Lithuanian companies are mandated to conduct an annual inventory, aligning with corporate financial reporting legislation in the Republic of Lithuania.

Lithuanian companies are mandated to conduct an annual inventory, aligning with corporate financial reporting legislation in the Republic of Lithuania.

This process serves dual purposes: meeting legal obligations and ensuring an accurate financial landscape and efficient asset management. During the annual inventory, assets and liabilities undergo examination, classification, and valuation, with results reflected in financial statements. Tax considerations are paramount, as they may influence tax accounting and assessment accuracy. Investing time in this process is crucial for ensuring precise financial information and mitigating potential legal and tax ramifications.

This message was written by Eimutis Kiltinavičius, Account Manager for NORDGAIN (NOEWE Group’s finance and accounting company)