Analysis of financial reporting in Lithuania

Mackevicius, Jonas; Zverovich, Svetlana

Abstract

The adoption of the International Financial Reporting Standards (IFRS) is supported in many countries inside and outside the European Union because it may improve the quality and comparability of financial reporting. In addition to the use of IFRS by listed companies and in some countries also by unlisted companies, many countries have developed their own national accounting standards based on the international ones. Although the national standards are based on IFRS, they are not identical. This paper analyses financial reporting in Lithuania and the Lithuanian Business Accounting Standards (LBAS) for the preparation and presentation of financial statements. Moreover, it discusses the main differences and similarities between International Accounting Standard 1 ‘Presentation of Financial Statements’ and the first six LBAS related to the preparation and presentation of financial statements in Lithuania

• Presentation Conference Type: Conference Paper (unpublished)
• Conference Name: 5th International Conference on Accounting
• Start Date: Jul 1, 2007
• End Date: Jul 1, 2007
• Publication Date: Jan 1, 2007
• Deposit Date: Dec 9, 2010
• Publicly Available Date: Nov 15, 2016
• Peer Reviewed: Peer Reviewed
• Keywords: IFRS, LBAS, financial reporting, European Union,
• Public URL: https://uwe-repository.worktribe.com/output/1033567
• Additional Information: Title of Conference or Conference Proceedings : 5th International Conference on Accounting
• Contract Date: Nov 15, 2016