Businesses that are subject to this accounting obligation must prepare annual financial statements and an annual report for each financial year. This means that all transactions of significance to the assets, liabilities, revenues and costs of the business concerned must be entered in an accounting system. Companies that are assessed by the Central Tax Office - Foreign Tax Affairs are also obliged to submit their financial statements. These financial statements must be submitted at the same time as the company submits its tax return.
Exemptions for foreign companies
Foreign companies that carry on activity onshore and/or on the Norwegian shelf, with the exception of petroleum production and pipeline transport, are not subject to Chapters 3 to 7 of the Norwegian Accounting Act when their turnover in Norway is less than NOK 5 million.
The Central Tax Office - Foreign Tax Affairs may exempt companies with a turnover in excess of NOK 5 million from the obligation to comply with Chapters 3-7 of the Accounting Act.
If a company's turnover in Norway/on the Norwegian shelf exceeds NOK 5 million, the company will be subject to an audit obligation in the following financial year.
Foreign companies that are obliged to keep accounts in accordance with the Norwegian Accounting Act are obliged to have a Norwegian public accountant (registered or state-authorised public accountant).
Relevant legislation (only in Norwegian):