Once again
it is time for many companies to prepare a financial statement for the ended
accounting period. As you accounting
firm, we will take care of most of the financial statement process, but by
delivering possibly still-missing documents you can make the process easier and
optimize time spent.
The
information needed in a Finnish financial statement is mandated in different
laws ranging from accounting law to company legislation. Another confusion
inducing factor can be the accounting legislation reform, which took effect on
1.1.2016. While accounting period 2015 happened before the reform, the reformed
legislation can be applied to the financial statement of 2015.
The
following documents should be provided:
- Tax
decision for the previous accounting period
- All
possibly still missing invoices and cash receipts
- A
breakdown of accounts payable and accounts receivable
- Inventory
on 31.12.2015 in order to determine the change in inventory
- Records
from board meetings and shareholders’ meetings
- Cash
balance and all other account balances (bank account, loans…)
- Write-off
plans for fixed assets, if not yet provided
If your
company has loans:
- For bank
loans: please provide amortization plans, loan balance, and the interest
transferring to the next accounting period
- For
mortgages and collateral: please provide a list of all mortgages and collateral
securities.
- For
bonds, loans to companies within the consolidated corporation and other similar
loans: please provide a breakdown for these loans
- For
partnership loans: please provide a breakdown of the loan, specifying the
nature and purpose of the loan, and its loan terms
- For
subordinated loans: please provide a breakdown of the loan, a specification of
the general terms of the loan and the total amount of related interest that
have not yet been filed as expenses
If your
company doesn’t make use of our extensive payroll services, please provide:
- The
average amount of staff during the previous accounting period
- A
breakdown of advance salaries
- The
amount of holiday wage accruals
- The
amount of compulsory employer’s insurance premium accruals
- Pension
reserve documents
Additionally,
if the following documents or information are missing and needed:
- Travel expenses
statements from the previous accounting period
- Official
notifications (e.g. for dividend distribution)
- Annual
report, if it is required by law
- Limited
companies must provide the amount of non-tied equity
- For lease
contracts and other rental-natured contracts, please provide: a breakdown of
all relevant contracts, their payments and payment plans for the past and
up-coming accounting periods, and the terms for purchase and termination
- What appreciation
principles would the company like to use in its financial statement?
- Are
there any extraordinary expenses or income from the last accounting period? Though
the accounting law reform does not require the income statement to show
extraordinary expenses or income as their own item, a breakdown of them must
still be provided in the balance sheet specifications if the expenses or income
are relevant.
11.02.16
