Iceland
Financial Reporting Obligations for Companies in Iceland
1. Registry for Submitting Financial Statements
Companies in Iceland must submit their financial statements to the following registry:
- Registry Name: Fyrirtækjaskrá (Business Register) (https://www.rsk.is/fyrirtaekjaskra)
This registry is managed by the Icelandic Revenue and Customs (Skatturinn) (https://www.rsk.is). All financial statements must be submitted through their online platform.
2. Legal Forms Obliged to Publish Financial Statements
Legal Forms Obliged to Publish Financial Statements:
- Hlutafélag (hf.) – Public Limited Company: Must submit annual financial statements.
- Einkahlutafélag (ehf.) – Private Limited Company: Must submit annual financial statements.
- Sameignarfélag (sf.) – General Partnership: Required to submit financial statements, may be exempt from auditing depending on size.
- Samvinnufélag (svf.) – Cooperative: Required to submit financial statements, similar to ehf and sf.
- Samlagshlutafélag (shf.) – Partnership Limited by Shares: Must submit annual financial statements; auditing required if thresholds are exceeded.
- Samlagsfélag (slf.) – Limited Partnership: Required to submit financial statements, similar to ehf.
- Skráð félag (Listed Company) – Listed on the stock exchange: Must submit financial statements; auditing is always mandatory.
- Sjálfseignarstofnun (Non-Profit Foundation): Required to submit financial statements if regulatory or size conditions are met.
Legal Forms Not Obliged to Publish Financial Statements:
- Einstaklingsfyrirtæki – Sole Proprietorship: Not required to publish, but must maintain accounting records for tax purposes.
- Persóna í sjálfstæðum rekstri – Sole Practitioner: Similar exemption as sole proprietorships.
- Samtök – Associations: Exempt unless engaging in significant commercial activity or reaching thresholds.
- Íþróttafélög – Sports Associations: Usually exempt unless large-scale or commercial.
3. Companies Requiring Audited Financial Statements
In Iceland, the requirement to audit financial statements depends on the size and legal form of the company:
| Legal Form | Rule | Criteria (at least two of three) |
|---|---|---|
| Hlutafélag (hf.) – Public Limited Company | Always requires audit | No thresholds |
| Einkahlutafélag (ehf.) – Private Limited Company | Audit if thresholds exceeded | Turnover > ISK 700m, Assets > ISK 350m, Employees > 50 |
| Samlagshlutafélag (shf.) – Partnership Limited by Shares | Audit if thresholds exceeded | Same as ehf. |
| Sameignarfélag (sf.) – General Partnership | Audit if thresholds exceeded | Same as ehf. |
| Samlagsfélag (slf.) – Limited Partnership | Audit if thresholds exceeded | Same as ehf. |
| Samvinnufélag (svf.) – Cooperative | Audit if thresholds exceeded | Same as ehf. |
| Skráð félag – Listed Company | Always requires audit | No thresholds |
| Sjálfseignarstofnun – Non-Profit Foundation | Audit if required by law | Depends on regulation/size |
4. Stock Exchange for Listed Companies
Companies listed on the Kauphöll Íslands (Nasdaq Iceland) (https://www.nasdaq.com/solutions/nasdaq-iceland) must publish their audited financial statements.
5. Deadline for Submitting Financial Statements
The deadline is eight months after the end of the fiscal year (August 31 for calendar-year companies).
6. Companies Submitting Partial Financial Statements
- Smáfyrirtæki (Small Companies): Turnover < ISK 700m and Assets < ISK 350m may submit simplified financial statements.
7. Consequences for Late Submission
- Fines: Up to ISK 500,000
- Penalties: Restrictions on business activities, disqualification of directors
- Deregistration: Company struck off Fyrirtækjaskrá (Business Register)
8. Foreign-Owned Branches & Newly Established Companies
Foreign-owned branches must submit statements under Icelandic law and align with parent company reporting. Newly established companies must submit their first statements by the standard deadline (August 31).
Sources
| Source | Link |
|---|---|
| Fyrirtækjaskrá (Business Register) | https://www.rsk.is/fyrirtaekjaskra |
| Skatturinn (Icelandic Revenue & Customs) | https://www.rsk.is |
| Kauphöll Íslands (Nasdaq Iceland) | https://www.nasdaq.com/solutions/nasdaq-iceland |
| Start Companies Search | Order Credit Report |
Keywords
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