{"id":15084,"date":"2023-10-27T11:49:39","date_gmt":"2023-10-27T11:49:39","guid":{"rendered":"https:\/\/breicis.com\/gramatvedibas-likums\/"},"modified":"2023-10-28T14:03:33","modified_gmt":"2023-10-28T14:03:33","slug":"accounting-law","status":"publish","type":"page","link":"https:\/\/breicis.com\/en\/accounting-law\/","title":{"rendered":"Accounting Law"},"content":{"rendered":"\r\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\r\n\r\n<h1>Accounting Law<\/h1>\r\n<p>The Accounting Law establishes the fundamental principles for the preparation of financial statements for companies, associations, and organizations in Latvia. This law, which is an integral part of the Latvian accounting system, serves as the foundation for maintaining and disclosing financial information, while also providing the necessary information to national and international regulatory authorities for monitoring the financial position and operations of companies by setting forth uniform accounting principles.<\/p>\r\n<p>The new Accounting Law came into effect on January 1, 2022, entirely replacing the previous Law On Accounting. The aim of the Accounting Law was to improve the regulation of accounting in comparison to the previous law by ensuring its compliance with legal technical requirements, supplementing the law with clear definitions of its objectives and scope, and providing for the revision of the Cabinet of Ministers&#8217; regulations previously issued under the former law.<\/p>\r\n<p>The Accounting Law also incorporates the previous regulations regarding the licensing of outsourced accountants and the introduction of the outsourced accountant registry.<\/p>\r\n<p>Below is a brief overview of the structure of the Accounting Law, including its chapters and subsections:<\/p>\r\n<h2>I. Chapter: General Provisions<\/h2>\r\n<p><!-- \/wp:post-content -->\r\n\r\n<!-- wp:paragraph {\"translatedWithWPMLTM\":\"1\"} --><\/p>\r\n<ul>\r\n<li>Defined Terms in the Law<\/li>\r\n<li>Objectives of the Law<\/li>\r\n<li>Entities Subject to the Law<\/li>\r\n<li>Accounting Tasks<\/li>\r\n<li>Accounting Oversight<\/li>\r\n<li>General Requirements for Organizing Accounting<\/li>\r\n<li>Measurement Bases in Accounting<\/li>\r\n<\/ul>\r\n<p><!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph {\"translatedWithWPMLTM\":\"1\"} --><\/p>\r\n<h2>II. Chapter: Accounting Registers and Supporting Documents<\/h2>\r\n<p><!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph {\"translatedWithWPMLTM\":\"1\"} --><\/p>\r\n<ul>\r\n<li>General Provisions for Organizing Accounting Registers<\/li>\r\n<li>Language Used in Accounting Registers<\/li>\r\n<li>Double-Entry and Single-Entry Accounting System<\/li>\r\n<li>Supporting Documents<\/li>\r\n<\/ul>\r\n<p><!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph {\"translatedWithWPMLTM\":\"1\"} --><\/p>\r\n<h2><strong>III. <\/strong>Chapter: Inventory<\/h2>\r\n<p><!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph {\"translatedWithWPMLTM\":\"1\"} --><\/p>\r\n<h2><strong>IV. Chapter: Annual Report and Other Statements<br \/><\/strong><\/h2>\r\n<p><!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph {\"translatedWithWPMLTM\":\"1\"} --><\/p>\r\n<ul>\r\n<li>Annual Report<\/li>\r\n<li>Opening Balance Sheet<\/li>\r\n<li>Additional Regulations for Clarity of Regulation\r\n<ul>\r\n<li>Economic Activity Report<\/li>\r\n<li>Closing Financial Report<\/li>\r\n<li>Debtor&#8217;s Balance Sheet and Financial Report of a Legal Person in the Insolvency Process<\/li>\r\n<li>Special Regulations for Economic Operators<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>Start, End, and Duration of the Reporting Year<\/li>\r\n<\/ul>\r\n<p><!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph {\"translatedWithWPMLTM\":\"1\"} --><\/p>\r\n<h2><strong>V. Chapter: Storage of Accounting Documents<br \/><\/strong><\/h2>\r\n<p><!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph {\"translatedWithWPMLTM\":\"1\"} --><\/p>\r\n<ul>\r\n<li>Regulations for the Storage of Accounting Documents<\/li>\r\n<li>Location for Storing Accounting Documents<\/li>\r\n<li>Period for Storing Accounting Documents\r\n<ul>\r\n<li>Period for Storing Annual Reports, Inventory Lists, Accounting Registers, and Accounting Organization Documents<\/li>\r\n<li>Period for Storing Supporting Documents for Employee Salary Calculation (Remuneration)<\/li>\r\n<li>Period for Storing Other Supporting Documents<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>Conversion of Paper-Form Accounting Documents into Electronic Form for Electronic Storage<\/li>\r\n<\/ul>\r\n<p><!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph {\"translatedWithWPMLTM\":\"1\"} --><\/p>\r\n<h2><strong>VI. Chapter: Division of Competences in the Field of Accounting<br \/><\/strong><\/h2>\r\n<p><!