Questions related to accounting are regulated by the Republic of Lithuania Accounting Law, which defines the organisation of accounting, accounting documents, and registers as well as their storage, correction of mistakes, responsibility for the organisation of accounting, and storage of accounting documents.
Accounting Information in the Form of Financial Statements of Entities
All the accounting information concerning the preparation of financial data on the financial position of an entity, its performance results, cash flows as well as disclosure should be included and presented in the form of financial statements of entities. The purpose of financial statements is to satisfy the need of information users to get the correct information about the financial position, performance results and cash flows of a given entity.
More information on the requirements for financial statements of entities is available here.
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