Financial statements from Iceland

Schmidt & Schmidt offers financial statements from Iceland in electronic form and their translations into English.

According to law, most companies in Iceland must submit annual financial statements. These data are reported in electronic form. Depending on the company’s size, the law requires different amounts of data to be published.

Reporting of financial statements in Iceland is subject to the Accounting Act and other regulations.

In Iceland, both national accounting standards and the IFRS are used. Companies participating in stock exchange are obliged to use the IFRS only.

Mandatory financial statements are filed to the tax office which is subordinated to the Ministry of Finance and Economic Affairs.

Following companies are obliged to file financial statements:

• Public limited liability companies
• Private limited liability companies
• Joint-stock companies
• Cooperative societies
• Nonprofit organizations conducting business operations

Large and medium-sized companies compile and report full financial statements.

Financial statements must be filed within eight months after the end of the financial year.

Full annual financial statement includes:

• Balance sheet
• Profit and loss report
• Cash flow report
• Notes
• Directors’ report
• Auditor’s report

Example of a financial statement from Iceland in the Icelandic language.

Financial statements provide detailed information about a company’s financial state, solvency and performance of an enterprise.

Depending on the size of the enterprise, its financial statement can contain up to several hundred pages.

Financial statements are provided by the tax office. Only information about filing dates of financial statements is publicly available on its website. The statements themselves can be obtained only upon request and for a fee.

Financial statements can provide valuable information about potential business partner which can be used for making decisions like purchasing capital shares or goods or taking legal action to collect debts.

To obtain financial statements of a specific enterprise, its full name, registration number and registered office address are required.

Financial statements are provided in accordance with the Icelandic legislation and legal requirements on personal data protection.

On our website, you can make a preliminary request if a certain company’s financial statements are obtainable.