Small-and-medium sized enterprises (SMEs) are a driving force of each economy. This chapter deals with the current stage of financial reporting for SMEs in Lithuania. Due to the globalization of business and international harmonization of financial reporting also Lithuania experiences a shift in paradigms from historical costs accounting towards fair value measurement. Chapter provides an analysis between national accounting legislature and standard IFRS for SMEs.
Zverovich, S., Mackevicius, J., & Kazlauskiene, L. (2011). Financial reporting in Lithuania. In J. Strouhal (Ed.), Harmonization of SME’s Financial Reporting in Emerging CEE Countries, 138-168. WSEAS Press