Bokføringsloven

Bokføringsloven is a Norwegian statute that governs the keeping of accounts and the retention of bookkeeping records by businesses. The purpose is to ensure that financial information is accurate, traceable and available for taxation, auditing and oversight.

Scope: The law applies to Norwegian-registered businesses and organizations that undertake economic activity and are required to maintain accounting records. It covers all financial transactions, receipts and documents that support them, including invoices, contracts and other accounting evidence.

Obligations: Businesses must systematically record transactions in a timely and credible manner, maintain an up-to-date bookkeeping system, and preserve original or reliable copies of documents. The law also addresses the form and structure of records, permits electronic bookkeeping, and requires that records be kept in a durable form and be accessible for review.

Retention and access: Records must be retained for the period prescribed by law to enable review by tax authorities and other supervisory bodies. Records should be accessible on request and in a manner that preserves integrity and readability over time.

Enforcement and penalties: Non-compliance can lead to administrative penalties, fines, or more serious consequences such as criminal liability in cases of intentional fraud or gross negligence.

Relation to other law: Bokføringsloven sits alongside the Accounting Act (Regnskapsloven), VAT rules, and tax legislation. It provides the practical framework for financial reporting and supports enforcement by authorities.