At RSM Norway, we possess a strong team of accounting specialists who boast extensive experience in handling issues to ensure our clients abide by the Norwegian Generally Accepted Accounting Principles (NGAAP) and the International Financial Reporting Standards (IFRS).
We’ve proudly developed a reputation as a market leader in providing accounting solutions for a wide range of issues to a vast and varied collection of clients, who all receive the professional, friendly and efficient service that has helped elevate us to a firm of global repute.
The excellent versatility of our accounting services team means we can offer a host of different services to our clients, all the while ensuring we are adhering to NGAAP and IFRS guidelines.
Most businesses in Norway comply with NGAAP, although significant changes will be introduced when the new Accounting Act enters into force. A new act has been drafted and when it is passed, a new Norwegian accounting standard will be issued based on IFRS for small and medium-sized companies and for enterprises with a general accounting obligation. Distinctions will be drawn between the international standard and the Norwegian accounting standard.
Our strong expertise and experience in providing accountancy services make us the ideal partner for discussing issues related to current NGAAP and expected amendments. As part of our accounting solutions, we can also undertake a full review of your company's books to assess the impact of new Norwegian accounting rules.
All Norwegian listed companies and those with listed debt instruments must comply with the IFRS adopted by the EU for consolidated accounts. Listed companies that do not prepare consolidated accounts must prepare their accounts using IFRS. All other companies may choose between IFRS or simplified IFRS (regulations pursuant to the Accounting Act) as their accounting language for separate and consolidated financial statements.
If you’re in need of accounting solutions to aid your business, feel free to contact us for assistance with:
· IFRS conversion
· Due diligence in IFRS environments
· Assessment of the effects of transition from NGAAP to IFRS
· Audit of IFRS financial statements
· Technical support with preparing IFRS financial statements
· IFRS training
· Courses on IFRS topics
All transactions must be posted in order to show the economic impact of the activities a business participate in. The accounts are the sum of all the different transactions that has taken place during the period.
Bookkeeping is regulated in the Bookkeeping Act. In addition, there are regulations and a number of standards and statements that determines how the law should be understood. Everyone that is accountable is also liable to keep books, but not everyone that is liable to keep books is accountable. Anyone who does business and has an obligation to submit tax notification of wealth and income will keep books for its activities. The same applies to anyone who has an obligation to submit tax notification for VAT.
This means that all corporations are always liable to keep books, while partnerships, associations and foundations are usually liable to do so.
There will frequently be a need for clarifications relating to the interpretation and the scope of the law. A key part of our accountancy services is being able to offer clear and concise solutions regarding any and all of the following:
· Safeguarding of accounting records
· Electronic availability
· Storage of documentation and mandatory financial reporting
· Electronic invoicing
· Documentation of balance sheet, elapsed time
· Management of investments
· Documentation relating to the shareholder register
· Storage of accounting records abroad
· Bookkeeping abroad
· Mandatory reporting when accounting in functional currency and conversion into Norwegian kroner
· Accounting and specifications in foreign languages
In some cases, you may also need an application to take advantage of the opportunities in the law.
If you wish to know more about our accounting services and what we can offer, please do not hesitate to get in touch with us today. Our team of highly qualified accounting specialists will be more than happy to help in any way they can.