Accounting legislation changes at the latest on 20th of July 2015. Ministry of employment and the economy have suggested in their memo changes to the accounting legislation. The base of the work is EU´s directive (2013/34/EU) and these legal obligations must be fulfilled. According to the directive the new rules can be taken in to account at the latest 1.1.2016.

Firms have four different size groups

In the new legislation firms are divided to four different size groups’ micro-, small-, middle-, and large companies. Grouping is done in a traditional way. Firms are checked by the amount of personnel, turnover and balance sheet total. Grouping effects especially financial statement regulations. Micro firms needs to show the shortest financial statement. Small firms are required to give attachments to the financial statements, when right situation isn’t clear. Micro firms do not have to give attachments if they have done the financial statement according to regulations.  

Small and micro firms

Micro firms boundary values are: balance sheet total 350 000€, amount of personnel 10 and turnover 700 000€. Small firms boundary values are: balance sheet total 6m, turnover 8m and average amount of personnel 50. Firms can cross maximum of one boundary. 

Firms can cross maximum of one boundary 

Source: Changes in accounting legislations –working committee, Ministry of unemployment and the economy, October 2014

Accounting material possible to change into digital

Ministry of employment and the economy suggests that all the accounting material could be digital, for example in a cloud service. Still the accounting materials have the same safekeeping regulations. For example authorities and auditors must have access to accounting material without delay.

Mentioned changes are still only suggestions and upcoming government decides for them at the latest on 20th of July 2015.