tilivuosi

Tilivuosi, in Finnish accounting practice, refers to the accounting period used for bookkeeping and financial reporting by a company or other legal entity. It defines the time span over which revenues, expenses, assets and liabilities are measured, and it is the basis for preparing the annual accounts (tilinpäätös) and for determining taxable income for corporate taxation.

The tilivuosi is not necessarily the calendar year; many companies choose a tilikausi that starts and ends on dates that suit their business cycle. While a tilivuosi is typically 12 months, its length can be adjusted for the first accounting period or during reorganizations according to the applicable accounting law.

At the end of the tilivuosi, the company prepares tilinpäätös, including the income statement, balance sheet and notes. The tilinpäätös serves as the basis for the corporate income tax return and for shareholder decisions on distributions; public reporting and auditing obligations depend on company size and statutory requirements.

In Finland, the tilivuosi and its changes are normally defined in the articles of association and approved by the shareholders. Changes must conform to accounting and tax rules and may require registration or notification to the authorities. See also tilikausi and tilinpäätös for related concepts.