Cabinet of Ministers Regulations No. 270 (No. 38. § 6) amendments to the law "on accounting" Issued by the constitutional order laid down in article 81 1. make the law "on accounting" (the Republic of Latvia Supreme Council and Government Informant, 1992,44./45.nr.; Latvian journal, 1994, 149.nr, 1995, nr. 159.) the following amendments: 1. Express article 1 by the following: "article 1 this law applies to all Companies registered in the register of companies, firms and non-profit organizations irrespective of their form of business and the type of property, the register of registered establishments of foreign companies and permanent representations of companies (affiliates, chapters) in Latvia, to the institutions and bodies that are financed from the State budget and local budgets, as well as to the social and religious organisations , political parties, public funds and the trade unions. "
l. 2. Express article 2, second subparagraph by the following: "accounting information provided must be truthful, comparable, timely, relevant, understandable and complete. The accounting must ensure the delimitation of revenue and expenditure over the period. ";
1.3. replace article 4, second paragraph, the words "national financial authorities" with the words "tax administration";
1.4. to make the first sentence of article 6 in the following wording: "accounting records must be sorted together with the Latvian language and source documents must be kept in the territory of the Republic of Latvia."
1.5. make article 8 the third paragraph as follows: "companies that use a cash register or similar data logging equipment, revenue can be booked with one entry for the whole day. The rest of the source document on company business transactions must be recorded in the accounting records of the company as soon as possible, but not later than 15 days after the end of the month in which the document was received, and the obligatory-the company at the end of the reporting period. ';
1.6. to make article 9 as follows: "article 9 the accounting register of the double entry system.
The provisions of this article shall not apply to: 1) farmers and fishermen, farms and individual companies whose revenues from financial transactions in the year not exceeding 45000 dollars. These companies accounting for the register are free to choose any of the generally accepted accounting forms, subject to the tax laws or rules adopted pursuant thereto and the provisions of this Act;
2) institutions and bodies that are financed from the State budget and local budgets, and that sort of form of accounting according to the law "on budget and financial management" (Latvian journal, 1994,41. no), and "on the municipal budget" (Latvian journal, 1995, nr. 59; 1996, 62 no) the procedures laid down by the Ministry of Finance and the Treasury. "
1.7. the express article 11, first paragraph, the second sentence as follows: "following the counting is to take each report at the end of the year, as well as the company's liquidation, reorganization, insolvency or bankruptcy."
1.8. the deletion of article 11, third and fourth;
1.9. Express 13, 14 and 15 of the article as follows: "article 13 entering or termination of business activities, as well as the reorganisation, liquidation, insolvency or bankruptcy is to dial home, respectively closing (liquidation) or exceptional balance, which should be present in the enterprise, commitment and the amount of equity. The balance sheet is drawn up using the inventory data, and on the basis of the regulatory provision in the order obtained the commitment of funds and the results of the evaluation. On the balance sheet and its correctness is responsible business manager.
When drawing up the starting or closing (liquidation) balance sheet, must comply with all the same rules that apply to the annual accounts balance sheet.
Each accounting year, the annual report must be drawn up, consisting of the balance sheet, the profit and loss statement, cash flow statement and report, annex.
The third part of this article shall not apply to: 1) farmers and fishermen, farms and individual companies whose revenues from financial transactions in the year not exceeding 45000 dollars. These companies are filing a declaration according to the tax laws or regulations adopted in accordance with the requirements;
2) institutions and bodies that are financed from the State budget and local budgets, public organizations, trade unions, religious organizations, political parties and public funds for a different amount of the annual report and the structure in which to display the amount of funds received, their accuracy and purposefulness of the use.
The content of the annual report and form, as well as checks, dialing, submission and publication procedures shall be determined by laws or other laws.
Article 14 financial year must cover 12 months, and usually coincides with the calendar year. The company can review the beginning and the end of the year, as determined by the relevant company (the company) or a limited partnership Statute. One company in the group have the same reporting year.
You can change the year. Change the accounting year should be justified and should provide the relevant explanatory notes on the annual accounts.
The company first reference year may cover a shorter or longer period of time, but not more than 18 months.
If you change an existing enterprise reporting year, the reporting year can not be longer than 12 months.
The year in review, the company ceases its activities, as well as the year in which the home is changed, it can be shorter than 12 months.
The provisions of this article shall not apply to the institutions and bodies that are financed from the State budget and local budgets, and that the duration of the financial year, the beginning and end of the rules.
Article 15, the Cabinet of Ministers issued the rules on particularly important accounting issues and delegated to the Latvian Council of sworn auditors Association the right to: 1) develop or amend Latvian accounting standards, based on international accounting standards and the European Union directives governing the accounting that also publish it;
2) provide official explanations for the Republic of Latvia accounting standards.
The Cabinet of Ministers established the Republic of Latvia accounting standards Advisory Board composed of eleven members and shall include: 1 the Ministry of Finance) three representatives;
2) five Latvian sworn auditors Association representatives;
3) three Latvian representatives of the Association of Accountants.
The Council's main tasks is to evaluate and give your opinion: 1) on developing legislation or laws already adopted in the field of accounting;
2) on the Cabinet of Ministers draft regulations or if the Cabinet of Ministers issued regulations in the field of accounting;
3) for Latvian certified auditor of the Association of Latvian accounting standards developed for projects or already published Latvian accounting standards and their amendments.
The findings are submitted to the Minister of finance and the Latvian Council of sworn auditors Association. "
2. the rules shall enter into force on January 1, 1997.
Prime Minister Minister of finance a. slice-Minister of Economic Affairs g. shore in 1996 Riga on 23 July