The reforms and changes in the act are based on the demands and suggestions placed by the EU directive 2013/34/EU. The most notable difference in the reformed act, is the increased attention towards smaller companies and especially towards the ever growing micro entity sector. The general purpose of the EU directive was the easing of administration activities of smaller companies, this was known as “think small first” principle and this principle is reflected on the reformed accounting act.
Financial statements for year 2015
Even though the new accounting act came into effect at the beginning of the year, the financial statements for the fiscal year of 2015 can still be prepared according to the old instructions. However, if an enterprise wishes, it can create its financial statement of 2015 according to the regulations stated in the reformed accounting act. All enterprises that start their fiscal year at 1.1.2016 or later are obligated to follow and obey the new regulations.
You can read the reformed act here (in Finnish).
