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Who has an accounting obligation?

It is the form of incorporation and the size of the enterprise that determines whether you are subject to an accounting obligation.   
   
The accounting obligation applies to the following enterprises:

  • All limited companies (AS) and public limited companies (ASA)
  • General partnerships (ANS/DA) and other businesses assessed as partnerships, provided that they meet one of the following criteria:   
    - sales revenues of NOK 5 million or more   
    - average number of employees corresponding to more than five full-time equivalents, or   
    - five or more employees, or    
    - some of the partners are legal entities with limited liability.

  • Any sole proprietor who during the year as a whole had assets worth more then NOK 20 million or employed an average of more than 20 full-time equivalents.
  • Cooperative societies and economic interest groups with revenues of more than NOK 2 million.
  • Other associations that during the year had assets worth more then NOK 20 million or employed an average of more than 20 full-time equivalents.   
    Housing cooperatives, housing associations and jointly owned properties with a certain number of units (pursuant to Section 44 of the Property Unit Ownership Act).
  • Foundations
  • Other entities with an accounting obligation pursuant to special provisions or by law.
  • Foreign enterprises engaged in or participating in activity in Norway or on the Norwegian continental shelf that are liable for tax in Norway pursuant to domestic Norwegian legislation.

As regards size limits, the accounting obligation is triggered when the limit is exceeded in two consecutive years. Once an enterprise has become subject to the accounting obligation, it must be below the limit for two consecutive years for the obligation to lapse.   
   
The accounting obligation exists for all entities under the supervision of the Financial Supervisory Authority of Norway, regardless of form of incorporation. This applies to auditors, accountants and estate agents, among others.    
   
Small enterprises can choose to prepare and submit their annual account in accordance with simplified rules, see Chapter 3 of the Accounting Act.   
   
Contact the Brønnøysund Register Centre if you are in doubt about whether your enterprise is subject to an accounting obligation.   
   
Most enterprises with accounting obligations must nevertheless meet the bookkeeping and documentation requirements (bookkeeping obligation). In any case, these requirements shall apply to all enterprises that are obliged to submit VAT returns and all that are obliged to submit income statements.

Siste endring på denne siden: 26.11.2013

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