Accounting in Sweden
- Accounting Standards
- Swedish accounting standards conform to IAS standards.
- Accounting Regulation Bodies
BFN, Bokföringsnämnden, Swedish Accounting Standards Board
- Accounting Law
Three laws define accounting rules in the country:
- the 1976 accountancy law;
- the 1995 financial statements law, which brings accounting legislation into alignment with the 4th European Directive (Annual Accounts Act) ;
- the 1999 annual reports law (Book-keeping Act).
- Difference Between National and International Standards (IAS/IFRS)
- Swedish standards are close to IAS/IFRS standards. For further information, consult the IAS PLUS website.
- Tax Year
- Four tax years are possible: from 1 January to 31 December; from 1 May to 30 April; from 1 July to 30 June or from 1 September to 31 August.
- Accounting Reports
The annual reporting must contain a profit and loss account, a balance sheet, notes and an annual report. Large companies and companies listed on the stock exchange must also provide a statement of source and application of funds.
Swedish accounting mostly conforms to the principles set out in the texts of the 4th Directive. However, some national particularities remain; some of them are allowed by the 4th Directive:
- the presentation of certain items (subscribed capital not paid up, equalization accounts, set-up costs, intangible assets, footnotes) corresponds to the specifics of the country
- it is the same for the distinction between distributable and non-distributable equity capital, and the separation into three parts of operating activities: production, distribution and administration.
On the other hand, some of them are not, as for example:
- un-taxed reserves
- depreciation allowances and appropriations to the reserve
- elements affecting accounting
- exceptional operations.
- Publication Requirements
- All joint-stock companies have to send a copy of their annual report to the legal authorities of the country.
- The accountant is responsible for the legal obligations of the company as regards accounting.
The chartered accountant certifies company accounts.
- Professional Accountancy Bodies
Foreningen Auktoriserade Revisorer, Institute for the accountancy profession in Sweden.
Bokforingsnamanden, Swedish Accounting Standards Board (in English)
Svenska Revisorsamfundet, Swedish Association of Auditors (in English)
- Member of the International Federation of Accountants (IFAC)
- Sweden is a member of IFAC.
- Member of Other Federation of Accountants
- Member of IFAD.
- Audit Bodies
- Companies have to seek a statutory auditor to conduct an annual audit of the financial health of their organization. You can contact the FAR SRS (professional institute for authorized public accountants and approved public accountants).
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