Oikaisut

Oikaisut is a Finnish term meaning corrections or adjustments applied to financial records, data, or documents to rectify errors, reflect new information, or implement policy changes. The concept covers a broad range of activities intended to improve accuracy and reliability of records, whether in accounting, administration, or statistics.

In accounting and financial reporting, oikaisut often take the form of adjusting entries or restatements. They may be required when a past period contains errors such as misposted transactions or incorrect classifications, or when accounting estimates or policies change. The aim is to present figures that conform to applicable standards and reflect the entity’s true financial position. Depending on jurisdiction and materiality, oikaisut are disclosed in notes or, if material, in restated financial statements.

In tax administration, oikaisut refer to corrections to tax assessments or returns following review or audit. In government budgeting or statistical work, corrections to data sets or budget lines are also described as oikaisut. They help maintain data integrity, ensure comparability over time, and improve transparency for stakeholders.

Process and governance typically involve identification through internal controls or audits, verification by appropriate professionals, approval by management or a governing body, and documentation of the rationale. The changes are recorded through official entries or documents that link back to the original records and explain the basis for the correction.