ARTICLE · 28 FEBRUARY 1996
Doing Business In Sweden - Financial Reporting and Auditing
SwedenAccounting and Audit
Statutory Regulations
Business entities must comply with the Accounting Act of 1976 (BL) and limited liability companies also must comply with the Companies Act of 1975 (ABL). These two laws establish the accounting and reporting requirements for Swedish business entities based on generally accepted accounting principles including historical cost, the accrual method, the going concern principle, consistency and conservatism. In many instances, the laws refer to "good accounting practice" without de_ning it, leaving it to other authorities to specify the detailed rules.
Accounting Records
Under the Accounting Act, companies, partnerships and sole proprietors must account "in accordance with good accounting practice" and comply with the following requirements:
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