|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||All domestic companies whose securities trade in a regulated market are required to use IFRS Standards as adopted by the EU in their consolidated financial statements.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||IFRS Standards as adopted by the EU are required in their consolidated financial statements except that a foreign company whose home jurisdiction’s standards are deemed by the EU to be equivalent to IFRS Standards may use its home standards.|
|The IFRS for SMEs Standard is required or permitted||No.|
|The IFRS for SMEs Standard is under consideration||No.|
Role of the organisation
Lithuanian Association of Accountants and Auditors: http://www.lbaa.lt/en/about-us/lithuanian-association-of-accountants-and-auditors/
Has the jurisdiction made a public commitment in support of moving towards a single set of high quality global accounting standards?
Refer to the Regulation (EU/1606/2002) on the application of international accounting standards (IAS) adopted by the European Union in 2002.
Has the jurisdiction made a public commitment towards IFRS Standards as that single set of high quality global accounting standards?
What is the jurisdiction's status of adoption?
Additional comments provided on the adoption status?
As a member state of the European Union, Lithuania is subject to the IAS Regulation adopted by the European Union in 2002.
The EU IAS Regulation requires application of IFRS Standards as adopted by the EU for the consolidated financial statements of European companies whose securities trade in a regulated securities market starting in 2005. The EU IAS Regulation gives member states the option to require or permit IFRS Standards as adopted by the EU in separate company financial statements (statutory accounts) and/or in the financial statements of companies whose securities do not trade in a regulated securities market. See the Profile for the European Union for more detailed information about the EU IAS Regulation.
In Lithuania, AB NASDAQ OMX Vilnius is a regulated market.
Lithuania used the option under the IAS Regulation to:
- Require IFRS Standards as adopted by the EU in the separate company financial statements of companies whose securities trade in a regulated market.
- Require IFRS Standards as adopted by the EU in both the consolidated and separate company financial statements of banks, insurance commercial companies, and other supervised financial institutions (including those whose securities do not trade in a regulated market).
- Permit IFRS Standards as adopted by the EU in both the consolidated and separate company financial statements of all other companies whose securities do not trade in a regulated market.
If the jurisdiction has NOT made a public statement supporting the move towards a single set of accounting standards and/or towards IFRS Standards as that set of standards, explain the jurisdiction's general position towards the adoption of IFRS Standards in the jurisdiction.
For DOMESTIC companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some domestic companies whose securities trade in a public market either required or permitted to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED?
Does that apply to ALL domestic companies whose securities trade in a public market, or only SOME? If some, which ones?
Are IFRS Standards also required or permitted for more than the consolidated financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted in separate company financial statements of companies whose securities trade in a public market?
For instance, are IFRS Standards required or permitted for companies whose securities do not trade in a public market?
If the jurisdiction currently does NOT require or permit the use of IFRS Standards for domestic companies whose securities trade in a public market, are there any plans to permit or require IFRS Standards for such companies in the future?
For FOREIGN companies whose debt or equity securities trade in a public market in the jurisdiction:
Are all or some foreign companies whose securities trade in a public market either REQUIRED or PERMITTED to use IFRS Standards in their consolidated financial statements?
If YES, are IFRS Standards REQUIRED or PERMITTED in such cases?
Required for some and permitted for others. Foreign companies whose securities trade in a regulated market in Lithuania (and generally in the EU) are required to report under IFRS Standards as adopted by the EU for their consolidated financial statements unless the European Commission has deemed their local accounting standards to be equivalent to IFRS Standards, in which case they may use their local standards, as set out in ED/1569/2007 establishing a mechanism for determining the equivalence of accounting standards.
Does that apply to ALL foreign companies whose securities trade in a public market, or only SOME? If some, which ones?
Which IFRS Standards are required or permitted for domestic companies?
The auditor's report and/or the basis of presentation footnotes states that financial statements have been prepared in conformity with:
Does the auditor's report and/or the basis of preparation footnote allow for ‘dual reporting’ (conformity with both IFRS Standards and the jurisdiction’s GAAP)?
Are IFRS Standards incorporated into law or regulations?
If yes, how does that process work?
If no, how do IFRS Standards become a requirement in the jurisdiction?
Does the jurisdiction have a formal process for the 'endorsement' or 'adoption' of new or amended IFRS Standards (including Interpretations) in place?
If yes, what is the process?
If no, how do new or amended IFRS Standards become a requirement in the jurisdiction?
Has the jurisdiction eliminated any accounting policy options permitted by IFRS Standards and/or made any modifications to any IFRS Standards?
If yes, what are the changes?
Other comments regarding the use of IFRS Standards in the jurisdiction?
Are IFRS Standards translated into the local language?
