Annual report (gada pārskats)

The annual report (gada pārskats) is the report of an undertaking for its financial year. It consists of the financial statements (balance sheet, profit or loss account and notes, plus a cash flow statement and a statement of changes in equity for medium and large companies) and the management report.

Every commercial company registered in Latvia prepares one, including an SIA and an AS, as do individual enterprises and farms whose turnover exceeded EUR 300,000 in the previous year. Individual merchants and self-employed people who pay personal income tax or micro-enterprise tax do not prepare an annual report.

For a capital company the management board signs the annual report, and the accountant or outsourced accountant who prepared the financial statements signs them too. The members of an SIA approve it, and within a month of approval it is filed in the State Revenue Service Electronic Declaration System: no later than five months after the year end for micro and small companies, seven months for medium and large ones.

Within five working days the State Revenue Service passes capital company reports to the Enterprise Register, which makes them public. A micro-entity may skip the management report if it gives the details of its own shares in the notes.