Norway
Methodology
Last updated: 11/2018
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Member Organizations
Member Associate
Legal and Regulatory Environment
Norway is not a member of the European Union but, together with Iceland and Liechtenstein, the country belongs to the European Economic Area (EEA), comprising a single market. The EEA agreement provides for the inclusion...
In Norway, public accountants are regulated at the state level by the Financial Supervisory Authority of Norway (FSA), an integrated supervisor of the financial sector.The Act on Auditing and Auditors of 15.01.1999...
The Financial Supervisory Authority of Norway (FSA) is the independent oversight authority that is responsible for the supervision of public accountants and auditing in Norway. The FSA is responsible for: approval...
Norwegian Institute of Public Accountants (DnR) DnR is a professional organization for registered and state authorized public accountants (statutory auditors) in Norway. Membership of the institute is voluntary and...
The adoption of IFRS for Small- and Medium-sized Enterprises (SMEs) is under consideration. In September 2015, the Norwegian Ministry of Finance issued an exposure draft of a new Norwegian Accounting Act for public...
Adoption of International Standards
The Financial Supervisory Authority of Norway (FSA) is responsible for the overall quality assurance (QA) review of auditors and audit firms system in the jurisdiction, in accordance with the Act on the Financial...
In Norway, the national legislation regulates the initial and continuing professional development (IPD and CPD, respectively) requirements for auditors and accountants.The Act on Auditing and Auditors of 15.01.1999...
The Act on Auditing and Auditors of 15.01.1999 (Audit Act) provides the legal provisions governing the audit of financial statements in Norway. According to the law, audits and statutory assurance services are required...
In Norway, the Act on Auditing and Auditors of 15.01.1999 (Audit Act) mandates all statutory auditors (public accountants) and audit firms to be subject to principles of professional ethics. The Financial Supervisory...
The Ministry of Finance is responsible for setting public sector accounting standards in Norway. According to the Norwegian Institute of Public Accountants (DnR), cash-based accounting is still applied at the state level...
The Act on the Financial Supervisory Authority of 17.12.1956 and the Act on Auditing and Auditors of 15.01.1999 grant authority to the Financial Supervisory Authority of Norway (FSA) to issue regulations for the...
The Accounting Act of 17.07.1997 defines types of entities that must prepare full set of financial statements and provides exemptions for small entities that fall below certain size and turnover thresholds.Norway has...
Relevant OrganizationsNorwegian Institute of Public AccountantsNorwegian Accounting Standards Board Norwegian Financial Supervisory AuthorityRelevant LegislationNorway Audit Act, 1999Financial Supervisory Authority of...
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