fjárhagsárinu

Fjárhagsárinu refers to the fiscal year in Iceland. It is the annual period for which the government's accounts are prepared and reported. In Iceland, the fiscal year generally aligns with the calendar year, running from January 1st to December 31st. This period is crucial for budgeting, taxation, and economic planning.

The process of establishing the fjárhagsárunu begins with the presentation of the state budget by the government. This budget outlines projected revenues and expenditures for the upcoming year. It is debated and approved by the Althing, Iceland's parliament. Once approved, it serves as the financial framework for the government's operations. Throughout the fjárhagsárunu, government agencies manage their finances according to the allocated budget.

At the end of the fjárhagsárunu, government accounts are audited to ensure transparency and accountability. The final financial statements provide a detailed overview of how public funds were utilized. This information is then made public, allowing citizens and other stakeholders to review the government's financial performance. The fjárhagsárunu is a fundamental component of public financial management, enabling effective governance and economic stability. Understanding the fjárhagsárunu is key to comprehending Iceland's economic policies and government spending.