Companies and other legal entities must submit their annual financial statements for public disclosure by 31 August.
Annual financial statements are based on the entity's financial position at the end of the financial year.
Companies and Entities Required to Submit Annual Financial Statements
Private limited companies
Limited partnerships
Cooperative societies
Cooperative unions
Savings banks
Registered branches of foreign companies
Self-governing institutions engaged in commercial activities
Before You Submit
The company's annual general meeting must have been held.
The annual financial statements must have been approved at the annual general meeting.
The annual financial statements must be submitted within one month of the annual general meeting.
The general deadline for submitting annual financial statements for public disclosure is 31 August, or no later than one month after they have been approved at the annual general meeting.
This applies to all entities required to submit annual financial statements with a standard financial year, whether they are actively operating or not.
Password
All annual financial statements must be submitted electronically through the online service using Skatturinn's primary password or a professional filing key. Electronic IDs cannot be used.
to the company's online bank, under electronic documents, or
by post to the company's registered address.
A holder of procuration, managing director, chair of the board, or the sole member of a one-person board may collect a web key from the nearest Skatturinn office upon presentation of valid identification.
Submitting Annual Financial Statements – Step by Step
There are two submission options:
Submit the annual financial statements as a PDF document.
Eligible micro-entities may generate annual financial statements automatically using data from their tax return.
After signing in you must then review and confirm the following six steps:
Review and confirm the financial year, entity type and other information.
Confirm that the auditors and inspectors are correctly registered.
Confirm that the information on the board of directors and executive management is correct.
Verify that the share capital stated in the annual financial statements matches the registered share capital in the Register of Enterprises.
Verify that all shareholders are correctly registered.
Upload the annual financial statements and confirm the submission.
Receipt of Submission
Once the submission has been completed, you will receive an acknowledgement of receipt, which is available through Skatturinn's online service.
Contents of the Annual Financial Statements
The annual financial statements must be submitted as a single document.
Front page:
Name, Icelandic identification number (kennitala), registered address and legal form of the entity.
Financial year and whether the document is annual financial statements or consolidated financial statements.
Micro-entities can prepare valid annual financial statements automatically using the information from their tax return.
To use this service, the entity must meet at least two of the following three conditions:
Assets are less than 20 million ISK.
Operating revenue is less than 40 million ISK.
The average number of full-time equivalent employees does not exceed 3.
The Two-Year Rule
An entity's size classification does not change because of a single exceptional year.
For example, if a micro-entity's turnover exceeds the threshold in one year, it will continue to be classified as a micro-entity unless it also exceeds the threshold in the following year.
An entity must exceed the relevant thresholds for two consecutive years before its size classification changes.
When Standard Annual Financial Statements Are Required
This solution is not available for entities that are subject to:
a statutory audit requirement,
investment company rules,
public supervision of financial activities,
holding company rules,
public-interest entity requirements, or
accounting rules other than the historical cost principle.
Submitting the Annual Financial Statements
After signing in, complete the following steps:
Confirm the financial year, entity type and other information. At this stage, select the option to use the company's tax return data to generate annual financial statements automatically.
Confirm that the auditors or inspectors are correctly registered.
Confirm that the board of directors and executive management are correctly registered.
Confirm that the share capital stated in the annual financial statements matches the registered share capital in the Register of Enterprises.
Confirm that the shareholders are correctly registered.
Upload the annual financial statements and confirm the submission.
Receipt of Submission
Once the submission has been completed, you will receive an acknowledgement of receipt, which is available through Skatturinn's online service.
Penalties
If annual financial statements are not submitted, or if the submission is incomplete, an administrative fine of 600,000 ISK will be imposed.
The board of directors and the managing director are responsible for ensuring that the annual financial statements are submitted. This responsibility also applies where the annual financial statements are submitted on the company's behalf by an auditor or accountant.
Public Disclosure
Making annual financial statements publicly available serves to:
increase transparency in the business community, and
protect the interests of shareholders in larger companies.
