On 24 September 2004 a new wording of the Business Accounting Standard “Non-current Tangible Assets” has come into effect by the order of the Director of the Authority of Auditing and Accounting.

      The Standard regulates the procedure on recording and presentation of noncurrent tangible assets in financial statements. The Standard shall apply when recording non-current tangible assets in accounting, assessing their acquisition (production) cost, depreciation, revaluing or performing other economic transactions or recording economic events related to non-current tangible assets, except for the cases, when different recording of such assets or related transactions is required or allowed by other Business Accounting Standards.

      Business Accounting Standards are compulsory for the limited liability legal entities, which have chosen to handle accounting in pursuance of the Business Accounting Standards according to the requirements of the Law on Accounting of the Republic of Lithuania.