At the end of the financial year, the accountant draws up the financial statements which have to fairly present the cooperative’s financial position and the results of its operations for the year ended. The financial statements have to attribute the revenues and expenditures of the financial year, which means that the bookkeeping is changed to an accrual-based accounting. Besides the profit-and-loss account and the balance sheet, notes to the financial statements are drawn. Micro and small companies have some facilitations concerning the representation of the notes. (Cf. PMA)https://www.finlex.fi/fi/laki/alkup/2015/20151753.
The Financial Statements have to be finalized before the date mentioned in the cooperative’s rules. The board of directors in power will sign the Financial statements and will suggest a proposition for the general meeting to decide on the production of the profit/surplus. Then follows the financial or performance auditing stipulated by the rules. The audited accounts are then presented to the general meeting of the cooperative, which will consolidate the final accounts and decide what to do with the result.
The tax declaration of the cooperative must be submitted at the latest 4 months after the end of the financial year. As annexes to the declaration, the profit and loss account, the balance sheet and the notes are sent, and the tax authority will convey them to the Patent and Registration Office. The financial statements will have to be registered at the latest six months after drawing up.