On Monday 4 May, the State Treasury organised a concluding seminar on the project to develop final central government accounts. Seminar participants included State Treasury employees and representatives of state enterprises and Palkeet. During the event, speakers shared experiences of the lessons learned from the project and thanked the project participants for their successful and extensive development work.

Ensuring the reliability and transparency of financial statements as an aim

Deputy Director Riitta Rosenberg opened the event. In her address, she emphasised the exceptionally committed and skilled staff.

“I have been delighted to support this project and have seen its pinnacle moment up close in spring 2026. This year has been of great importance to me. I would like to extend my gratitude to all those present for their hard work, and for countless project meetings and working hours. You have been part of the implementation of a very significant change and have worked to ensure the reliability and transparency of financial statements. The results of the development work will allow the Government, Parliament, and the wider public will the opportunity to form a more comprehensive overview of central government finances.”

In her video greeting shown at the seminar, Director General Liisa Räsänen highlighted successes during the project. Competence improved extensively both at the personal and organisational level during the project. Cooperation between central government organisations was deepened, and the networks created will also support development in the future.

The quality of financial information produced on state entity finances improved. “The success of project showcases the long-term work performed by highly skilled experts over the course of several years.”

Director Jaakko Eskola from the National Audit Office of Finland highlighted in his remarks that the development of financial statement reporting is an investment in strengthening shared understanding. The project has helped build a common view of the overall structure formed by the budget economy, the fund economy, and the state enterprises’ finances.

“The development work has required a wide range of professional expertise: knowledge of accounting and consolidated reporting, but above all the ability to reconcile different perspectives in order to produce uniform and comparable calculations of central government finances.”

Cooperation was a success and the project came in under budget

The Ministry of Finance set up the final central government accounts development project at the end of 2022, and the project will come to an end at the end of May in 2026. The project group comprising of representatives from the State Treasury and Palkeet carried out extensive definitions of the state’s consolidated calculations.

The consolidated calculations  provide a more comprehensive overview of central government finances and improve the transparency of reporting on central government finances. The calculations are formulated by combining the accounting data of on-budget entities, off-budget state funds, and unincorporated state enterprises.

The aim of the project was also to expand the overall picture of central government finances by developing consolidated calculations covering the entirety of central government and state-owned companies.

Development work was carried out in cooperation with state enterprises, funds and the ministries that steer state enterprises. Cooperation with various stakeholders was excellent and in a positive spirit throughout. In addition, the State Treasury actively took part in work on legislative amendments led by the Ministry of Finance.

Consolidated calculations of central government finances were prepared by the State Treasury for the first time in March 2026 for the 2025 financial year. The targets were achieved on schedule and the project was completed under budget.

More comprehensive and transparent reporting

The significance of off-budget state funds has gradually increased. The state has arranged its operations so that some of the tasks previously performed by the state have been transferred off budget. In addition, off-budget state funds manage significant assets. However, the state’s financial statement reporting has previously only focused on the central government’s on-budget finances.

For example, the Parliamentary Audit Committee[1] and the National Audit Office of Finland[2] have previously pointed out that reporting on central government finances has not been sufficient to form a transparent and comprehensive picture of central government finances as a whole or to achieve the overall management of central government finances.

The purpose of the report on the need for and implementation of central government consolidated financial statements, which was set up in 2019, was to produce an overall assessment of the information needs related to group information and to prepare a preliminary plan for the implementation of development. Information on the state entity’s assets, debts, and liabilities emerged as key information needs of stakeholders.  The target was achieved and a broader overall picture of the financial status is presented in the financial statement for 2025.

Further information:
Riitta Rosenberg, Deputy Director tel. +358 295 502 219 riitta.rosenberg(at)valtiokonttori.fi

[1] Publication 1/2016, Eduskunnan budjetti- ja valvontavalta 1990–2020
[2] Separate report to Parliament on the audit of the final central government accounts for 2016 and the Government’s annual report

Text: Veera Mäki

Watch Director General Liisa Räsänen’s video greeting from the seminar. You can select English subtitles via the settings icon under Subtitles → English.