FFFS 2008:25

Summary

The regulations regulate how credit institutions and securities companies shall prepare annual reports, consolidated financial statements and interim reports. FI is introducing new references to the applicable Swedish Financial Reporting Board recommendations and statements. These replace the previous specific references to the Swedish Financial Reporting Board's now repealed recommendations and statements.

The regulations are also adapted to international accounting standards. This means, for example clearer rules for how the companies should apply IFRS 8 Operating Segments, IAS 33 Earnings Per Share and IAS 34 Interim Financial Reporting.

Amendments

FI has introduced changes in the accounting regulations since they need to be adapted to new international accounting rules for lease contracts (IFRS 16).

Reliable and uniform external accounting is important for FI's work to promote well-functioning markets, financial stability and good consumer protection. To achieve a high and uniform standard in the credit institutions' external accounting, the accounting regulations must be clear and appropriate.

The changes consist primarily of references to IFRS 16 and some language-related adjustments. FI therefore makes the assessment that the changes will have a marginal impact on firms' accounts, but they also make it easier for the firms to apply the regulations.
The changes will go into effect on 1 January 2019. Amendment 2018:20

FI has adapted and clarified the accounting regulations due to the new international standards IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers. The regulations were also adapted to amendments to the provisions regarding the bookkeeping obligation for foreign branches in Sweden.

The amendments to the accounting regulations go into effect on 1 January 2018. The regulations shall be applied to annual accounts, annual reports, consolidated financial statements, and interim reports prepared for financial years starting on 1 January 2018 or later. Amendment 2017:18

FI has adapted the regulations to amendments to the Annual Accounts Act and the Annual Accounts for Credit Institutions and Securities Companies Act. This entails in part the introduction of new terms such as "joint ventures", "shareholdings" and "contingent liabilities". Additional amendments include that disclosures which today fall under memorandum items shall be provided as a note and that a new item, "development expenditure fund", has been added under equity in the balance sheet. In addition, the references to the above-mentioned acts have been updated and a number of editorial changes have been made. The changes will go into effect on 1 January 2018. Amendment 2015:20

Requirements have been introduced that the firms shall provide information about returns on assets in the annual report. Rules have also been introduced that firms shall provide information about net sales, number of employees on average, earnings before tax, tax on profit/loss and government subsidies received broken down by country where the firm is established. FI has also replaced references to acts and regulations that have been repealed with references to current acts and regulations. The amendments enter into force on 2 August 2014. Amendment 2014:18

FI has adapted the disclosure requirements for maturity analyses to the IFRS regulation. This entails in part that the firms must base analyses on contractual undiscounted cash flows and in part that they shall provide disclosures for maturities for assets and liabilities in a note. FI has also clarified which disclosures shall be provided for groups, updated references and made some editorial changes. Amendment 2013:24

FI has reworded some general guidelines to regulations and rearranged parts of the regulations to achieve a clearer structure. Furthermore, some disclosures requirements were removed where corresponding or similar rules have been introduced in the IFRS framework or in the Annual Accounts for Credit Institutions and Securities Companies Act. The rules have also been clarified regarding how group contributions can be presented in the firms' income statements. The changes will go into effect on 1 March 2013. Amendment 2013:2
FI has amended the references that have become incorrect since the Swedish Financial Reporting Board amended its recommendation RFR 2 Accounting for Legal Entities. Starting on 1 January 2011 there will be requirement that some information on Tier 1 capital contributions shall be disclosed. FI has introduced a provision on exemption from the obligation to provide this information in the annual report. Amendment 2011:54

FI has removed general guidelines on the measurement of financial instruments since corresponding provisions have been introduced in legislation. The possibility for institutions to apply restricted IFRS (by law) in the consolidated financial statements has also been removed, and instead regulations have been introduced that an institution shall prepare consolidated financial statements in accordance with the EU's IAS regulation. This amendment is a result of amendments to IFRS 3 and IAS 27. New general guidelines have also been introduced on the presentation of impairments in the income statement and disclosures on equity. Amendment 2009:11

Amendments

An addition is made so the provisions in the regulations that apply to other securities companies that are subject to the Capital Requirements Regulations shall also apply to very large securities companies.

