reikningsskila

Reikningsskila is an Icelandic term that translates to "financial statements" or "accounting statements." It refers to the official records that a company or organization uses to report its financial performance and position over a specific period. These statements are crucial for stakeholders, including investors, creditors, management, and regulatory bodies, to understand the financial health and activities of the entity.

The primary financial statements typically included under reikningsskila are the income statement (tekjuskrám), the balance sheet (eignaskrá), and the cash flow statement (sjóðstreymisskýrsla). The income statement shows a company's revenues and expenses over a period, resulting in net income or loss. The balance sheet provides a snapshot of a company's assets, liabilities, and equity at a specific point in time. The cash flow statement details the cash generated and used by a company during a period, categorized into operating, investing, and financing activities.

In Iceland, like in many other countries, the preparation and presentation of reikningsskila are governed by accounting standards and regulations. Companies are generally required to prepare these statements annually. Auditing of these financial statements by independent auditors is often mandatory, especially for larger companies, to ensure their accuracy and compliance with relevant standards. The information contained within reikningsskila is essential for informed decision-making, financial analysis, and fulfilling legal and tax obligations.