tilinpäätöslakiin

Tilinpäätöslaki is the Finnish Financial Statements Act. It governs the preparation, presentation and publication of annual accounts and consolidated financial statements for most Finnish legal entities. The objective is to ensure transparency, reliability and comparability of financial reporting used by owners, creditors, authorities and the public.

The Act applies to corporations and other entities that are required to prepare financial statements, including limited companies, cooperatives, foundations and associations with accounting obligations. It specifies the content of the annual accounts and, where applicable, consolidated financial statements, including the balance sheet, income statement and accompanying notes; a cash flow statement and other disclosures may be required. It also defines the financial year and the procedures for approval by the board and the general meeting, as well as auditing requirements when applicable.

Tilinpäätöslaki works alongside kirjanpitolaki (the Accounting Act) and osakeyhtiölaki (the Companies Act). It prescribes the form and content of financial statements but leaves the accounting principles largely to Finnish standards, while ensuring the statutory essentials are met. For smaller entities, the law provides simplified requirements or exemptions in line with size and legal form. After approval, the annual accounts and consolidated statements must be filed with the competent register (Business Information System/PRH) within statutory deadlines and may be published or disclosed as required.

The Act thus forms a core part of Finland’s corporate governance and financial reporting framework, aligning domestic practice with broader EU and international standards and enabling informed decision-making by stakeholders.