Regulation of Financial Statements of Small Partnerships and Micro-enterprises: Comparative Analysis

EU Directive 2013/34/EU was adopted to reduce the administrative burden on small businesses. By transposing provisions of Accounting into Lithuanian legislation: Law Financial Accounting, Corporate Reporting, and Business Standards, micro-enterprises have had their reduced by simplified financial reporting requirements. A 2018 study Ministry Finance Republic Lithuania states that intended benefits not been achieved due a lack clarity in legal framework, which affects quality preparation statements. This did take account fact both: forms statements accounting requirements for with limited liability differ according form. The wide range statement sets leads incomparability data. It is therefore essential analyze current regulation partnerships consequently provide recommendations adjustments standardization content statements.The objective this carry out comparative analysis regulatory framework micro-enterprises.To back development model, data from 26 were used. standardizing producing standardized accounts, businesses would save information resource costs. Furthermore, uniform allow comparability information. recommended balance sheet should be more summarised terms fixed assets equity, while presented detail. In income statement, it suggested expenses combined way: type purpose, detailing cost sales item.