tilinpäätösasetuksen

Tilinpäätösasetus is a Finnish term that translates to "Accounting Decree" or "Financial Statements Decree". It refers to a specific piece of legislation in Finland that provides detailed regulations and guidelines for the preparation and presentation of financial statements by companies and other entities. This decree complements the broader Finnish Accounting Act (Kirjanpitolaki) by specifying the form, content, and accounting principles that must be followed.

The tilinpäätösasetus covers a wide range of aspects related to financial reporting, including the valuation of assets and liabilities, recognition of income and expenses, and the structure of the balance sheet, income statement, and notes to the financial statements. It also addresses specific accounting treatments for various types of transactions and financial instruments. The objective is to ensure that financial statements are reliable, comparable, and provide a true and fair view of the reporting entity's financial position and performance.

Compliance with the tilinpäätösasetus is mandatory for Finnish entities subject to accounting regulations. Deviations from the decree can lead to misstatements in financial reports and potential legal consequences. The decree is periodically updated to align with changes in Finnish and international accounting standards, such as International Financial Reporting Standards (IFRS), where applicable, and to reflect evolving business practices. It plays a crucial role in maintaining transparency and accountability in financial reporting within Finland.