The Law On Accounting (Bookkeeping)

Original Language Title: Lov om bokføring (bokføringsloven)

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now

Read the untranslated law here: https://lovdata.no/dokument/NL/lov/2004-11-19-73

The law on accounting (bookkeeping).

Date LAW-2004-11-19-72 Ministry the Ministry of finance Recently changed law-2015-06-19-65 from 01.10.2015 Published in 2004 booklet 14 entry into force 01.01.2005, 01.01.2006 Change Announced 19.11.2004 short title Posting Act. The scope of the law applies to posting obliged as mentioned in section 2.
The King sets out rules about this law apply to the Norwegian economic zone and for Svalbard, Jan Mayen and bilandene and can establish special rules taking into account the conditions there.

§ 2. Posting obliged anyone who has the financial obligation by law 17. July 1998 No. 56 accounting etc. have the posting after this duty law.
Anyone who has a duty to deliver the business task after tax law or trade settlement after the VAT law have the posting after this duty law for the business that is run. This does not providers of online services that deliver trade settlement as mentioned in the VAT law § 15-6, third paragraph, and that the posting on the basis of exclusively subject to the obligation to deliver the trade settlement after the provision here.
The tax office and the oil tax office can in every case impose the which is believed to drive business activity posting after this duty law for the business that is run. Such an order can be restricted to apply certain provisions of the law. The order can only be given for two years at a time.
After posting the second paragraph obliged the Ministry of the regulations can make exceptions for special cases from the provisions of this law.

§ 3. Compulsory financial reporting with the compulsory financial reporting is meant in this Act the annual report and other reporting of historical financial information to external parties, given in written form to the fixed point in time and with a predefined content, and that is set out in or pursuant to the Act. The Ministry determines by regulation what is compulsory financial reporting under this Act.

section 3 a. Personal list Employers in the industries Ministry determines, to lead human resources list.

§ 4. Basic posting principles posting, specification, documentation and storage of accounting information shall be made in accordance with the following basic principles: 1. The accounting system: it should be a proper and transparent accounting system that enables the production of required financial reporting and specifications, and that are made so that the disclosure obligation can be safeguarded.

2. Completeness: all transactions and other accounting outlines will be posted on a complete way in the accounting system.

3. Reality: Posted information to be the result of actual events or accounting reviews and to apply to the posting fee business.

4. Accuracy: the Information will be posted and be specified correctly and accurately.

5. Ajourhold: Information to be posted and be specified as often as opplysningenes character and the nature of the posting fee and scope implies.

6. Documentation of the posted information: Posted information to be documented in a way that shows their eligibility.

7. Traceability: it is going to be released bi-directional control track between documentation, specifications and required financial reporting.

8. Storage: documentation, posted information and compulsory financial reporting should be kept as long as it is factual needs to check the required fiscal reporting. Storage shall be made in a form that preserves the possibility to read the material.

9. Fuse: Accounting material in a proper manner shall be secured against improper modification, deletion, or loss.

10. Good posting practices: posting, specification, documentation and storage of accounting information shall be made in accordance with the good posting custom.

§ 5. Specifications of compulsory financial reporting For each period of compulsory financial reporting, and not less frequently than every fourth month, the posting to be able to charge to be able to prepare: 1. posting specification, 2. account specification, 3. customer specification, 4. vendor specification, 5. specification of the withdrawal to the owners, participants and their own business, 6. specification of sales to owners and participants, 7. specification of sales and other benefits to senior employees.

For each period of compulsory financial reporting to the posting fee in addition to be able to be able to prepare: 1. specification of value added tax, 2. specification of the pay disclosure obliged benefits, 3. specification of eliminations and other postings by the preparation of the consolidated financial statements.

The Ministry provides by regulation closer to the rules on the contents of the specifications as stated in the first and second paragraph.
The accounting system should be able to render the specifications of the required fiscal reporting as mentioned in the first and second paragraph on paper. The Ministry may by regulation fix the requirements for different rendering.

section 6. Traceability Posted information should easily be able to be followed from the documentation via the specifications up to the compulsory fiscal reporting. It should also in an easily verifiable way be possible on the basis of compulsory financial reporting to be able to find back to the documentation for the individual posted information.
Documentation of the posted information to be numbered or identified in some way that makes it possible to verify that it is complete.
Documentation of the control track, including how system-generated records can be released in etterprøves, those cases it is necessary to be able to check the posted information in a simple way.
The Ministry may by individual decisions make exceptions from the requirement in the second paragraph about the numbering of the documentation.

section 7. Posting and Posting to post ajourhold obliged all the information necessary to be able to draw up specifications of compulsory financial reporting as mentioned in section 5 and shall indemnify the fiscal reporting.
Posting to happen as often as your business and transactions ' nature and scope. The posting is going to be up to date within the deadlines for mandatory financial reporting and not less frequently than every fourth month. The Ministry may by regulation make exceptions from the requirement of updating every fourth month for posting obliged with few transactions.
Cash transactions should be recorded daily, unless it be used fixed bin.

section 8. The posting currency Posting shall be made in u.s. dollars, unless the Ministry of the regulations provides otherwise.

