Accounting Standards 


Accounting Standards of Republic of Latvia are concerted with laws and regulations, integrated into International Accounting Standards and laws of European Community. Accounting Standards of Republic of Latvia are general and repeatedly applicable guidelines for financial asset item attestation, evaluation and interpretation.


Accounting Standards of Republic of Latvia:


ASRL 1. Basic formulations in preparation of financial statement

ASRL 2. Cash flow report

ASRL 3. Incidents by balance date

ASRL 4. Bookkeeping policy exchange, alterations (changes) in accounting calculations, mistakes in accountancy

ASRL 5. Long-time agreements

ASRL 6. Incomes 

ASRL 7. Permanent assets

ASRL 8. Reserves, possible commitments and assets

ASRL Lease

ASRL Income tax

ASRL Investment property



International Accounting Standards:


1. IAS "Financial statement rendering";
2. IAS "Reserves";
7. IAS "Cash flow reports"
8. IAS "Bookkeeping policy, alterations in accounting calculations, mistakes in accountancy"
10. IAS "Incidents by balance date";
11. IAS "Construction agreements";
12. IAS "Income tax";
14. IAS "Information rendering by segments";
16. IAS "Permanent assets";
17. IAS "Lease";
18. IAS "Incomes";
19. IAS "Employment allowances";
21. IAS "Influence of foreign exchange rate";
23. IAS "Cost of borrowing";
24. IAS "Disclosure of information about involved parties";
27. IAS "Consolidated and separated financials statements";
28. IAS "Investments in an associated enterprises";
31. IAS "Participation in a joint venture";
34. IAS "Interim financial statements"
36. IAS "Decrease of asset value";
37. IAS "Reserves, possible commitments and assets";
38. IAS "Intangible assets";

International Financial Reporting Standards:

1. IFRS "First acceptance of International Financial Statement Standards";

2. IFRS "Stock payment";

3. IFRS "Amalgamation of business activities";

5. IFRS "Long-time assets hold for sale and interrupt activities".