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Sweden Tightens Financial Reporting and Compliance Rules for Businesses

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Sweden has implemented strict financial reporting and compliance regulations to maintain transparency and credibility among businesses. These regulations are rooted in the Accounting Act of 1976 (BL) and the Companies Act of 1975 (ABL).

Key Requirements

Accounting Records

Under the Accounting Act, all business entities must maintain accurate accounting records by:

• Systematically recording transactions in chronological order
• Supporting records with relevant documentation
• Preparing annual reports to be filed with authorities
• Storing vouchers, books of account, and other financial materials for a period of 10 years

Parent Companies

Parent companies are required to prepare consolidated accounts, providing a comprehensive view of their financial situation. They must also provide:

• A description of their organizational structure and accounting procedures
• A chart of accounts if necessary to understand their accounting system

Companies Act Requirements

Limited liability companies must:

• Maintain a register of shareholders
• Hold an annual general meeting within six months of the end of the fiscal year
• File the approved annual report with the Patent & Registration Office within one month following the general meeting
• Pay a penalty fee for late filing if the deadline is not met

Financial Year-Ends

The financial year in Sweden typically spans 12 months, but can be:

• Extended to 18 months or reduced to less than 12 months in exceptional circumstances
• Changed to different dates, including December 31, April 30, June 30, and August 31 (although special permission may be required)

Seeking Specialist Advice

Businesses are advised to seek specialist advice to ensure compliance with these regulations, which aim to promote transparency, accountability, and good governance in the Swedish business sector.