OnAccounting-Valstsvalodascentrs.docVIP

Text consolidated by Valsts valodas centrs (State Language Centre) with amending laws of: 15 December 1994 [shall come into force from 1 January 1995]; 6 November 1996 [shall come into force from 10 December 1996]; 8 July 1999 [shall come into force from 3 August 1999]; 6 April 2000 [shall come into force from 4 May 2000]; 15 May 2003 [shall come into force from 1 July 2003]; 26 February 2004 [shall come into force from 18 March 2004]; 6 April 2006 [shall come into force from 9 May 2006]; 12 March 2009 [shall come into force from 15 April 2009]; 10 June 2010 [shall come into force from 14 July 2010]; 30 September 2010 [shall come into force from 1January 2011]; 7 April 2011 [shall come into force from 11 May 2011]; 10 November 2011 [shall come into force from 1 January 2012]; 18 April 2013 [shall come into force from 22 May 2013]; 19 September 2013 [shall come into force from 1 January 2014]; 5 December 2013 [shall come into force from 1 January 2014]. If a whole or part of a section has been amended, the date of the amending law appears in square brackets at the end of the section. If a whole section, paragraph or clause has been deleted, the date of the deletion appears in square brackets beside the deleted section, paragraph or clause. The Saeima1 has adopted and the President has proclaimed the following Law: On Accounting Chapter I General Provisions Section 1. This Law applies to merchants, co-operative societies, foreign merchant branches and non-resident (foreign merchant) permanent representations, associations and foundations, political organisations (parties) and the associations thereof, religious organisations, trade unions, institutions financed from the State budget or local government budgets, the State or local government agencies and other legal and natural persons who perform economic activities (hereinafter – undertaking). [6 April 2006] Section 2. An undertaking has a duty to organise the accounting. The accounting shall clearly reflect all eco