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph {\"translatedWithWPMLTM\":\"1\"} --><\/p>\r\n<ul>\r\n<li>Competence of the Ministry of Finance in Accounting<\/li>\r\n<li>Duties and Rights of Company Managers and Their Liability in the Field of Accounting<\/li>\r\n<\/ul>\r\n<p><!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph {\"translatedWithWPMLTM\":\"1\"} --><\/p>\r\n<h2><strong>VII. <\/strong>Chapter: The Person Authorized to Organize Accounting<\/h2>\r\n<p><!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph {\"translatedWithWPMLTM\":\"1\"} --><\/p>\r\n<ul>\r\n<li>Accountant and Outsourced Accountant<\/li>\r\n<li>Company Manager Authorized to Organize Accounting Personally<\/li>\r\n<li>A Person Not Considered an Outsourced Accountant<\/li>\r\n<li>A Person Prohibited from Being an Outsourced Accountant<\/li>\r\n<li>Licensing of Outsourced Accountants<\/li>\r\n<li>Register of Outsourced Accountants<\/li>\r\n<li>Civil Liability Insurance of Outsourced Accountants<\/li>\r\n<\/ul>\r\n<p><!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph {\"translatedWithWPMLTM\":\"1\"} --><\/p>\r\n<h2><strong>VIII. <\/strong>Chapter: Administrative Offenses in Accounting and Competence in the Process of Administrative Offenses<\/h2>\r\n<p>If you wish to learn more about our accounting services, <a href=\"https:\/\/breicis.com\/en\/accounting-services-latvia\/\">click here<\/a>.<\/p>\r\n<p><a href=\"https:\/\/breicis.com\/en\/news\/\"><b>Latest news<\/b><\/a><\/p>\r\n<p><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;margin-top:5px;margin-bottom:5px;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;--awb-sep-color:#1e73be;border-color:#1e73be;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-recent-posts fusion-recent-posts-1 avada-container layout-date-on-side layout-columns-4\"><section class=\"fusion-columns columns fusion-columns-4 columns-4\"><article class=\"post fusion-column column col col-lg-3 col-md-3 col-sm-3\"><div class=\"fusion-date-and-formats\"><div class=\"fusion-date-box updated\"><span class=\"fusion-date\">3<\/span><span class=\"fusion-month-year\">Monday, August 3, 2026<\/span><\/div><div class=\"fusion-format-box\"><i class=\"awb-icon-pen\" aria-hidden=\"true\"><\/i><\/div><\/div><div class=\"recent-posts-content\"><span class=\"vcard\" style=\"display: none;\"><span class=\"fn\"><a href=\"https:\/\/breicis.com\/en\/author\/adminbreicis\/\" rel=\"author\">SIA Breicis<\/a><\/span><\/span><span class=\"updated\" style=\"display:none;\">2026-08-04T14:48:41+00:00<\/span><h4 class=\"entry-title\"><a href=\"https:\/\/breicis.com\/en\/transfer-pricing-can-a-manufacturer-suffer-losses\/\">Transfer pricing: can a manufacturer suffer losses?<\/a><\/h4><p>Preword Manufacturing companies within the group may experience operating losses due to various commercial factors, including adverse market [...]<\/p><\/div><\/article><article class=\"post fusion-column column col col-lg-3 col-md-3 col-sm-3\"><div class=\"fusion-date-and-formats\"><div class=\"fusion-date-box updated\"><span class=\"fusion-date\">17<\/span><span class=\"fusion-month-year\">Friday, July 17, 2026<\/span><\/div><div class=\"fusion-format-box\"><i class=\"awb-icon-pen\" aria-hidden=\"true\"><\/i><\/div><\/div><div class=\"recent-posts-content\"><span class=\"vcard\" style=\"display: none;\"><span class=\"fn\"><a href=\"https:\/\/breicis.com\/en\/author\/adminbreicis\/\" rel=\"author\">SIA Breicis<\/a><\/span><\/span><span class=\"updated\" style=\"display:none;\">2026-07-21T10:52:01+00:00<\/span><h4 class=\"entry-title\"><a href=\"https:\/\/breicis.com\/en\/alternative-dividend-taxation-regime-from-2026-in-latvia-what-does-it-mean-for-business-owners-and-foreign-investors-video\/\">Alternative dividend taxation regime from 2026 in Latvia. 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[...]<\/p><\/div><\/article><\/section><\/div><\/p>\r\n<p>&nbsp;<\/p>\r\n<p><!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph \/--><\/p>\r\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>&nbsp; Accounting Law The Accounting Law establishes the fundamental principles for the preparation of financial statements for companies, associations, and organizations in Latvia. This law, which is an integral part of the Latvian accounting system, serves as the foundation for maintaining and disclosing financial information, while also providing the necessary information to national and international  [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-15084","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Accounting law | Accounting services | BREICIS.com<\/title>\n<meta name=\"description\" content=\"New Accounting Law - overview, introduction, main sections and main differences from the previous Accounting Law\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/breicis.com\/en\/accounting-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Accounting law | Accounting services | BREICIS.com\" \/>\n<meta property=\"og:description\" content=\"New Accounting Law - 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