In limited liability companies, financial statements are approved by the general meeting, and in cooperatives, by the general meeting of the cooperative. In general partnerships, financial statements are approved by general partners.
Financial statements and annual reports must be dated and the entity subject to accountability must sign them. If the party subject to the accounting obligation is a corporation, the financial statements and the annual report shall be co-signed by the board of directors or the general partners with the managing director or other person in a similar position.
The meeting to approve the financial statements must be held within six months from the closing of the accounts unless a shorter period is imposed in the Articles of Association or the regulations.
An audit must be performed before the meeting. Financial statements must be completed within four months from the end of the financial period. A signed annual report must be appended to the completed financial statements.
Publication of financial statements
A company’s liability to submit its financial statements for publishing in the Trade Register of the Finnish Patent and Registration Office (PRH) varies by the type of business.
Limited liability companies and co-operatives are always obligated to submit their financial statements. Companies that are liable to fill in tax return form 6 B submit their financial statements and documentation together with their electronic tax return, in which case the information and documents are transferred to the Trade Register from the tax administration and no separate notification is needed.
Private entrepreneurs, general partnerships and limited partnerships also have the obligation to report if certain requirements under the law are met.
For more detailed information by business type, visit the PRH website.