tilinpäätöshetki

Tilinpäätöshetki is a Finnish term that translates to "closing date" or "balance sheet date" in English. It refers to the specific point in time at which a company's financial statements are prepared. This date is crucial for accounting purposes as it marks the end of an accounting period, typically a fiscal year or a quarter.

At the tilinpäätöshetki, all financial transactions that have occurred up to that point are recorded and summarized. This includes revenues earned, expenses incurred, assets owned, and liabilities owed. The purpose is to present a true and fair view of the company's financial position and performance for that period.

The tilinpäätöshetki is determined by the company's articles of association or by relevant legislation. Once established, it generally remains consistent from one accounting period to the next, although changes can be made under specific circumstances and with proper notification.

The information gathered at the tilinpäätöshetki forms the basis for the company's annual financial report, which is often subject to external audit. This report is then used by stakeholders such as investors, creditors, and tax authorities to make informed decisions about the company. Finnish accounting standards and practices dictate the specific requirements for preparing financial statements as of the tilinpäätöshetki.