Closing dates are used when completing and closing accounting periods at the end of each month and as part of the year-end closing process.

The dates for each year are set out in a calendar published on the Financial Management Authority’s website. The calendar shows the key submission and processing dates for monthly and interim financial closings.

These include monthly deadlines for recording budget appropriations, accrued vacation pay and estimated costs that have not yet been invoiced.

The calendar also shows when different parts of the financial systems are closed, including the accounting system, inventory system and asset register.

The Financial Management Authority publishes a financial closing checklist on its website. The checklist covers the documents and reconciliations that entities need to complete and submit as part of the financial closing process. It provides both general guidance and detailed information on required documentation, reconciliations, and the balances of assets and liabilities at the end of the reporting period.

The purpose of the checklist is to ensure that government entities have the necessary closing documents and supporting information available for the audit and the preparation of the Financial Statements of the Government of Iceland.

Documents due by 8 January

Please submit the following documents by 8 January:

• Cash count report

• Funds journal, including supporting documents and bank statements for each bank account held by the institution

• Supporting documents for transactions made using credit cards during the year. Please also submit accounting information for all transactions either by using the card issuer system or by Excel files

• Travel expense claims and travel settlements

• Year-end inventory balances if the institution maintains stock inventories

Institutions are encouraged to issue invoices as soon as revenue is generated. In general, there should be no reason to delay issuing invoices relating to transactions from December 2025 beyond the first week of January 2026.

The AR invoicing system will close on 12 January 2027.

Documents due by 23 January

Please submit the following information by 23 January:

Revenue

• A list of unposted issued invoices, or copies of issued invoices, relating to the institution’s own-source revenue for the 2026 financial year

Expenditure

• A list of estimated accrued expenses where it is known that the relevant invoice will not be received before the end of January

Invoices for payment

Outstanding invoices relating to goods and services purchased during 2026 must be received in Orri by 30 January to ensure they are processed before the payment system closes.

Institutions are encouraged to remind suppliers to submit invoices as soon as transactions have taken place.

Work in progress

Institutions must provide a breakdown of work in progress, showing costs incurred for each individual project.

Please note that the fixed asset register will also close on 20 January 2027. Requests for additions to the asset register must therefore be submitted by 8 January.

Institutions are encouraged to capitalise assets as soon as a project has been completed and brought into use. As part of the year-end closing process, institutions must also indicate the expected completion date or the planned date on which the asset will be brought into use.

Documents due by 25 January

Please submit:

• Inter-account transfer requests

• Adjustment and correction requests, where applicable