Accounting in Norway

Overview by

Accounting System

Accounting Standards
The Norwegian accounting conforms to the directives of the European Union and respects the standards for most of the time. The Norwegian Generally Accepted Accounting Principles (GAAP) consists out of the International Financial Reporting Standards (IFRS). Most of the time, the audit is compulsory.
Accounting Regulation Bodies
The Norwegian Institute of Public Accountants
The Financial Supervisory Authority of Norway
Ministry of Finance of Norway
Accounting Law
The Norwegian accounting is governed by the Accounting Act of 1998 (updated as per 1 January 2008) and Bookkeeping Act of 2004: Lov om årsregnskap (in Norwegian) and Lov om bokforing (in Norwegian).
Difference Between National and International Standards (IAS/IFRS)
International standards are in use.
Accounting News

Accounting Practices

Tax Year
The fiscal year begins on January 1st and ends on December 31st of the same year.
Accounting Reports
Financial statements, cash flow statement and additional information.
Publication Requirements
According to the Accounting Act, all limited liability companies have the duty to submit their annual accounts within one month after being adopted by the annual general meeting. To be published, the annual report must be deposited in the Register of Company Accounts.

Accountancy Profession

The Norwegian Institute of Public Accountants (Revisorforeningen) is the professional body for registered public accountants and state authorised public accountants in Norway. Membership in the institute is voluntary. Of the 3,100 registered and 2,500 state authorised public accountants, 1,650 registered and 1,950 state authorised accountants hold membership.
Professional Accountancy Bodies
The Norwegian Institute of Public Accountants
The Institute of Internal Auditors Norway
Member of the International Federation of Accountants (IFAC)
Member of Other Federation of Accountants
The Norwegian Institute of Public Accountants is a member of The European Federation of Accountants.
Audit Bodies
Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. You can contact The Financial Supervisory Authority of Norway.

Any Comments About This Content? Report It to Us.

Read more See less

No content has been posted to this folder yet.
Be the first to feature your expertise related to Accounting in Norway!

  • Post any content you may have that features your expertise, such as a text article with business tips, presentation, market report, etc
  • By sharing your knowledge you gain more visibility for your profile not only on but across the web

Post your content now by simply clicking on the button below.

Check these folders already populated with content posted by other users:

Click here to find out more about key benefits and instructions for contributing to the site.


Post any content you may have that features your expertise and offers valuable information to the international trade community.

The more informative content you post the more visible your will be, as your valuable content will link directly to your profile.

Check these sample pages for illustration: