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Accounting legislation in Finland

Finnish legislation

In Finland, the accounting obligation is determined by the law. All companies have to keep accounts of the business, as well as prepare financial and accounting reports for the tax purposes. The company’s management is responsible for the maintaining of the proper accounting records.

In Finland, the norms regulating accounting and financial statements are based mainly on the national Laws and Regulations, as well as European Union (EU) Regulations and Directives. The financial statements may be prepared in accordance with:

  • Finnish Accounting Standards, FAS (in Finnish, Suomalainen tilinpäätöskäytäntö), which are based maily on the Accounting Act and Decree, as well as instructions and statements issued by the Finnish Accounting Board.
  • International Accounting Standards, IAS and International Financial Reporting Standards, IFRS (in Finnish, Kansainvälinen tilinpäätöskäytäntö).

Finnish accounting legislation and standards

  • Accounting Act 1336/1997 (in English) / Kirjanpitolaki 30.12.1997/1336 (in Finnish)
  • Accounting Ordinance (Decree) 1339/1997 (in English) / Kirjanpitoasetus 30.12.1997/1339 (in Finnish)
  • Government Decree on the information presented in the financial statements of a small undertaking and micro-undertaking 1753/2015 (in English) / Valtioneuvoston asetus pien- ja mikroyrityksen tilinpäätöksessä esitettävistä tiedoista 1753/2015 (in Finnish)
  • General instructions and statements issued by the Finnish Accounting Board, within the Ministry of Economic Affairs and Employment / Kirjanpitolautakunta, KILA; Suomalainen tilinpäätöskäytäntö (in Finnish)
  • EU Regulations and Directives / EU - lainsäädäntö (in English)
  • International Accounting Standards, IAS and International Financial Reporting Standards, IFRS / IAS, IFRS säädökset; Kansainvälinen tilinpäätöskäytäntö (in English)

Company law in Finland

Tax legislation in Finland

  • Value Added Tax Act 1501/1993 (in English) / Arvonlisäverolaki 30.12.1993/1501 (in Finnish)
  • VAT Regulation / Arvonlisäveroasetus 50/1994 (in Finnish)
  • Act on the Taxation of Business Profits and Income from Professional Activity (EVL, 360/1968)/ Laki elinkeinotulon verottamisesta 24.6.1968/360 (in Finnish)
  • Income tax law / Tuloverolaki 30.12.1992/1535 (in Finnish)
  • The Act on Tax Procedure (1558/1995) / Laki verotusmenettelystä 18.12.1995/1558 (in Finnish)
  • Act on the public disclosure and confidentiality of tax information 1346/1999 (in English ) / Laki verotustietojen julkisuudesta ja salassapidosta 30.12.1999/1346 (in Finnish)
  • Law on the taxation procedure of self-assessed taxes / Laki oma-aloitteisten verojen verotusmenettelystä 9.9.2016/768 (in Finnish)
  • Act on tax prepayments / Ennakkoperintälaki 20.12.1996/1118 (in Finnish)

Additional information in the section "Finnish legislation in the field of business and labor"

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