Advisory
Finnish statutory financial statements and corporate tax return
Local GAAP reporting for foreign-owned Finnish subsidiaries
We prepare Finnish statutory financial statements, corporate income tax returns and supporting documentation for subsidiaries whose accounting is managed in-house, in a group ERP system or by an overseas shared service centre.
A Finnish subsidiary's statutory financial statements rarely fall out of a group reporting package. The group chart of accounts, reporting policies and timetable often differ from what Finnish statutory reporting, the corporate income tax return and Trade Register filing require.
We step in where monthly group accounting ends: mapping the local general ledger to Finnish presentation, documenting a local GAAP bridge, compiling statutory notes and balance sheet specifications, and preparing the corporate income tax return.
We work in Finnish and English directly with local management, group finance, the shared service centre and the auditor. We do not provide ongoing bookkeeping, payroll or statutory audit for this service.
Who we work with
- group financial controllers and group finance directors
- heads of accounting and shared service centres
- regional finance managers
- foreign parent companies of Finnish subsidiaries
- foreign-owned Finnish subsidiaries with in-house or group ERP accounting
What the service covers
Finnish GAAP reporting
We compile the local statutory package under the Finnish Accounting Act:
- income statement and balance sheet in Finnish statutory format
- Finnish statutory notes
- balance sheet specifications
- cash flow statement where required
- comparative figures and continuity checks
- financial statements memorandum
Local GAAP bridge
A documented reconciliation between group reporting figures and the final Finnish statutory numbers:
- group reporting opening balances
- local adjustments approved by the client
- tax entries
- presentation differences
- year-end transfers
- final Finnish statutory balances
Corporate income tax return
We prepare the Finnish corporate income tax return in the agreed scope:
- corporate income tax return and required appendices
- reconciliation between accounting profit and taxable income
- non-deductible expenses and tax-exempt income
- tax depreciation and confirmed losses
- group contribution and dividend information
Audit support and cooperation
We work in Finnish and English with your teams and advisers:
- preparing documentation for the statutory audit
- coordinating auditor questions on the preparation work
- cooperation with group finance and the shared service centre
- cooperation with the group auditor and local management
- preparation of signing and filing versions
Management remains responsible for the organisation of accounting, the completeness of source data, the accounting policies, estimates and judgements, and for approving and signing the financial statements and the tax return.
Finnish compliance calendar
The timeline below describes the typical process of a Finnish limited company. Deadlines must be confirmed company by company at the start of each engagement.
Financial year end
The statutory closing process, balance sheet specifications and tax return preparation start.
Within four months
The corporate income tax return is normally filed within four months of the end of the last calendar month of the financial year.
Within six months
The Annual General Meeting must be held within six months of the financial year end and adopts the financial statements.
Within eight months
The adopted financial statements are filed with the Finnish Trade Register within eight months of the financial year end. A late filing fee applies to financial years ending on or after 1 December 2024.
A registered Finnish branch of a foreign company follows different rules: its financial statements are in principle filed within six months of the financial year end, and a longer statutory deadline in the head office's EEA home state may apply.
Independence
The primary market for this service is companies whose statutory auditor is another firm. We do not offer the comprehensive preparation service described here to a company for which we act as statutory auditor. Any limited technical assistance to an audit client is assessed separately under the independence rules, and EU rules prohibit accounting and preparation services for public-interest audit clients.
We always check who acts as the company's auditor when a request comes in.
Your contact
David Vatka, APA
Responsible expert
David Vatka scopes the engagement, reviews the source data and coordinates demanding statutory reporting questions. The engagement may be delivered with a wider expert network, but you always have a named responsible contact.
Discuss Finnish statutory reportingFrequently asked questions
Planning the Finnish year-end for your subsidiary?
Tell us the financial year end, where the accounting is produced, the systems in use and the audit timetable. We will assess the source data, the split of responsibilities and a realistic schedule.