tilikausi

Tilikausi is the accounting period for which a company keeps its financial records and prepares its financial statements. It defines the time span from the opening date of the accounting period to the closing date on which the annual accounts are prepared. During the tilikausi all income and expenses, assets and liabilities are recorded, forming the basis for taxation, profit distribution and financial reporting.

The length and timing of a tilikausi are largely set by the company. It is typically 12 months, and the tilikausi can start and end on dates chosen by the company, sometimes aligning with the calendar year or the business cycle. The first tilikausi may be longer than 12 months, for practical or transitional reasons, after which periods commonly return to a regular annual length.

At the end of the tilikausi, the company prepares the tilinpäätös (and, if applicable, consolidated accounts). These documents summarize the financial position and performance for the period and are generally filed with the Finnish authorities. Tax reporting to the Tax Administration also follows the results of the tilikausi, and the timing of submissions depends on the company’s size and legal form.

A change to the tilikausi can be made by a decision of the shareholders, with appropriate notification to the authorities. Such a change affects reporting deadlines and may require adjustments to budgeting, depreciation schedules and tax planning.

In practice, tilikausi is central to corporate accounting in Finland, linking day-to-day bookkeeping with annual reporting, taxation and corporate governance. See also tilinpäätös and related accounting concepts.