The amendments enter into force on 8 March 2023. Amendment 2023:2

FI removes a provision that smaller securities companies shall provide disclosures in accordance with the international accounting standard IFRS 4 Insurance Contracts since it is being repealed. IFRS 17 Insurance Contracts replaces IFRS 4. FI also introduces general guidelines that IFRS 17 does not need to be applied in the annual accounts.

The amendments enter into force on 1 January 2023. Amendment 2022:8

The regulations have been amended so that some provisions do not apply to securities companies – with the exception of those that will continue to apply the Capital Requirements Regulation (575/2013/EU) – and that some securities companies must disclose some information pursuant to the Securities Companies Regulation (2019/2033/EU) in the capital adequacy analysis in their annual report. Smaller editorial changes were also made.

The amendments enter into force from 7 July 2021. Amendment 2021:14

The amendment updates the information that must be provided in the capital adequacy analysis.

The regulations enter into force on 28 June 2020. Amendment 2020:29

The purpose of the amendment is to clarify that when the term "insurance undertaking" is used in the definition of "institutions with an international connection", this includes occupational pension firms. In addition, a reference to branches of insurance undertakings was removed in Chapter 5, section 24. Amendment FFFS 2020:10

Due to new regulations regarding disclosure of information in Finansinspektionen's regulations and general guidelines (FFFS 2014:12) regarding prudential requirements and capital buffers (the prudential requirement regulations), amendments are also being made to Finansinspektionen's regulations and general guidelines (FFFS 2008:25) regarding annual reports at credit institutions and securities companies.

Under the amendments, compiled information about own funds and capital requirements that the companies should disclose in accordance with the new general guidelines in the prudential requirement regulations should also be included in the capital adequacy analysis in the annual report and interim reports.

The regulations enter into force on 15 June 2019. Amendment 2019:2

FI is amending the accounting regulations since they need to be adapted to new international accounting rules for leases (IFRS 16).

Reliable and comprehensive external accounting is important for FI's work to promote well-functioning markets, financial stability and good consumer protection. To achieve a high and uniform standard in the credit institutions' external accounting, the accounting regulations must be clear and appropriate.

The amendments consist primarily of references to IFRS 16 and some adjustments in the language. FI therefore makes the assessment that the amendments will have a limited impact on firms' accounting, but they will also make it easier for the firms to apply the regulations.

The amendment go into effect on 1 January 2019. Amendment 2018:20

FI adapts and clarifies the accounting regulations due to the new international accounting standards IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers. An adjustment has also been made due to changes provisions regarding the bookkeeping obligation for foreign branches in Sweden.

The amendments to the accounting regulations go into effect 1 January 2018. The regulations shall be applied to annual accounts, annual reports, consolidated financial statements and interim reports prepared for financial years starting on or after 1 January 2018. Amendment 2017:18

FI is adapting the regulations to amendments to the Annual Accounts Act and the Annual Accounts for Credit Institutions and Securities Companies Act. This has resulted in part in the introduction of new terms such as "joint ventures", "shareholdings", and "contingent liabilities". In addition, disclosures that today are included in "memorandum items" must now be provided in a note, and a new item, "development expenditure reserve", has been added to equity in the balance sheet. In addition, some of the references to the above-mentioned acts were updated and other editorial changes were made. The amendments enter into force on 1 January 2016. Amendment 2015:20

A requirement is introduced that undertakings must provide information about returns on assets in the annual report. Rules are also introduced that undertakings must provide information broken down into each country where the undertaking is established about turnover, average number of employees, profit/loss before tax, tax on earnings and state subsidies received. FI is also updating references to acts and regulations that have been repealed with references to the acts and regulations that replaced them. The amendments enter into force on 2 August 2014. Amendment 2014:18