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The Ministry of Finance responds to public accountant community letter

The following points are the main statements of the letter of the Ministry of Finance of the Republic of Lithuania to public accountant community letter regarding changes in the Accounting Law of the Republic of Lithuania. The letter of the Ministry of Finance was published in Apskaitos, audito ir mokesčių aktualijos (No. 21) on 7 June 2016. 

•In the Accounting Law of the Republic of Lithuania there are no requirements related to definition of the professional accountant;

•Definition of a professional accountant within Accounting Law expresses a possibility and not an obligation;

•There are no burden for any organization gathering accountants to become a member of International Federation of Accountants (IFAC);

•At the time there is only one organization in Lithuania belonging to IFAC – the Lithuanian Chamber of Auditors (LCA);

•Being a part of IFAC for professional organizations (and their members) is important in a way that it ensures qualitative requirements raised by professional organization to its members and supervision of these requirements as well; 

•Defining professional accountant as a member of professional organization belonging to IFAC ensures that specific requirements (following ethical principles, raising professional qualification) are established for a person as well as for organization, thereby a high level of services provided by professional accountant;

•It would be hard to name any other international organization uniting so many national accountant organizations (legal persons) than IFAC. There is no other organization which has laid so many documents, relevant to profession of an accountant in a broad sense. Documents laid by IFAC are recognized all over the world, many states decide to use these documents directly and (or) to appeal to them for instituting national documents as to documents of high quality. 

(Full document in Lithuanian can be found here)

 

 This Article was published in Apskaitos, audito ir mokesčių aktualijos (No. 22) on 14 June 2016 as the insights on the letter of the Ministry of Finance of the Republic of Lithuania regarding changes in the Accounting Law of the Republic of Lithuania published in Apskaitos, audito ir mokesčių aktualijos (No. 21) on 7 June 2016. The author of the following text is auditor Daiva Žumbakienė who was asked to share her opinion on the previous discussion.