Unlisted companies may use IFRSs in Lithuania

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30 Sep 2008

The Law on Financial Statements of Entities (Republic of Lithuania) was amended on 26 June 2008 to permit unlisted companies to choose to prepare their financial statements using IFRSs:

Article 15. General Requirements for the Drawing Up of Financial Reports

(...) 4. Financial reports shall be drawn up in compliance with this Law, the Business Accounting Standards* or the International Accounting Standards (hereinafter referred to as 'accounting standards') and other legal acts.

5. The entities whose securities are admitted on a regulated market shall draw up financial reports according to international accounting standards, and other entities may select whether to draw up the financial reports according to the Business Accounting Standards or the International Accounting Standards, and such a choice may not be altered earlier than after the lapse of 5 years (with the exception of the case when an entity joins a group of entities). The non-limited civil liability legal persons indicated in paragraphs 2 and 3 of Article 2 of this Law shall draw up financial reports according to the Business Accounting Standards.

6. The notes on the accounts must specify the accounting standards according to which financial reports have been drawn up.

*Business Accounting Standards are Lithuanian national standards.

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