Large enterprises must also prepare an annual report for the financial year. The annual report does not form part of the annual accounts, but is in addition to them. The annual report must be approved by the board of directors or a corresponding body no later than six months after the end of the financial year.
Who needs to submit the annual report?
If you have an enterprise subject to the accounting obligation which, under the Accounting Act, is covered by the definition of "small enterprise", you will not need to prepare an annual report. One of the criteria for being considered a small company is that the sales revenue is less than NOK 70 million. Most companies covered by the accounting obligation will be considered small in terms of accounting and need not to submit an annual report.
The contents of the annual report
The annual report is a report from the board of directors and the general manager which gives an account of developments in the business and the outlook for the enterprise as a going concern. The Accounting Act gives detailed information about the required contents of annual reports.
In the case of businesses which are required to prepare accounts and which have a board, all board members must sign the annual accounts. If the business has a CEO/general manager, he or she must also sign the documents. If the business has neither a board nor a CEO/general manager, the partners or members must sign. If one of the signees have objections to the annual accounts or annual report, he or she should sign with a statement of their reservations and provide a more detailed statement in the annual report.
Submitting annual reports
If your enterprise is required to produce an Annual Report, you need to submit this to the Register of Company Accounts along with the annual accounts.