Skatturinn - Iceland Revenue and Customs
IFRS – International Financial Reporting Standards
IFRS: international financial reporting standards
Companies with securities admitted to trading on a regulated market in:
a state within the European Economic Area (EEA),
a member state of the European Free Trade Association (EFTA), or
the Faroe Islands,
are required to prepare their annual and consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS). Skatturinn is responsible for supervising compliance with these requirements.
Submission of Information
Skatturinn may require any information and documents necessary to carry out its supervisory duties. This includes working papers relating to the financial statements from the board of directors, the chief executive officer and the auditor of a supervised company.
Companies are required to provide the requested information within a reasonable time.
Daily Fines
Daily fines may be imposed if a company fails to provide the requested information. The fines range from 10,000 ISK to 100,000 ISK per day.
Accrued daily fines are not cancelled even if the supervised company subsequently complies with the request of the Annual Accounts Register.
Supervisory Outcomes
If the financial statements are found not to comply with IFRS or with other applicable laws and regulations, the company may be required to:
Correct its financial statements.
Publicly disclose amendments or additional information.
If the company does not comply with the requirements of the Annual Accounts Register, the Register may publicly disclose the changes it considers necessary.
The Annual Accounts Register may also request that the relevant stock exchange temporarily suspend trading in the securities of the supervised company.
Fees
The annual administration and supervision fee is 100,000 ISK for each parent company and 50,000 ISK for each subsidiary within the group. The fees are paid into the Treasury.
Enforcement Priorities
Each year, the Annual Accounts Register presents the annual enforcement priorities through in-person and online presentations and publishes them on its website.