Kontoplan — Norwegian Standard Chart of Accounts

The Norwegian Accounting Act sets out the framework for accounting, financial reporting, and auditing in Norway. The standard chart of accounts used in Norway is the Norwegian Standard Chart of Accounts (Kontoplan). It is based on the EU Fourth Directive and is divided into five main categories:

1. Assets (1000–1999)
2. Equity and liabilities (2000–2999)
3. Revenue (3000–3999)
4. Costs (4000–9999)
5. Special accounts

Each category is further divided into subcategories, and each account has a unique account number. The account number consists of four digits, where the first two digits indicate the category and the last two digits indicate the subcategory.

For example, in the assets category, account 1200 represents “bank deposits,” while account 1500 represents “inventory.” In the equity and liabilities category, account 2000 represents “equity,” and account 2400 represents “short-term debt.”

The Norwegian Accounting Act requires that companies keep their accounts for at least five years. However, it is recommended that companies keep their reports for at least ten years to ensure compliance with tax laws and other regulations.

The Norwegian accounting plan provides a comprehensive framework for financial reporting that helps companies stay organized and compliant with national and international standards.

A chart of accounts represents a balance sheet that typically includes a company’s assets, liabilities, and equity accounts:

Assets:

• Current assets (e.g., cash, accounts receivable, inventory)
• Long-term assets (e.g., property, plant and equipment, investments)

Liabilities:

• Current liabilities (e.g., accounts payable, short-term loans)
• Long-term liabilities (e.g., bonds payable, mortgages)

Equity:

• Share capital
• Retained earnings
• Reserves

A chart of accounts and a balance sheet can vary depending on the nature of the business and the accounting practices of the country in which a company operates.

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