Schmidt & Schmidt offers financial statements from Latvia in electronic form and their translations into English.
According to law, companies in Latvia 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, legal form and nature of business the law requires different amounts of data to be published.
Reporting of financial statements in Latvia is subject to the Accounting Act, Annual Financial Statements Act and other regulations.
National accounting standards in Latvia are based on the IFRS. During the creation of Latvian accounting standards in 1990s, the Danish accounting system was taken as a basis.
Financial statements in Latvia are filed to the State revenue service which transfers them to the company register.
Filing of full financial statements is mandatory for:
- Commercial companies
- Cooperative companies
- European commercial interest groups registered in Latvia
- European commercial companies registered in Latvia
- Sole proprietors with an income over 300 000 euro
- Farms and fisheries with an income over 300 000 euro
Sole proprietors, farms and fisheries with an income over 300 000 euro compile their financial statements in a simplified form.
The rules for compiling and reporting financial statements for credit institutions, insurance companies, private pension funds, investment and brokerage companies, religious organizations and political parties are subject to special regulations issued by Latvian government.
These rules differ strongly from the rules applied to financial statements of commercial companies.
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 according to administrative law. Newly registered companies operating for less than one year can file a statement for an incomplete year or include this incomplete year into their next statement.
Full annual financial statement includes:
- Balance sheet
- Profit and loss report
- Cash flow statement
- Equity statement
- Management discussion & analysis
Furthermore, large companies are required to submit:
- Net revenue and its allocation to different business sectors
- Report about sums paid to auditors
Large companies fulfill two out of three following criteria:
- Overall balance over 20 million euro
- Sales revenue over 40 million euro
- Number of employees over 250 persons
An example of a financial statement from Latvia in the Latvian language.
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.
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 or 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 Latvian 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.
Financial statement from Latvia: 50 EUR
Translation of a financial statement into English: from 35 EUR
What are financial statements?
In our video, we explain the definition and function of financial statements and how you can verify the reliability and solvency of your foreign business partner.
Should you wish to check the sincerity of your foreign business partner’s request, Schmidt & Schmidt will gladly assist you.
We offer annual financial statements from more than 100 countries all around the globe.
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