hose that are liable to 0eep boo0s are according the 3oo00eeping Act ection $&
anyone who is accountable according to the Accounting Act ection 1-$(
anyone who is liable to submit a trading statement according to the !ax Asses
sment Act ection %-% or a DA!
,eturn Borm according to the DA! Act ection 15-1.
Burther" the !ax :ffice or the :il !axation :ffice can in some cases impose the
liability to 0eep boo0s for up to two years
at a time on those who can be assumed to carry on business activities.
-ompanies defined as small companies according to the Accounting Act ection 1-<"
have in principal ordinary liability to
perform registration of accounts as well as boo00eeping.
-ompanies with less than #44 vouchers per year have a limited liability according to
the 3oo00eeping Act of
11 November $44% No. 5# ection 5 and the regulation of the 3oo00eeping Act of
Eecember 1st" $44% No. 1558 ection %-
1.
!he continuous boo00eeping of the companies is regulated in the 3oo00eeping Act.
2iable accounts reporting shall be in Norwegian" wedish" Eanish or +nglish.
6owever" it is possible to apply for
dispensation in order to use other languages" cf. the 3oo00eeping Act ection 1$(
.f the functional currency of those liable to 0eep boo0s is something other than
Norwegian = kroner> 8N:;9" the
boo00eeping can be done in this currency. 3y functional currency is meant the
currency which the financial
business of those liable to 0eep boo0s are mainly connected to" please see the
3oo00eeping regula tion ection %-
$ and the 3oo00eeping Act ection 8.
ole *roprietorships that are accountable shall also follow the provisions regarding
0eeping vouchers and documentation
of the accounts in the 3oo00eeping Act and the 3oo00eeping ,egulation.
3oo00eeping" specification" documentation and 0eeping of account information shall
ta0e place in accordance with the
following basic principles&
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1. Accounting system& A proper and easy way to follow the accounting system shall
exist which ma0es it possible for
the production of liable accounts reporting and specifications and which is set up so
that the disclos ure
requirement can be ensured(
$. -ompleteness& All transactions and other accounting dispositions shall be entered
in the boo0s in a complete
manner in the accountin g system(
#. ,eality& !he information entered in the boo0s shall be the result of actual
occurrences or accounting evaluations
and shall concern th e business required to 0eep boo0s(
%. Accuracy& .nformation shall be entered in the boo0s and spec ified correctly and
accurately(
5. Fpdating& .nformation shall be entered in the boo0s and specified as often as the
character of the information and
the nature and scope of the business required to the boo00eeping calls for(
<. Eocumentation of boo0ed information& !he informat ion entered in the boo0s shall
be documented in a w ay which
shows its legitimacy(
5. !raceability& !wo-way control trac0s shall exist between documentation"
specification s and liable accounts
reporting(
8. torage& Eocumentation" specifications and liable accoun ts reporting shall be 0ept
as long as a factual need exists
to chec0 the liable accounts reporting. torage shall ta0e place in a manner which
maintains the po ssibility to read
the material(
1. afeguarding& !he accounting material shall be safeguarded in an appropriate way
against ill egal changes" deletion
or loss(
14. ,egular accounting principles& 3oo00eeping" specification" documentation and
storing of accounts information shall
be done in accordance with regular accounting principles.
Bor each period with li able accounts reporting" the following shall be prepared in
accordance with the 3oo00eeping
,egulation ection #-1&
1. 3oo00eeping specification. All boo0ed information by period" where all items shall
appear in an arranged order with
documentation date and documentation reference" allocation codes and other
relevant handling codes. ystem
generated items can appear as totals i f they are easily controllable(
$. Account specification. All accounts by period" where for each account "an account
code and account nam e shall be
specified" all items shall be arranged in order with the documentation date and
documentation reference" other
relevant handling codes" the balance brought forward and the closing balance(
#. -ustomer specification. All transactions with customers by period" where the
customer)s code and name" all items
arranged in order with documentation date and documentation reference" the
balance brought forward and th e
closing balance shall appear(
%. upplier specification. All transactions with suppliers by per iod" where the
supplier)s code" name and business
registration number" all items arranged in order with documentation date and
documentation reference" the
balance brought forward and th e closing balance shall appear(
5. pecification of withdrawals to owners " participants and own business. All
withdrawals of assets and services
specified by owner" participant or own business arranged in order with the real value
with documentation da te and
documentation reference(
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<. pecification of sales to owners and particip ants in companies with fewer than 14
owners or participants. All sales
of goods and services specified by owner" or participant" arranged in order with
documentation date and
documentation reference. !his applies even if owners o r participants act as consu
mers(
5. pecification of sales and other payments to leading employees. All sales of goods
and services to leading
employees" specified by employee arranged in order with documentation date and
documentation reference. !his
applies even if leading em ployees are acting as consumers(
8. pecification of DA!. :utput and input DA! and the basis for calculation of DA!
specified by period according to the
accounts in the accounting system. !he specification shall also show tax -free sales
and withdrawals as well as sal es
and withdrawals which fall under the regulations of the DA! Act chapter 5. :utput
DA! should als o be specifiable
by transaction(
1. pecification of payment obligated to be reported on a salary statement. *ayments
obligated to be reported on
salary statements specified by period according to the ac counts in the accounting
system(
.n addition" obligatory employers) contributions should be quoted collectively" by tax
rate and municipality.
