Financial statements from Lithuania

Schmidt & Schmidt offers financial statements from Lithuania in electronic form and their translations into English.

According to law, most companies in Lithuania must submit annual financial statements.

These data are reported in electronic form or in paper, or in paper by post. Depending on the company’s revenue, balance, number of employees and nature of business the law requires different amounts of data to be published.

Reporting of financial statements in Lithuania is subject to the Accounting Act.

National accounting standards in Lithuania are based on the IFRS, but are more detailed. Companies participating in stock exchange are obliged to use the IFRS only.

Financial statements in Lithuania are filed to the register center (Registrų centras).

Filing of full financial statements is mandatory for large and medium-sized companies. These are companies fulfilling following criteria:

• Sales revenue at least 2.9 million euro
• Balance at least 1.8 million euro
• Average number of employees at least 15 persons

Companies which do not fulfill these criteria are considered small and can compile their financial statements in a simplified form (short balance, short profit and loss report, equity statement and short notes).

Financial statements must be filed within four months and 30 days after the end of the financial year (four months are provided for an approval of the financial statement by the shareholders’ meeting, and 30 days – for its filing). Delayed filing are penalized.

Full annual financial statement includes:

• Balance sheet
• Profit and loss report
• Cash flow statement
• Equity statement
• Notes

An example of a financial statement from Lithuania.

Financial statements provide detailed information about a company’s financial state, solvency and performance of an enterprise.

Depending on the size of the enterprise, its financial statement can contain up to several hundred pages.

Financial statements are provided by the trade register and can be obtained upon personal request or using a special online service (available in Lithuanian language only).

Financial statements can provide valuable information about potential business partner which can be used for making decisions like purchasing capital shares or goods or taking legal action to collect debts.

To obtain financial statements of a specific company, its full name and registration number are required.

Financial statements from the trade register are public, but are provided for a fee.

Financial statements are provided in accordance with the Lithuanian legislation and legal requirements on personal data protection.

Requests are proceeded within one working day.

On our website, you can make a preliminary request if a certain company’s financial statements are obtainable.