The European Union has 24 official and working languages. They are: Bulgarian, Croatian, Czech, Danish, Dutch, English, Estonian, Finnish, French, German, Greek, Hungarian, Irish, Italian, Latvian, Lithuanian, Maltese, Polish, Portuguese, Romanian, Slovak, Slovene, Spanish and Swedish. Before they are published in the Official Journal of the European Union, and therefore become binding under EU law, individual IFRS Standards must be translated into all of those languages (other than English and Irish).
If they are translated, what is the translation process? In particular, does this process ensure an ongoing translation of the latest updates to IFRS Standards?
Pursuant to a copyright waiver agreement with the Directorate-General for Translation of the European Commission, the Commission takes care of the translation into the official languages according to their own translation process. The translation only covers the standards and mandatory guidance, which is then published in the Official Journal of the European Union.
In addition, some countries (usually the standard setter or institute) have a translation contract with the IFRS Foundation to produce an ‘official translation’ for publication of a bound volume of IFRS Standards (usually the ‘Red Book’) and publication, in some cases, of individual standards and exposure drafts.
Has the jurisdiction adopted the IFRS for SMEs Standard for at least some SMEs?
If no, is the adoption of the IFRS for SMEs Standard under consideration?
Did the jurisdiction make any modifications to the IFRS for SMEs Standard?
If the jurisdiction has made any modifications, what are those modifications?
Which SMEs use the IFRS for SMEs Standard in the jurisdiction, and are they required or permitted to do so?
For those SMEs that are not required to use the IFRS for SMEs Standard, what other accounting framework do they use?
Other comments regarding use of the IFRS for SMEs Standard?
General requirements for companies for-profit entities
According to law, listed entities and other entities, whether preparing financial statements in accordance with business accounting standards or IFRS, must submit annual and interim financial statements to the Centre of Register within 30 days after the Annual General Meeting of Shareholders.
As a supervisory authority, the Bank of Lithuania monitors the compliance of financial market participants with laws and requirements set by the legal acts of the Bank of Lithuania, IFRS and requirements recommended by international organisations for safe and sound activities. The reports of banks are filled according to the law on the banks of Lithuania and the Commission Implementing Regulation (EU) No 680/2014.
These reports are based on IFRS. Asset management and brokerage companies must apply IFRS and provide reports on interim and annual frequency as well. Credit unions are submitting reports according to the law on credit unions, which is based on national business accounting Standards. Insurance companies are also submitting annual and interim reports according to the law on insurance and the decision of the Board of Lietuvos bankas No. 03-11, which are based on national accounting Standards. No printed version is required.
General requirement for companies
What type or format of structured electronic filing is required or permitted?
What documents are required to be filed to the electronic filing system?
Is the financial data provided in XBRL format publicly available?
Is the XBRL reporting system based on the IFRS Taxonomy issued by the IASB?
If no, what are the reasons for not using the IFRS Taxonomy?
Is the IFRS for SMEs filing adopted in the XBRL reporting system?
If no, are there any plans to implement the IFRS for SMEs filing in the future?
How is the XBRL financial statement reporting system set up?
What is (are) the intended purpose(s) of the local base taxonomy?
Which IFRS Taxonomy files are used?
Which part(s) of the IFRS (local) Taxonomy do filer's submissions import/refer to?
Are filers permitted to replace or override any aspects or specified features of the IFRS (local) Taxonomy?
If yes, which aspects and how does this work?
What is the scope or coverage of XBRL filing/tagging?
Are there any plans to extend the coverage of the XBRL filing/tagging in the future?
Which version of the IFRS Taxonomy is being used
If the taxonomy is to be updated to the 2014/2015 version, which of the following module(s) is (are) to be used?
Any guidelines or submission rules for filers?
Do bodies in this jurisdiction use XBRL for purposes other than general purpose financial reports? (For example, taxation authorities, statistical purposes etc.)
Yes. Bank of Lithuania.
After the Capital Requirements Directive and Regulation (CRD IV) directive went into force, the Bank of Lithuania used the EBA Data Point Model and the EIOPA Data Point Model for reporting purposes. The IFRS Taxonomy is not used. Data gathered for supervision purposes are not available publicly. However, some key performing indicators based on the XBRL data are publicly available:
Role of the organisation
Bank of Lithuania, Supervision Service and Statistics Lithuania (SL)
Role of the organisation
The Supervision Service of the Bank of Lithuania performs the supervision of banks, insurance companies, credit unions and other financial institutions. The supervision of the financial market participants aims to ensure that they have adequate capital and liquidity and that the risk they assume would be properly managed. To achieve these tasks, the Bank of Lithuania collects financial and regulatory prudential reports from market participants.