Accounting’s Renaissance – NOK 4 Million on the Way
In the 2026 state budget, the Ministry of Finance has proposed an allocation of NOK 4 million to the Norwegian Accounting Standards Board (NRS).
This support marks a significant milestone for the accounting profession in Norway and represents an important step toward ensuring updated and reliable accounting standards.
Crucial Support for Businesses
'This is an important and welcome decision,' says Finn Kinserdal, Head of the Department of Accounting, Auditing, and Law (RRR) at NHH.
'This financial support will ensure that small and medium-sized enterprises in Norway, in particular, gain access to updated, relevant, and reliable accounting standards. Accounting is the backbone of financial management and decision-making,' says Kinserdal.
Kinserdal points out that Norwegian accounting standards have stagnated for years due to a lack of governmental support. Much of the work has been based on volunteer efforts, which has limited progress.
NHH’s Role in the Norwegian Accounting Standards Board
NHH has played a central role in the development of the Norwegian Accounting Standards Board since its establishment in 1989. For decades, staff at the Department of Accounting, Auditing, and Law have contributed to the development of Norwegian accounting regulations and have been a key part of the foundation’s work.
NRS develops accounting rules that supplement the principles-based Norwegian Accounting Act, particularly for businesses not following International Financial Reporting Standards (IFRS). The foundation also creates specific rules for small and medium-sized enterprises as well as non-profit organizations. Additionally, NRS contributes to the development of bookkeeping rules and is expected to play a key role in future standards for environmental reporting.
From Self-Financing to the Need for Support
For many years, the Norwegian Accounting Standards Board was self-financing. However, after publicly listed companies were required to follow international accounting standards, the foundation lost much of its funding base. Its activities were significantly reduced, raising concerns about the lack of updates to national accounting standards.
In December 2024, NHH, in collaboration with the Confederation of Norwegian Enterprise (NHO), sent a letter to the Ministry of Finance. The letter, signed by then-Rector Øystein Thøgersen and NHO Director Ole Erik Almlid among others, emphasized that inadequate accounting regulations could undermine trust in financial reports, with potentially serious consequences for economic stability and growth. The letter also highlighted that updated and transparent financial information is crucial for reducing financial crime.
Support Secures the Future of Accounting Legislation
With the proposed allocation, the Ministry of Finance aims to help the Norwegian Accounting Standards Board resume and strengthen its work. This includes the development and maintenance of accounting and bookkeeping rules, as well as future standards for environmental reporting.
'This proposal from the Ministry of Finance will help ensure that accounting legislation remains a vital tool for Norwegian businesses in the future,' says Kinserdal.
Minister of Finance Jens Stoltenberg, who previously promoted the new Accounting Act during his earlier tenure, has now introduced this financial initiative to strengthen the Norwegian accounting community.
NHH welcomes the government’s proposed support and is ready to continue its vital collaboration with the Norwegian Accounting Standards Board to ensure that Norwegian businesses have access to relevant and reliable accounting standards in the years to come.