Appendix 1 – Simplified accounting principles – annual accounts and auditor’s reports for other forms of business enterprise than limited liability companies, financial years starting after 31 December 2006 (829 vne)

Content

Limited liability companies

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	Yes
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than one month after the date of adoption
Late filing sanctions	Late filing penalty, conditional fine, liquidation11
Section of law (act)	6:1 p1 BFL 8:3 p1 ÅRL 8:6 och 13 ÅRL 25:11 p2 ABL
Remarks	Section of law (act) to be read e.g.: 25:11 p2 ABL = Companies Act, Article 25, section 11, 2nd paragraph

Joint–stock banking companies

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	Yes
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	As soon as possible after the date of adoption10
Late filing sanctions	Conditional fine11
Section of law (act)	8:5 och 7 ÅRKL

Tenant–owner associations

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	In certain cases2 On request 3
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than one month after the date of adoption
Late filing sanctions	Conditional fine11
Section of law (act)	6:1 p1 BFL 8:3 p2 ÅRL

Housing associations

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	In certain cases2 On request 3
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than one month after the date of adoption
Late filing sanctions	Conditional fine11
Section of law (act)	6:1 p1 BFL 8:3 p2 ÅRL

European Economic Interest Grouping (EEIG)

Obligation to prepare annual accounts	In certain cases1
Obligation to file annual accounts	In certain cases2 On request 3
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than six months after the end of the financial year
Late filing sanctions	Conditional fine11
Section of law (act)	5 § EEIGL 6:1 BFL

Economic associations

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	In certain cases2 On request 3
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than one month after the date of adoption
Late filing sanctions	Conditional fine11
Section of law (act)	6:1 p1 BFL 8:3 p2 ÅRL

Simple partnerships (enkla bolag)

Obligation to prepare annual accounts4	In certain cases1
Obligation to file annual accounts4	In certain cases2 On request 3
File with	Bolagsverket
Late filing sanctions	Conditional fine11
Section of law (act)	6:1 p6–7 BFL
Remarks	Simple partnerships are not legal entities

Sole traders

Obligation to prepare annual accounts	In certain cases1
Obligation to file annual accounts	In certain cases2 On request 3
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than six months after the end of the financial year
Late filing sanctions	Conditional fine11
Section of law (act)	6:1 p6–7 BFL 8:3 p5 ÅRL
Remarks	Physical person (not legal entity)

Branches

Obligation to prepare annual accounts	In certain cases5
Obligation to file annual accounts	In certain cases5
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than seven months after the end of the financial year
Late filing sanctions	Conditional fine11
Section of law (act)	13 och 30 §§ FilL

Insurance companies (ltd)

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	Yes
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	As soon as possible after the date of adoption10
Late filing sanctions	Conditional fine11
Section of law (act)	8:5 ÅRFL

Trading partnerships (with one or more legal entities as partners)

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	Yes
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than six months after the end of the financial year
Late filing sanctions	Conditional fine11
Section of law (act)	6:1 p3 BFL 8:3 p3 ÅRL

Trading partnerships (with only physical persons as partners)

Obligation to prepare annual accounts	In certain cases1
Obligation to file annual accounts	In certain cases2 On request 3
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than six months after the end of the financial year
Late filing sanctions	Conditional fine11
Section of law (act)	6:1 p6–7 BFL 8:3 p5 ÅRL

Mortgage institutions

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	Yes
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	As soon as possible after the date of adoption10
Late filing sanctions	Conditional fine11
Section of law (act)	8:5 och 7 ÅRKL

Non–profit associations

Obligation to prepare annual accounts8	In certain cases1
Obligation to file annual accounts	In certain cases2 On request 3
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than six months after the end of the financial year
Late filing sanctions	Conditional fine11
Section of law (act)	2:2 BFL 6:1 p6–7 BFL 8:3 p5 ÅRL

Limited partnerships (with one or more legal entities as partners)

