The Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence from Finland

ABSTRACT

We investigate how Finland has applied Directive 2013/34/EU of the European Parliament and of the Council to the annual financial statements, consolidated financial statements and related reports of certain types of undertakings. In addition to the implementation process and general implications of the Finnish Accounting Act, we emphasize its implications and interplay with IFRS. We conclude that the national implementation of Directive 2013/34/EU successfully diminished the administrative burden experienced by small companies.

Keywords:

• IFRS
• Finland
• EU Accounting Directive 2013/34/EU
• SMEs

Acknowledgements

This article is based on document analyses of publicly available documents and statements as well as interviews conducted with civil servants from the Ministry of Economic Affairs and Employment.

Disclosure Statement

No potential conflict of interest was reported by the authors.