Do I need an accountant?

"The organisation and the size of the enterprise determines the accounting obligations as per the Annual Accounts Act of 1998"

Which companies are obligated to perform financial statements & annual reports?
  • All limited companies
  • Partnerships (ANS / DA) and Norwegian Limited Partnership (eg. KS)
  • Sole proprietorships and some associations with more than 20 full-time employees or more than 20 million kroner in market cap
  • Cooperatives, housing, ownerships, economic-associations
  • Foreign companies who exercise or participate in activities in this Norway or on the Norwegian continental shelf, and is taxable according  to Norwegian domestic law.
  • A complete list can be found in the Annual Accounts Act. Small enterprises may choose to follow the simplified rules in preparation and presentation of financial statements, cf. Annual Accounts Act. Chapter 3

Who is subject to ethical and legal accounting obligations?
Anyone who is accountable according to the Annual Accounts Act of 1998, is subject to accounting requirements. In addition, all of which provide an income to the Tax Assessment Act or the VAT returns for VAT Act. The Norwegian tax authorities may also impose accounting requirements on companies not obligated as per the Annual Accounts Act of 1998.
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