räkenskapslagen

Räkenskapslagen, meaning "Accounting Act" in English, is a Swedish law that governs how companies and certain other organizations must maintain their financial records. It sets out fundamental requirements for bookkeeping, inventory, and the preparation of financial statements. The primary purpose of the Räkenskapslagen is to ensure transparency and provide a basis for taxation and other legal and economic purposes.

The law mandates that all businesses registered in Sweden must keep accounting records. These records must be kept in a chronological order and be easily understandable. They need to be retained for a specified period, typically seven years, to allow for audits and inspections. The Räkenskapslagen also specifies requirements for the annual financial report, which includes the balance sheet, income statement, and notes to the financial statements. These reports must present a true and fair view of the company's financial position and results.

Furthermore, the law outlines rules regarding inventory management, including the obligation to conduct regular physical inventories. Special provisions may apply to different types of organizations, such as listed companies or non-profit organizations, but the core principles of accurate and orderly bookkeeping remain universal. Compliance with Räkenskapslagen is supervised by Swedish authorities, and violations can lead to penalties. The law is a cornerstone of Sweden's economic regulation, promoting trust and accountability in financial reporting.