§ 9. Correction of posted information Posted information should not be changed or deleted after the time limits referred to in § 7 second paragraph has expired. After these deadlines have expired, the correction happen with new, documented posting. Such corrections shall be made by the original posting in its entirety be reversed.
When information is deleted, this should be stated in the documentation or specification.

§ 10. Documentation of the posted information Posted to be documented information. The documentation to be issued with a correct and complete content and view the posted opplysningenes eligibility. The documentation should not be changed after issuance. If the documentation is made up of several documents, it should be from the primary reference document to other documents.
The Ministry may by regulation fix the requirements for documentation of the electronic forsystem.
The Ministry may by regulation fix the documentation requirements to format.

§ 10 a. Special rules on documentation of cash sales section 11. Documentation of the balance sheet, etc. In preparing the financial statements and business task should it be released documentation for all balance sheet items unless they are insignificant. The provision also applies for income tax values that are not documented in the rest of the assessment tasks.
The Ministry may by regulation establish further rules regarding the documentation of the individual balance sheet accounts.

§ 12. Requirements for language Specifications and documentation mentioned in the first paragraph of § 13 Nr. 2 and 3, which are prepared by the posting, shall be under a duty on Norwegian, Swedish, Danish or English, unless the Ministry by regulation or by individual decisions provides otherwise.

section 13. Storage As retention compulsory accounting are considered: 1. the annual report and other required financial reporting, annual report and audit report, 2. specifications of the required fiscal reporting as mentioned in section 5, or posted the information that is required to be able to develop such specifications of required financial reporting, 3. documentation of the posted information, and deleted information, documentation of control track, etc. and documentation of the balance sheet, 4.
numbered letter from the Auditor, 5.
agreements that apply to the business, with the exception of agreements of minor importance, 6.
correspondence that provides significant additional information in relation to a posted enlightenment, 7.
outgoing packing slips or equivalent documentation provided the item or sent to buy otherwise, 8.
price lists as required according to the law or regulations of the prepared.

Accounting material as mentioned in the first paragraph Nr. 1 to 4 should be kept in Norway for five years after the end of the fiscal year. Accounting material as mentioned in the first paragraph Nr. 5 to 8 should be kept in Norway for three years and six months after the end of the fiscal year. Original accounting material can be replaced by the transfer of accounting information to other media if the ability to verify financial reporting in the accounting subject material retention time did not fade. The Ministry may by regulation establish further requirements on the storage media.
The retention mandatory accounting material should be kept organized and be reassuring secured against destruction, loss, and change. Accounting material to be presented for public control authority throughout the retention period in a form that enables a posteriori.

Accounting material should be available in human readable form and should be able to be printed on paper throughout the retention period.
The Ministry may by regulation fix demands for longer retention period for specified types of primary documentation than that which follows from the second paragraph when there are necessary due to compulsory financial reporting or tax control. The Ministry may by regulation or by individual decisions make exceptions from the provisions of the second paragraph about the repository and retention time.

section 13 b. Electronic availability Posted information under section 7 the first paragraph which basically is available online, will be available online for three years and six months after the end of the fiscal year.
The Ministry may by regulation or by individual decisions make exceptions from the provisions of the first paragraph.

section 14. Assistance and information to the control authority shall give public Posting feature of control authorities needed assistance to transparency in the accounting system and accounting material and set at your disposal equipment and software for this.
If the posting fee in whole or part has left to another to make bookkeeping and storage of accounting under this Act, apply to the duties under subsection also for the this is left to the.
Control authorities may require accounting material that is not on the Norwegian, Swedish, Danish or English translated into one of these languages. The Ministry may by regulation establish further requirements for the translation.

section 15. Penalty it as significantly contravenes provisions on bookkeeping or accounting, punishable by the Penal Code § § 392 to 394.

section 16. Regulatory authority the Ministry may provide regulations that complement the provisions of this Act and determine additional requirements, when necessary due to compulsory financial reporting or tax control.

§ 17. Entry into force the law applies as of the time the King decides. 1 the King can put into effect the individual provisions to different time. The King can give the transition rules.

§ 18. Changes in other laws from the time the law takes the following changes in ikraft other laws:-