In summer
this year, alarm spread among accountants, as it was announced that outsourced
accounting service providers will have to be licensed starting 2020. This
certainly does not mean that there will be sanctions against unlicensed
accountants next year, because all accounting professional will be provided
with an transition period until 2022 to obtain the necessary licences and
certificates. 

What will
such licensing mean for accountants? We asked this question at the ‘<a target="_blank" href="http://www.biznesakomplekss.lv/">Biznesa komplekss</a>‘ accounting consulting and competence centre.

 

<h3>What does accountant licensing mean? </h3>

A licence
implies a permission to engage in a business activity or to provide a service.
Licences are often confused with certificates, but they are different. In order
to obtain a licence, you need a certificate confirming your qualifications as
an accountant. This is not mandatory at the moment. The qualifications of an accountant are confirmed by
their university diplomas for degrees in finance and/or economics, and by an
accounting certificate that can be obtained after training <a target="_blank" href="http://www.biznesakomplekss.lv/jml/index.php/lv/pages-5/profesionalas-pilnveidosanas-programmas">to be qualified for becoming a
certified accountant</a>.


 

<h3>What accounting companies must be licenced? </h3>

The new
changes in the law require companies that provide outsourced accounting
services to be licensed. In Latvia, some 40% of institutions and companies
outsource their accounting, which is a very large number of professionals
engaged in this field. The licensing is introduced to bring more order into
this industry and make sure that every person who provides accounting services
is actually qualified to do that. 

 

<h3>Certification as one of licensing criteria</h3>

In Latvia,
the certification of accountants is done either by the Association of
Accountants of the Republic of Latvia (LRGA), or by the Accountant
Certification Centre (GSC). These bodies are authorised to assess the
professional competence of accountants and to certify them according to the
(level-four) accounting professional standard requirements. 

 

<h3>How does one become qualified as an accountant, and get a certificate
confirming this?</h3>

In order to
get an accountant certificate, one
must pass two exams at the Accountant Certification Centre. Our experience shows that virtually everyone
who is trained can pass these exams. The training is provided by ‘Biznesa
komplekss’, an accredited education provider, where accountants are taught
<a target="_blank" href="http://www.biznesakomplekss.lv/jml/index.php/lv/pages-5/profesionalas-pilnveidosanas-programmas">as part of a practical accounting
course</a>. <a target="_blank" href="http://www.biznesakomplekss.lv/jml/index.php/lv/2014-04-10-11-08-42/par-mums">The accredited education provider</a> not only prepares accountants for
certification in cooperation with the Accountant Certification Centre, but also
enables its students to compensate their expenses by declaring them in their
tax returns. 

 

<h3>What training courses does ‘Biznesa komplekss’ offer its students? </h3>

<a target="_blank" href="https://www.1188.lv/katalogs/kursi-apmacibas-3210/biznesa-komplekss-sia-kif-495254">The ‘Biznesa komplekss’ competence
centre</a> offers four
professional development courses for different levels of competence: 

1. The ‘Balance sheet and taxes’ basic
course, with 160 academic hours.

2. The ‘Company accounting’ intermediate
course, with 170 academic hours for accountants who would like to learn to
independently prepare company annual accounts.

3. The ‘Practical accounting in
accordance with Latvian and international regulations’ advanced course,
with 200 academic hours for accountants seeking an internationally-recognised
certificate.

4. The ‘Internal and external audit’
for certified accountants who would like to become auditing accountants. 

 

‘<a target="_blank" href="https://www.1188.lv/katalogs/kursi-apmacibas-3210/biznesa-komplekss-sia-kif-495254">Biznesa komplekss</a>’ also offers various informal
courses related to the field of accounting, and provides advice to accountants.
Accountants can continue
improving their expertise at the Accountant Club workshops organised by
‘Biznesa komplekss’. These clubs operate in Riga, Ventspils, Valmiera and
Saldus, and the creation of another one has been initiated in Jēkabpils. This
means valuable workshops 4 times a year!

"Biznesa Komplekss" Apmācības grāmatvežiem

Accounting

In summer this year, alarm spread among accountants, as it was announced that outsourced accounting service providers will have to be licensed starting 2020. This certainly does not mean that...

Accountant licensing to become mandatory as of 2020

Similar news

Accountant licensing to become mandatory as of 2020

In collaboration with

In collaboration with

Similar news