Lithuania
Financial Reporting Obligations for Companies in Lithuania
1. Registry for Submission of Financial Statements
In Lithuania, companies must submit their financial statements annual reports to the Register of Legal Entities ( https://www.registrucentras.lt/jar/ ). The registry’s name in Lithuanian is "Juridinių asmenų registras". Managed by the State Enterprise Centre of Registers ( https://www.registrucentras.lt/ ).
2. Legal Forms Required to Publish Financial Statements
The following legal forms in Lithuania are obligated to publish their financial statements to the Register of Enterprises:
- UAB (Uždaroji akcinė bendrovė — Limited Liability Company)
- AB (Akcinė bendrovė — Joint Stock Company)
- VšĮ (VšĮ — Public Institution)
- Įstaiga (Įstaiga — Institution)
- Asociacija (Asociacija — Association)
- Sąjunga (Sąjunga — Union)
Legal forms that are not obligated to publish financial statements include:
- Individuali įmonė (Individuali įmonė — Sole Proprietorship)
- Partnerystė (Partnerystė — Partnership)
- Pagalbinė ūkinė veikla (Pagalbinė ūkinė veikla — Auxiliary Economic Activity)
Classification of Undertakings and Criteria for Financial Reporting and Auditing:
|
Category |
Criteria |
Conditions |
|
Very Small Companies |
1 Value of assets on the balance sheet – €450 000 |
At least 2 of these criteria on the last day of the financial year do not exceed the specified values. |
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2 Net sales revenue for the financial year – €900 000 |
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3 Average annual number of employees – 10 |
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Small Companies |
1 Value of assets on the balance sheet – €7 500 000 |
At least 2 of these criteria on the last day of the financial year do not exceed the specified values. |
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2 Net sales revenue for the financial year – €15 000 000 |
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3 Average annual number of employees – 50 |
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Medium Companies |
1 Value of assets on the balance sheet – €25 000 000 |
At least 2 of these criteria on the last day of the financial year do not exceed the specified values. |
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2 Net sales revenue for the financial year – €50 000 000 |
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3 Average annual number of employees – 250 |
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Large Companies |
At least 2 of these criteria on the last day of the financial year exceed the values specified for medium companies. |
Meets the criteria that exceed the thresholds for medium companies. |
3. Audit Requirements for Financial Statements
Financial statement audits in Lithuania are mandatory for certain categories of companies, including:
1. Public Interest Entities: These include large entities such as listed companies, financial institutions, and other companies of significant public interest.
2. State and Municipal Enterprises: Entities owned by the state or municipalities that do not fall under public interest but still require audit oversight.
3. Joint-Stock Companies (ABand Private Limited Liability Companies (UAB): Specific rules apply based on the ownership and regulatory conditions.
Companies Meeting Specific Financial Criteria: Companies, excluding budgetary institutions, that are required by law to prepare financial statements and meet at least two of the following criteria as of the last day of the financial year:
|
Criteria |
Threshold |
|
Net Sales Revenue |
€4 500 000 |
|
Total Assets Value on Balance Sheet |
€2 500 000 |
|
Average Number of Employees |
50 employees |
4. Entities Receiving Public Funds: Companies that have received or used funding from the state or municipality budgets or received support exceeding €500 000 in the financial year.
5. Consolidated Financial Statements: Companies that prepare consolidated financial statements are required to undergo an audit of these statements.
4. Stock Exchange for Listed Companies
If a company is listed on the local stock exchange, it must publish its financial statements there. The relevant stock exchange in Lithuania is the Nasdaq Vilnius ( https://nasdaqbaltic.com/ ).
5. Deadline for Submission of Financial Statements
In Lithuania, companies must submit their financial statements annual reports to the Register of Legal Entities.
Deadlines and approval processes for the submission of annual financial statements in Lithuania:
|
Legal Form |
Approval Deadline After Financial Year-End |
Approving Body |
Submission to State Enterprise Centre of Registers |
|
Private Limited Liability Company (UAB), Public Limited Liability Company (AB) |
Within 4 months |
Shareholders' Meeting |
Within 30 days after approval |
|
Small Partnership (MB) |
Within 3 months |
Members' Meeting |
No later than 3 months from the end of the financial year |
|
Public Institution (VšĮ) |
Within 4 months |
Shareholders' Meeting |
Within 30 days after approval |
|
Association |
Within 4 months |
Members' Meeting |
Within 30 days after approval |
|
Charity and Support Fund |
Within 4 months |
Shareholders' Meeting |
Within 30 days after approval |
|
Sole Proprietorship (Individuali įmonė* |
Within 3 months |
Sole Proprietor |
Within 30 days after approval |
*A sole proprietorship (Individuali įmonėis required to prepare a set of financial statements only if specified in its statutes.
6. Partial Financial Statements
Certain companies may be required to submit partial financial statements, especially:
- Small Enterprises: They might submit simplified or partial reports depending on their size and the nature of their business activities.
- Individual Enterprises: May need to submit simplified financial statements based on specific criteria.
7. Consequences of Not Submitting Financial Statements on Time
Failure to submit financial statements on time can result in:
- Fines: Companies may face fines for late submission, with amounts varying based on the delay and specific circumstances.
- Penalties: Additional penalties or administrative actions may apply for continued non-compliance.
- Legal Actions: Persistent non-submission can lead to legal proceedings and potential striking off from the business register.
8. Reporting Requirements for Foreign-Owned Branches and Newly Established Companies
- Foreign-Owned Branches: Must adhere to the same financial reporting requirements as local companies, including audits if applicable.
- Newly Established Companies: Must comply with the submission deadlines and reporting requirements from the start of their operations, with initial deadlines aligned with the end of their financial year.
Sources
|
Source |
Link |
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Register of Legal Entities (Juridinių asmenų registras) |
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|
Nasdaq Vilnius |
| Start Companies Search | Order Credit Report |
Keywords
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