Amendments To The Law "on Accounting"

Original Language Title: Grozījumi likumā "Par grāmatvedību"

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Read the untranslated law here: https://www.vestnesis.lv/op/2016/197.2

The Saeima has adopted and the President issued the following law: amendments to the law "on accounting" make law "on accounting" (the Republic of Latvia Supreme Council and Government Informant, 1992, 44/45.nr.; The Saeima of the Republic of Latvia and the Cabinet of Ministers rapporteur, 1995, nr. 3, 23; in 1996, no 24; 1999, no. 15; 2000, no. 10; 2003, no. 12; 2004, no. 6; 2006, no. 10; 2009, no. 9; Latvian journal, 2010, 102, 166 no; 2011, 65, no. 184; 13, 87, no. 194, 250.) the following amendments: 1. in article 8: replace the second sentence of the third paragraph, the word "received" by the words "external and internal" and the words "in which the document was received by the company" with the words "where the source document is received or issued"; Supplement to the sixth article by the following: ' by way of derogation from the third subparagraph in relation to other external and internal justification document posting date, companies under the tax law of micro-enterprises have got micro taxpayer status, sole proprietorship, individual companies, farmers and fishermen whose holdings in turnover (revenue) of economic transactions in the preceding financial year exceeds 300 000 euros, the natural persons who carry out economic activities in the without prejudice to these persons for binding regulations governing tax requirements are allowed other external and internal justification documents for business transactions in the company's accounting records be posted no later than 15 days after the end of the quarter in which the source document is received or issued, and the obligatory up to the end of the year. " 2. Replace article 10, second paragraph, the words "and other source documents — 5 years" with the words and figures "other source documents — until the day when they needed to comply with this law, the requirements of article 2 of the financial transaction process traceability, but not less than 5 years;". 3. To make the first paragraph of article 11 of the fourth sentence as follows: "each of the inventory shall be carried out following the end of the accounting year, as well as the termination of the activities of the company or by reorganizing or when it has been declared legal persons or natural persons-subjects of this law, insolvency proceedings or if, on the basis of the operator's decision is suspended or restored it." 4. Article 13: to supplement the first part with the following text: "to the insolvency of the debtor's statutory balance sheet, which shall be prepared by legal persons declaring insolvency proceedings, subject to all the same rules apply to the annual accounts balance. The company, which declared bankruptcy process, but for which the administrator has not made a decision about the continuation of the debtor's business activities in full or to a limited extent, in preparation of the debtor balance, respect for this law, article 11 of part two of the basic regulations issued on the company's assets, liabilities and the assessment of claims and accounting and disclosure in the financial statements if the unit or the transaction is ended. " make the first sentence of the second paragraph as follows: "If the legislation is not otherwise specified, or the termination of the company by reorganizing its operations (including, in the case of insolvency proceedings when a transaction is terminated), prepare a business closing financial report (hereinafter the closing financial report)."; Add to the second part of the text by the following: "If a company has declared insolvency, but for their administrator has not taken a decision on the continuation of the debtor's business activities in full or to a limited extent, being prepared for the closing of the financial statements, which only consists of a balance sheet and a profit and loss statement. The preparation of the balance sheet, followed on this law, article 11 of part two of the basic regulations issued on the company's assets, liabilities and the assessment of claims and accounting and disclosure in the financial statements if the unit or the transaction is ended. " replace the third paragraph, the words "annual report" with the words "in the law, the annual report and consolidated accounts law"; adding to the fourth subparagraph of paragraph 5 with the following: "5) companies declared insolvency, but for which the administrator has not made a decision about the continuation of the debtor's business activities in full or to a limited extent. Such enterprises, while continues the company's bankruptcy process, for each financial year, prepare a balance sheet and a profit and loss statement. " The Parliament adopted the law in 2016 on September 22. The President r. vējonis 2016 in Riga on October 11.