Financial Statement Preparation Lithuania
Financial Statement Preparation in Lithuania – Reliable, Accurate, and Fully Compliant
In Lithuania, preparing financial statements is more than just an annual obligation—it’s a core component of sound business management, investor trust, and legal compliance. Every registered company, regardless of its size or sector, must produce accurate and timely financial statements in accordance with local accounting standards.
At UAB “AM Law”, we specialize in the preparation of professional financial statements for companies operating across Lithuania. Whether you’re a startup, an SME, or part of an international enterprise, our experienced team ensures that your financial documentation is prepared in full accordance with Lithuanian laws and accounting standards.
Why Financial Statement Preparation Matters
Financial statements are the foundation of a company’s financial transparency. These documents tell the full story of a business’s economic activities, profitability, and financial health. They are used by:
- Government institutions and tax authorities
- Shareholders and board members
- Financial institutions and lenders
- Potential investors and partners
- Internal company management
Failing to prepare or submit these reports correctly can lead to fines, regulatory issues, audits, or reputational damage.
Who Must Prepare Financial Statements in Lithuania?
Under Lithuanian law, the following types of businesses are required to prepare and submit financial statements annually:
- Private limited companies (UAB)
- Public limited companies (AB)
- Branches of foreign companies
- Partnerships and cooperatives
- NGOs, associations, and charitable organizations
- Self-employed individuals with significant revenue
Even inactive companies must submit a simplified annual financial statement to maintain legal status.
What Do Financial Statements Include?
Financial statements in Lithuania typically consist of the following core components:
1. Balance Sheet (Statement of Financial Position)
This document provides a snapshot of the company’s assets, liabilities, and equity at the end of the reporting period, offering insights into the organization’s overall financial standing.
2. Profit and Loss Statement (Income Statement)
Also known as the income statement, this report details revenues, expenses, and net profit or loss, helping stakeholders understand the company’s operational performance.
3. Cash Flow Statement (if applicable)
Required for larger companies, this statement outlines cash movements from operating, investing, and financing activities, showing how cash is managed within the business.
4. Statement of Changes in Equity
This report shows changes in share capital, retained earnings, and other reserves, explaining how profits are used or reinvested.
5. Explanatory Notes and Accounting Policies
These provide additional context, assumptions, and breakdowns that support the numbers in the primary financial statements, enhancing clarity and transparency.
Applicable Accounting Standards in Lithuania
Financial statements must be prepared in line with either:
- Lithuanian Business Accounting Standards (BAS) – applicable to most SMEs and local businesses.
- International Financial Reporting Standards (IFRS) – mandatory for listed companies and chosen by many large or international companies.
At AM Law, we work with both BAS and IFRS, ensuring your reporting aligns with the right regulatory framework.
Our Financial Statement Preparation Services
We provide a full range of support for annual and interim financial statements. Our services include:
Data Review and Validation
We begin with a comprehensive review of your company’s financial records, accounting entries, and supporting documentation to ensure completeness and accuracy.
Financial Statement Drafting
Our accountants prepare each component of the financial statements in full compliance with legal standards, tailored to your business size and sector.
Explanatory Notes and Disclosures
We prepare all required disclosures, explanatory notes, and summaries of accounting policies to ensure regulatory completeness and stakeholder understanding.
Multilingual Document Preparation
We prepare statements in Lithuanian, English, or Russian, depending on your needs—ideal for foreign shareholders, banks, or investors.
Submission to Authorities
We handle the electronic submission to the Centre of Registers (JAR) and can also assist with filings to VMI or other institutions if required.
Audit Preparation Support
If your company requires an audit, we ensure that your statements are audit-ready, professionally formatted, and backed by supporting data.
Benefits of Working with AM Law
Experienced Team
Our accountants, tax advisors, and legal experts bring years of experience in preparing financial statements for companies in all industries.
Full Legal Compliance
We ensure your reports meet all Lithuanian regulatory standards and are formatted properly for government submission.
Customized Solutions
We tailor each engagement based on your company’s size, industry, and accounting complexity—from basic reports to advanced IFRS statements.
Integrated Legal & Financial Services
We go beyond numbers. If your reporting reveals tax, compliance, or legal risks, our multidisciplinary team provides immediate solutions.
Transparent Pricing
Our fees are clearly outlined and based on company size and complexity—no hidden costs, just straightforward support.
Who We Serve
We prepare financial statements for:
- Small and medium enterprises (SMEs)
- Startups and fast-growing businesses
- Real estate and construction firms
- Retail and e-commerce companies
- Logistics, manufacturing, and service providers
- International branches and holding companies
Whether you’re filing your first annual report or managing statements across multiple business entities, our team has the expertise to help.
Let AM Law Handle Your Financial Statement Preparation
Accurate, timely, and compliant financial statements are vital to your company’s success. With UAB “AM Law”, you gain a trusted partner who handles every detail—from data review to government submission—with precision and professionalism.
Citizenship of Lithuania
Citizenship
- Acquisition of citizenship of the Republic of Lithuania by virtue of birth.
- Restoration of citizenship of the Republic of Lithuania.
- 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.
For jobseekers:
We are searching employees from Europe who would want to work in Lithaunian companies.
For employers:
We are dealing with recruitment companies all over the world and can suggest a variety of employees.