In the system of geographical regions of the European Union Latvia is not divided into separate parts, but rather represented as the uniform region, the country of the size of a region. The present research the goals of which are the solution of an urgent problem of determination of norms of financial ratios and their calculation for Latvia, is intended to promote the development of this region so that Latvia could take the worthy place among the countries of the European Union. This methodology is suitable also for other countries and regions. The objectives of the research: the development of the classification of norms of financial ratios and the analysis of methods for their determination, the development of the algorithm for the determination of normative sector value of financial ratio, the calculation of norms of financial ratios for Latvia, the identification of problems and the development of offers for their solution. The defined normative sector values correspond to the requirements of the traditional normative value being the guarantee of business safety, and take into account the peculiarities of Latvia's economic sectors. Their task is to help the management in finance administration, as well as to all users of financial reporting -- to satisfy their economic interests. [ABSTRACT FROM AUTHOR]