-ustomer and supplier specifications" as mentioned in subsection 1" N o. # and %"
shall also comprise cash sales and
purchases when the goods or the service are intended for resale or as an indirect
input factor in production or service
provision" or if the compensation amounts to more than N:; %4"444 including DA!.
!hose li able to 0eep boo0s who
mainly conduct cash sales can specify such sales by presenting copies of the sales
documentation arranged by customer.
@hen providing goods and services where the sales document is issued by an agent
on behalf of a supplier" the
transactions can be registered in the customer and supplier specification through the
account of the agent.
!he ministry can through an individual decision ma0e exceptions from the
requirement in subsection 1" No. 1 and $" to
state other relevant processing c odes in the boo00eeping specification and the
account specification.
2iable accounts reporting shall be up to date according to the 3oo00eeping Act
ection 5 second subsection as often as the
activity" the nature and scope of the transaction require. Burth er" the boo00eeping
shall be up -to-date within the due date
for obligated financial reports" at least by every fourth month.
-ompanies which are liable to DA! or which have employees" must carry out
accounts reporting every other month and
thus the accounts for these must be up to date every second month.
All other companies have four months.
-ompanies which do not have sales liable to DA! or which have annual reporting of
DA!" must be up to date with liable
accounts reporting within two months after th e end of the fourth month 8for example&
liable reporting for the period 1
/anuary to April #4th must be up to date before /une #4th9.
9.2.1. Keeping of accounts and accounting material
ee =;eeping of accounts and accounting material>" paragraph #.#.
&.. Accounting principles
ee paragraph #.%.
:ther ole *roprietorship that are not liable to follow the purviews of the Accounting
Act and are also exempt from the
obligation to prepare annual accounts and annual statements can use taxable value
and follows !ax regula tions.
!hese enterprises can use the same value for accounting purposes as for tax
purposes. Eepreciations that are estimated
different between accounting principles and tax principles shall be used based on the
tax principles.
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&.4. Annual accounts and financi al state#ent
ole *roprietorship that is accountable has a liability to prepare annual accounts and
annual reports. !his shall include the
following documents&
Annual report (
-ash Blow analyses 8Not applicable for small companies9 (
*G2(
3alance sheet (
Notes(
Auditor)s statementHreport .
&.5. Auditing/disclosure/publication
A ole *roprietorship is not obligated to have any auditor unless the net revenue is
over N:; 5"444"444 8ee the
Norwegian Audit and Auditors Act" ection 19.
2aw firms where the lawyer acts in his own name are obligated to have an auditor no
matter the siIe of the net revenue.
ome ole *roprietorship entities are obligated to file annual accounts and an annual
report at the end of each fiscal year.
!hese ole *roprietorship entities are thos e based upon the entities value of total
balance value over N:; $4 "444"444 or
more than an average of $4 employees. .t is also ole *roprietorship that is
supervised by the Binancial upervisory
Authority of Norway and law firms where the lawyer acts in hi s own name.
!hese mentioned ole *roprietorship entities have to file their annual accounts as
specified above to the Norwegian
,egister of -ompany Accounts.
.f the annual accounts are manually filed the due date is /uly #1st. .f the annual
accounts are el ectronically filed" the due
date is August #1st.
1$. Re%eren&es
!he legal references to the above -mentioned are&
!he *rivate limited companies Act of /une 1#th" 1118 No. %%(
!he Accounting Act of /uly 15th" 1118 No. 5<(
!he 3oo00eeping Act of November 11th" $44% No.5#(
!he 3oo00eeping ,egulations of Eecember 1st" $44% No. 1558(
!he -ompanies Act of /une $1st" 1185 No. 8#(
!he /oint-toc0 *ublic limited companies Act of /une 1#th" 1118 No. %5(
!he *artnership Act of /une $1st" 1185 No. 8#(
!he *ublic -ompanies Act of 1115(
!he !ax Assessment Act of /une 1#th" 1184 No. $% with regulations (
!he Dalue Added !ax Act of /une 11th" $441 No. 58(
!he Norwegian Audit and Auditors Act of /anuary 15th" $441 No. $(
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