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	Yes
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than six months after the end of the financial year
Late filing sanctions	Conditional fine11
Section of law (act)	6:1 p3 BFL 8:3 p3 ÅRL

Limited partnerships (with only physical persons as partners)

Obligation to prepare annual accounts	In certain cases1
Obligation to file annual accounts	In certain cases2 On request 3
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than six months after the end of the financial year
Late filing sanctions	Conditional fine11
Section of law (act)	6:1 p6–7 BFL 8:3 p5 ÅRL

Municipalities

Obligation to prepare annual accounts	Yes
Section of law (act)	8:14–20 KL
Remarks	To the municipal council (city council) not later than 15 April

Cooperative tenancy right associations

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	In certain cases2 On request 3
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than one month after the date of adoption
Late filing sanctions	Conditional fine11
Section of law (act)	6:1 p2 BFL 8:3 p2 ÅRL

Credit market companies

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	Yes
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than one month after the date of adoption
Late filing sanctions	Late filing penalty, conditional fine11
Section of law (act)	8:1 ÅRKL 8:6 och 13 ÅRL

Credit market associations

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	Yes
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than one month after the date of adoption
Late filing sanctions	Conditional fine11
Section of law (act)	8:1 ÅRKL

Cooperative banks

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	Yes
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	As soon as possible after the date of adoption10
Late filing sanctions	Conditional fine11
Section of law (act)	8:5 och 7 ÅRKL

Registered religious communities

Obligation to prepare annual accounts	In certain cases1
Obligation to file annual accounts	In certain cases2 On request 3
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than six months after the end of the financial year
Late filing sanctions	Conditional fine11
Section of law (act)	6:1 p6–7 BFL 8:1 and 3 p5 ÅRL
Remarks	To be registered with the Legal, Financial and Administrative Services Agency (Kammarkollegiet)

Collective farming associations

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	In certain cases2 On request 3
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	Not later than one month after the date of adoption
Late filing sanctions	Conditional fine11
Section of law (act)	6:1 p6–7 BFL 8:3 p5 ÅRL

Joint ownership associations

Obligation to prepare annual accounts8	In certain cases1
Obligation to file annual accounts	In certain cases2 On request 3
File with	Bolagsverket
Late filing sanctions	Conditional fine11
Section of law (act)	2:2 BFL 6:1 p6–7 BFL 8:3 p5 ÅRL
Remarks	To be registered with the National Land Survey Authority (local office where registered)

Savings banks

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	Yes
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	As soon as possible after the date of adoption10
Late filing sanctions	Conditional fine11
Section of law (act)	8:5 och 7 ÅRKL

Government Authorities⁶

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	Yes
File with	The Government
Section of law (act)	2:1 FÅRB
Remarks	To the government not later than 22 February

Foundations

Obligation to prepare annual accounts7	In certain cases1
Obligation to file annual accounts9	In certain cases2
File with	County administrative board
Late filing sanctions	Conditional fine11
Section of law (act)	2:3 och 6:1 p5 BFL 8:3 p4 ÅRL

 Benevolent societies

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	Yes
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	As soon as possible after the date of adoption10
Late filing sanctions	Conditional fine11
Section of law (act)	8:5 och 7 ÅRFL

  Mutual insurance companies

Obligation to prepare annual accounts	Yes
Obligation to file annual accounts	Yes
File with	Bolagsverket
Time–limit for filing (if obligation for filing exists)	As soon as possible after the date of adoption10
Late filing sanctions	Conditional fine11
Section of law (act)	8:5 och 7 ÅRFL

Notes for appendix 1

1. Enterprises fulfilling more than one of the following criteria are obliged to prepare annual accounts if:

   • the average number of employees of the enterprise for each of the two most recent financial years has exceeded 50 persons,
   • the reported balance sheet total of the enterprise has for each of the two most recent financial years exceeded 25 million kronor,
   • the reported net turnover of the enterprise has for each of the two most recent financial years exceeded 50 million kronor.

