Tilinpäätösdirektiivit

Tilinpäätöisdirektiivit are a set of European Union directives that regulate the preparation and presentation of annual and consolidated financial statements of companies within the EU. They originated with the Fourth Company Law Directive on the annual accounts of certain types of companies (78/660/EEC) and the Consolidated Accounts Directive (83/349/EEC). In the 2010s these rules were modernized and replaced by the Accounting Directive, Directive 2013/34/EU, which consolidates and updates the framework for annual accounts, consolidated accounts and related reports. Directive 2014/95/EU subsequently amended it to introduce non-financial reporting requirements for certain large undertakings.

Scope and content: The directives set minimum requirements for the structure and content of annual accounts and, where applicable, consolidated accounts. They typically require an balance sheet, an income statement, notes to the financial statements, and a management report or comparable disclosures. For groups, consolidated financial statements must be prepared. The directives also establish governance-related disclosures and rules on publication and filing of accounts, as well as audit requirements in many cases. Small and micro enterprises often benefit from reduced requirements or exemptions under national implementations.

IFRS and national GAAP: For listed groups, the EU requires consolidated accounts to use IFRS as adopted by the EU, while other entities may use their national GAAP, provided they meet EU minimum standards and allow comparability within the single market. The directives are designed to be transposed into national law, leaving room for proportionate treatment of smaller entities.

Implementation: Member states transpose tilinpäätösdirektiivit into national legislation through companies acts, accounting acts and related regulations. Finland, as an EU member, applies the directives through its national accounting framework, affecting how Finnish companies prepare and publish annual and, where relevant, consolidated accounts.