The accounting Law set general principles and rules of accounting of funds, fairness, liabilities as well as the effect and results of business and commercial performance. According to law, accounting/bookkeeping information and data must follow with the criteria of objectivity and comparability, must be timely, comprehensive and useful for interior and exterior users.

The accounting system of a company depends on the legal form/shape, size, sort of implemented business activities and form of property of subject. Joint-stock companies are claimed to follow a double-entry system. Especially, the business subjects are allowed to set the type of internal accounting system at their own discretion when provides accounting services in Lithuania. All fiscal activity transactions must be affirmed by documents. Accounting records must be prepared in the official Lithuanian language and, if necessary, in a foreign language (English, German, Russian and etc.) as well.

Preparation of accounts is the responsibility of the financial head of a company. The Accounting Law authorize subcontracting the arrangement of accounts to an enterprise providing accounting services in Lithuania. Calculations must be performed in Litas (LTL), the currency of the Republic of Lithuania.