   The parent enterprise of a group of enterprises fulfilling more than one of the following criteria is obliged to prepare annual accounts if:

   • the average number of employees of the entire group for each of the two most recent financial years has exceeded 50,
   • the reported balance sheet total of the group enterprises has for each of the two most recent financial years exceeded 25 million kronor,
   • the reported net turnover of the group enterprises has for each of the two most recent financial years exceeded 50 million kronor.

   When applying the last two items the receivables and debts between group enterprises as well as intra–group profits must be eliminated. The same applies for revenues and costs related to transactions between group enterprises as well as changes of the intra–group profits.

2. Certain enterprises, obliged to prepare annual accounts, are also obliged on their own initiative to file the documents with Bolagsverket.

   In accordance with 8:3 p 5 ÅRL (for economic associations the same stipulation is found in 8:3 p 2 ÅRL) an enterprise is – on its own initiative – obliged to file the annual accounts with Bolagsverket if the enterprise fulfils more than one of the following criteria:

   • the average number of employees of the enterprise has for each of the two most recent financial years exceeded 50,
   • the reported balance sheet total of the enterprise has for each of the two most recent financial years exceeded 25 million kronor,
   • the reported net turnover of the enterprise has for each of the two most recent financial years exceeded 50 million kronor.

   Parent enterprises are obliged – on their own initiative – to file their annual accounts with Bolagsverket if the parent enterprise of the group fulfils more than one of the following criteria:

   • the average number of employees of the entire group has for each of the two most recent financial years exceeded 50,
   • the reported balance sheet total of the group enterprises has for each of the two most recent financial years exceeded 25 million kronor,
   • the reported net turnover of the group enterprises has for each of the two most recent financial years exceeded 50 million kronor.

   When applying the last two items the receivables and debts between group enterprises as well as intra–group profits must be eliminated. The same applies for revenues and costs related to transactions between group enterprises as well as changes of the intra–group profits.

3. Enterprises obliged to prepare annual accounts, but not obliged to file the documents with Bolagsverket on their own initiative, may be ordered to do so. Bolagsverket will issue such an order on request.

4. A simple partnership (enkelt bolag) is not a legal entity. This means that the partnership as such does neither have an obligation to keep accounts nor an obligation to prepare annual accounts. However, the individual partners are obliged to keep accounts covering their participating in the business activities, and as such may be obliged to prepare annual accounts.

5. Branches are obliged to prepare accounting documents to the same extent as a Swedish enterprise of the equivalent business form. The accounting documents (annual accounts) must be filed with Bolagsverket not later than seven months after the end of the financial year of the branch.

   Branch offices of foreign enterprises with a legal standing equivalent to a limited liability company and subject to the legislation of an EEA country need not file the annual accounts of the branch with Bolagsverket. However, the annual accounts for the entire foreign company must be filed with Bolagsverket when they have been published in the company’s home country. For further information, see FilL, Articles 11–14.

6. Regarding authorities, subordinate directly to the Government, see the Ordinance (2000:605) on Annual Accounts and draft material for budgets.

7. The following foundations always have an obligation to keep accounts according to BFL, Article 2, section 3 and an obligation to prepare annual accounts according to BFL, Article 6, section 1:

   • foundations carrying on business activities
   • parent foundations
   • collection foundations
   • collective agreement foundations according to FilL, Article 11, section 3
   • foundations formed by or formed together with the Government authorities, a municipality or a county council
   • pension foundations according to TrL, Article 9
   • staff foundations according to TrL, Article 27.

   Other foundations are obliged to keep accounts and are obliged to prepare annual accounts, if the value of the assets exceeds 10 times the basic amount.

   Exception: A foundation is not obliged to prepare annual accounts, if the assets may exclusively be used in favour of members of a certain family or families, and which are obliged to keep accounts only because the value of the assets exceed 10 times the basic amount.

