Accounting Statement Preparation Lithuania
Accounting Statement Preparation in Lithuania – Professional, Compliant, and Clear
Whether you’re running a small business or managing a multinational company in Lithuania, preparing accurate and compliant accounting statements is not just good practice—it is a legal necessity. These statements are fundamental for business transparency, tax filings, investor relations, and strategic planning.
At UAB “AM Law”, we specialize in comprehensive accounting statement preparation in Lithuania, ensuring your financial documents are professionally structured, legally compliant, and tailored to your company’s specific needs.
Why Accounting Statements Matter for Your Business
Accounting statements are vital financial documents that reflect the financial health and operational performance of your business. They provide stakeholders, investors, regulatory bodies, and tax authorities with crucial data to evaluate your business performance and legal standing.
By maintaining professionally prepared accounting statements, your company benefits from:
- Full legal compliance with Lithuanian accounting and tax laws
- Enhanced financial transparency and business credibility
- Better internal decision-making and resource management
- Easier access to loans, grants, or investment funding
- Faster processing of audits or government inspections
In short, accounting statements are the foundation for every successful business strategy in Lithuania.
Who Needs to Prepare Accounting Statements?
Accounting statements are mandatory for:
- Limited Liability Companies (UAB)
- Public Limited Companies (AB)
- Individual Enterprises (IĮ)
- Non-Governmental Organizations (NGOs)
- Foreign company branches and representative offices
- Freelancers and self-employed individuals (depending on activity and turnover)
Even inactive or dormant companies are required to prepare and file basic accounting reports and declarations annually.
What Is Included in Accounting Statement Preparation?
Our firm prepares all the essential financial statements your business needs, following Lithuanian Business Accounting Standards (BAS) or International Financial Reporting Standards (IFRS) where applicable.
1. Balance Sheet (Financial Position Statement)
- Detailed overview of your company’s assets, liabilities, and equity
- Analysis of current vs. non-current assets and liabilities
- Presentation of shareholder capital and retained earnings
This statement shows the overall financial health of your business at a specific point in time.
2. Profit and Loss Statement (Income Statement)
- Breakdown of your revenues, expenses, and profit or loss
- Gross margin and net profit calculations
- Year-on-year comparison and performance evaluation
This is a key document used for income tax calculations and operational analysis.
3. Cash Flow Statement
- Clear record of cash inflows and outflows
- Classification by operating, investing, and financing activities
- Cash position analysis for liquidity monitoring
This helps companies manage cash reserves and plan for expenses, investments, and taxes.
4. Statement of Changes in Equity
- Summary of equity changes over the accounting period
- Dividends issued, shares bought/sold, and capital reserves
- Required for companies with multiple shareholders or capital changes
5. Explanatory Notes and Supplementary Disclosures
- Clarification of accounting policies and assumptions
- Segment and sector breakdowns (if required)
- Explanations of significant one-off transactions or events
These disclosures are particularly important for audits, financial analysis, or investor reporting.
Lithuanian Accounting Standards and Regulatory Requirements
Accounting in Lithuania must adhere to the Law on Accounting, the Law on Financial Statements, and relevant guidance from the State Tax Inspectorate (VMI) and the Register of Legal Entities.
Depending on the size and activity of your company, reports must follow either:
- Lithuanian Business Accounting Standards (BAS) – for most small and medium enterprises
- International Financial Reporting Standards (IFRS) – for public companies or large enterprises
We help you determine the right standard and ensure full compliance in both preparation and submission.
Submission Requirements and Deadlines
Annual accounting statements must be:
- Prepared and approved within 4 months of the end of the financial year
- Submitted to the Centre of Registers (JAR) within 6 months of the financial year-end
- Approved by shareholders or the board before submission
- Aligned with annual tax declarations to the VMI
Failure to comply with these deadlines can result in fines, suspension of business activities, or audit investigations.
Our Process – How We Work
Step 1: Data Collection and Review
We collect financial records, transaction history, bank statements, payroll data, and any relevant documentation.
Step 2: Accounting and Reconciliation
We enter all data into your accounting system, reconcile discrepancies, and ensure accuracy across every account.
Step 3: Drafting of Statements
We prepare all required financial statements and supporting notes in compliance with Lithuanian law.
Step 4: Client Review and Approval
You receive the draft reports for review and discussion. We explain every figure and revise as needed.
Step 5: Submission and Filing
Upon approval, we submit the statements to the Centre of Registers, VMI, or any other required authority, and archive them for future audits or business use.
Why Choose AM Law for Accounting Statement Preparation?
Professional Expertise
Our team includes qualified accountants, financial consultants, and tax advisors who work collaboratively to prepare flawless statements that withstand audits and scrutiny.
Experience with All Company Types
From new startups to complex holding companies, we know how to handle diverse financial structures and industry-specific requirements.
Multilingual Service
We prepare and explain accounting reports in Lithuanian, English, and Russian, ensuring clarity for local and foreign business owners.
Full Legal and Tax Alignment
Our unique advantage lies in combining accounting with legal insight, helping your financial statements align seamlessly with tax obligations and corporate governance.
Transparent and Competitive Pricing
Our services are tailored to your company’s needs and scale. No hidden fees, no surprises—just honest, professional service.
Get Started with Professional Accounting Statement Support
Let AM Law be your partner in compliance and financial clarity. With our help, your accounting statements will be:
Always submitted on time
Legally compliant
Professionally structured
Audit-ready
Easy to understand
Citizenship of Lithuania
Citizenship
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- Oath of Allegiance to the Republic of Lithuania.
- Naturalisation.
- By way of exception.
- Simplified procedure.
Right to reinstate citizenship of the Republic of Lithuania to persons who had citizenship of the Republic of Lithuania and until 15 June 1940 and their descendants who have not acquired citizenship of the Republic of Lithuania before 2011-04-01.
We could help you to get citizenship in Lithaunia.
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