The annual accounts are prepared according to the regulations in the Accounting Act and its provisions, plus the generally accepted accounting standards. Small businesses may make use of the “Norwegian accounting standards for small businesses – NRS 8”.
The annual accounts with appendices consist of:
- The profit and loss statement (regulated in the Accounting Act, section 6-1).
- The balance sheet (regulated in the Accounting Act, section 6-2).
- The notes to the accounts (regulated in the Accounting Act, section 7).
- The cash flow statement (not mandatory for small businesses).
If the entity has a board, all board members have to sign the annual accounts. The documents must also be signed by the general manager. In case the entity neither has a board, nor a general manager, the owners or the members will have to sign the annual accounts.
If any of the persons that are obliged to sign the annual accounts, have objections to the information provided, they still have to sign. They are, however, entitled to add their reservations and give an account of their point of view in the annual report.