On financial statements
Financial statement shows the results of operations and assets by the end of a period for the company
or organisation that issues it. The Financial Statements Act no. 317 from 2006 obliges all limited
companies, private limited companies, partnerships limited by guarantee and cooperatives to file a
financial statement and consolidated accounts if applicable. The origin of financial statements can
be from the Internal Revenue Directorate or the Icelandic Stock Exchange. There are various types
of financial statements; traditional financial statements, parent company accounts and consolidated accounts.