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Who has an accounting obligation?

Last updated: 19 July 2024.

It is the type of organisation, size of the business activity, or whether you are subject to supervision that determines whether you have an accounting obligation.

Here you will find an overview of who this applies to
    • All imited companies (AS) and public limited companies(ASA)
    • All housing cooperatives (BRL) and house building cooperatives (BBL)
    • All foundations
    • All public corporations
    • All unit trusts
    • All jointly owned shipping companies
    • General partnerships (ANS/DA) and other participant-like companies that have
      • more than NOK 5 million in sales revenue
      • number of employees corresponding to an average of 5 man-years
      • more than 5 partners, or
      • partners which are legal persons with limited liability
    • Sole proprietorships which have
      • assets worth more than NOK 20 million, or
      • employees constituting to more than 20 man-years on average
    • Co-operatives and economic associations with sales revenue exceeding NOK 2 million
    • Other associations which during the year had assets worth more than NOK 20 million, or the number of employees exceeded more than 20 man-year on average
    • Condominium flat owners with 21 or more amount of sections
    • Norwegian registered foreign businesses practicing or participating in activity in Norway, or on the Norwegian continental shelf and are subject to Norwegian taxation in accordance with internal Norwegian legislation
    • Auditors, accountants and estate agents as well as other enterprises that are supervised by the Financial Supervisory Authority of Norway
    • Others which pursuant to special provisions, or according to law, have accounting obligation

When the accounting obligation depends on size limits, you will be required to report annual accounts when the limit has been passed two years in a row. For the obligation to cease, you will have to be below the limit two years in a row.

Enterprises with an accounting obligation, shall draw up annual accounts consisting of at least profit and loss accounts, balance sheet and notes.

Enterprises that according to the Accounting Act are small enterprises, have simplified accounting rules and do not need to draw up an annual report.

The accounting information is to be publicly available.