Only enterprises with an accounting obligation are obliged to prepare annual accounts.
The purpose of the annual accounts is to communicate useful and relevant information about an enterprise's overall financial development and position in a way that enables the user of the information to make good decisions.
The annual accounts shall be prepared pursuant to the provisions of the Accounting Act with pertaining regulations and generally accepted accounting principles.
Special simplified rules for generally accepted accounting principles have been drawn up for small enterprises.
The complete annual accounts shall include the following:
- Income statement
- Balance sheet
- Cash flow statement, if relevant
- Auditor's report, if relevant
The annual accounts and annual report must be adopted within six months of the end of the accounting year. The annual accounts and annual report shall be submitted to the Register of Company Accounts within one month of being adopted by the annual general meeting or a similar body.
The submission of annual accounts is done electronically via Altinn. The documents shall be submitted together and be clearly legible.
In enterprises with an accounting obligation that have a board, the annual accounts must be signed by all members of the board. If the enterprise has a general manager, he/she must also sign. If the enterprise with an accounting obligation has neither a board nor a general manager, the partners or members must sign.
If any of those who are required to sign have objections to the annual accounts, they shall sign under reservation and describe their objections in more detail in the annual report.