8. Non–profit associations and joint ownership associations are obliged to prepare annual accounts if the value of the assets exceeds 1.5 million kronor, and if the association fulfils more than one of the following criteria f:

   • the average number of employees of the enterprise has for each of the two most recent financial years has exceeded 50,
   • the reported balance sheet total of the enterprise has for each of the two most recent financial years exceeded 25 million kronor,
   • the reported net turnover of the enterprise has for each of the two most recent financial years exceeded 50 million kronor.

   A parent association is obliged to prepare annual accounts if the association is the parent enterprise of the group fulfilling more than one of the following criteria:

   • the average number of employees of the group of enterprises has for each of the two most recent financial years exceeded 50,
   • the reported balance sheet total of the entire group has for each of the two most recent financial years exceeded 25 million kronor,
   • the reported net turnover of the entire group has for each of the two most recent financial years exceeded 50 million kronor.

   When applying the last two items the receivables and debts between group enterprises as well as intra–group profits must be eliminated. The same applies for revenues and costs related to transactions between group enterprises as well as changes of the intra–group profits.

9. In accordance with ÅRL, Article 8, section 3.4 a general obligation exists for most foundations to submit the annual accounts to the county council. For certain foundations (collective agreement foundations and foundations mentioned in SL Chapter 9, section 10) the general rule is that the documents must be kept available for all persons interested not later than six months after the end of the financial year.

10. New regulations apply for financial years starting after 28 February 2009: The annual report must be submitted to Bolagsverket not later than a month after the date of adoption at the shareholders’ meeting.

11. Sanctions if the annual accounts and the auditor’s report are filed too late or not at all:

    Late filing penalty

    A limited company is liable to pay a late filing penalty if the annual accounts and the auditor’s report (and if applicable consolidated financial statement and auditor’s report) has not been filed with Bolagsverket within 7 months from the end of the financial year.

    Liquidation

    A limited company which has not filed its annual accounts and the auditor’s report within eleven months from the end of the financial year may be subject to compulsory liquidation.

    Conditional fine

    Limited companies, other forms of business enterprise and associations which do not file their annual accounts, auditor’s reports or interim reports may be liable to pay a conditional fine.

Abbreviations

ABL

aktiebolagslagen (2005:551) – the Companies Act

BFL

bokföringslagen (1999:1078) – the Bookkeeping Act

BFN

bokföringsnämnden – The Swedish Accounting Standards Board

BrL

bostadsrättslagen (1991:614) – The Act on Tenant–owner Rights

EEIG

europeiska ekonomiska intressegrupperingar – European Economic Interest Groupings

FilL

filiallagen (1992:160) – Foreign Branch Offices Act

LEF

lagen (1987:667) om ekonomiska föreningar – The Co–operative Societies’ Act

FÅRB

förordningen (2000:605) om myndigheters årsredovisning – The Ordinance on Annual Accounts for Authorities

KL

kommunallagen (1991:900) – Local Government Act

EEIGL

lagen (1994:1927) om europeiska ekonomiska intressegrupperingar – European Economic Interest Groupings Act

LMB

lagen (1995:1570) om medlemsbanker – The Act on Cooperative Banks

SBL

lagen (1975:417) om sambruksföreningar – The Act on Collective Farming Associations

SFL

lagen (1973:1150) om förvaltning av samfälligheter – The Act on Administration of Joint Ownership

SL

stiftelselagen (1994:1220) – The Foundations Act

TrL

lagen (1967:531) om tryggande av pensionsutfästelse – The Act on Safeguarding of Pension Commitments

ÅRL

årsredovisningslagen (1995:1554) – The Annual Accounts Act

ÅRFL

lagen (1995:1560) om årsredovisning i försäkringsföretag – The Annual Accounts Act for Insurance Companies

ÅRKL

lagen (1995:1559) om årsredovisning i kreditinstitut och värdepappersbolag – The Annual Accounts Act for Credit Institutes and Securities Companies

Simplified accounting principles – annual accounts and auditor’s reports for other forms of business enterprise than limited liability companies, financial years starting after 31 December 2006 (829 vne)

Nr 829 vne, 7 Juni 2007