Legal entities obliged to keep accounting records pursuant to the Accounting Act

The following entities must prepare annual accounts consisting at least of the profit and loss statement, the balance sheet, the annual report and the notes to the accounts, and then submit these documents to the authorities:

§         Limited liability companies (AS/ASA)

§         Unlimited liability companies (ANS/DA) – except for ANS/DA where the following conditions are met:

-        The annual turnover does not exceed NOK 5 million

-        Less than the equivalent to 5 man-years are employed

-        The number of owners does not exceed 5

-        None of the owners is a AS or an ASA.

§         Sole-proprietorship and some associations with a book value exceeding 20 millions NOK or employing more people than the equivalent to 20 man-years.

§         Cooperative or part ownerships with a revenue exceeding 2 millions NOK

§         Housing cooperatives, cooperative building associations, co-ownership (buildings) (depending on the size).

§         Commercial associations.

§         Foreign enterprises carrying out activities or participating in activities within Norwegian tax jurisdiction, which are subject to Norwegian taxation according to domestic legislation.

For more details, please see the Accounting Act section 1-2. Small businesses may, when preparing the annual accounts, make may use of simplified accounting rules as described in the Accounting Act section 3.