What is a regnskabsår (financial year)?

In short

A regnskabsår is the 12-month period a set of accounts covers. Most businesses follow the calendar year, but a shifted year (say 1 July to 30 June) is also allowed.

In practice

The first financial year may deviate from 12 months — up to 18 months for companies. The financial year drives the deadlines: an ApS must file its annual report no later than 6 months after year-end.

Related terms

• Årsrapport (annual report)
• Årsafslutning (year-end close)
• Primo and ultimo (opening and closing balances)
• See every term in the dictionary

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