uppgjörs

Uppgjörs is an Icelandic term that refers to the process of settling accounts and presenting financial results for a defined period. It encompasses closing the books, reconciling balances, and producing financial statements for stakeholders. The concept is used in business, public administration, and, in some contexts, household accounting to describe the culmination of a reporting period.

In business, uppgjör covers the preparation of year-end statements, including the income statement, balance sheet, and cash flow statement, along with notes and disclosures. It is typically conducted in accordance with applicable accounting standards and regulatory requirements. In the public sector, uppgjör describes the reconciliation of budgets with actual performance and the presentation of financial outcomes to citizens and oversight bodies.

The process generally involves data gathering from ledgers, adjustments and accruals, consolidation of entities if applicable, closing entries, and, where appropriate, external audit. This is followed by the publication of reports to owners, creditors, tax authorities, and regulators. Timelines depend on the reporting period, commonly annual or quarterly. The term also implies a formal settlement with authorities and stakeholders, such as the official year-end closure.

In Nordic and other neighboring contexts, related concepts exist and uppgjörs is used as a linking form in compounds to denote settlement-related activities. The core idea across these uses is to finalize and communicate the financial position and performance of an organization for a given period.