Reikningsskilastöðlum

Reikningsskilastöðlum are a set of accounting categories used in Icelandic financial reporting to classify transactions and financial positions. The term literally translates to “record classification elements” and refers to the framework that distinguishes revenue, expenses, assets, liabilities, and equity within the national accounting standards. Each reikningsskila is assigned a unique numerical code which allows the automatic extraction of financial statements and facilitates comparability among different entities.

The primary purpose of reikningsskilastöðlum is to standardise the way financial information is reported to stakeholders such as shareholders, regulators, and the public. By grouping similar items, the system supports the preparation of balance sheets, income statements, and cash‑flow reports in accordance with Icelandic GAAP. The code structure is designed to be flexible, enabling adjustments for changes in legislation, industry practices, or new financial instruments.

Although the basic idea of categorising financial transactions is common worldwide, Iceland’s reckningsskila system is specifically tailored to the local tax framework, auditing requirements and the unique features of Icelandic businesses. It is often used in conjunction with international standards such as IFRS, where companies convert their internal coding into the required reporting format.

Typical examples of reikningsskilastöðlum include code 1000 for cash, 2000 for accounts receivable, 4000 for revenue, and 5000 for cost of goods sold. When preparing a financial statement, each transaction is tagged with the appropriate code so that software can automatically generate the required summaries. This mechanised approach reduces errors, speeds up reporting, and enhances transparency for all parties involved.