Financial reporting and auditing

Branches of foreign companies that operate or participate in activities in Norway or on the Norwegian continental shelf and are subject to Norwegian taxation in accordance with internal Norwegian legislation, are obliged to submit annual accounts to the Register of Company Accounts.

The Register of Company Accounts will assume that a NUF which is registered in the Register of Business Enterprises is bound to maintain accounting records and is obliged to submit annual accounts. If a NUF, which is registered in the Register of Business Enterprises, has no accounting obligation, this must be reported to the Register of Company Accounts each accounting year.

For Norwegian registered foreign business enterprises accounting obligations will normally involve submittal of special accounts for the branch meeting the requirements of the Accounting Act, comprising the activity in Norway exclusively, in addition to accounts which are created, revised and publicized following the legislation in the homeland of the company to which the branch belongs.

NUFs subject to the accounting obligation are also subject to the audit obligation if the operating revenues exceed NOK 5 million.