Basic data of the statistics
The structural business and financial statement statistics describe enterprises operating in Finland. The statistics comprise industry-specific data on the number of enterprises, personnel and financial statements. The data are published in accordance with sectoral classification, legal form, type of ownership and size category. The data on enterprises' financial statements describe the formation of profit, profitability and balance sheet structure in different industries. The examined variables are profit and loss account and balance sheet data, and parameters calculated from them. Financial statement statistics for credit institutions, investment service companies, life insurance and non-life insurance companies can be found from separate database tables. Separate tables on non-profit institutions can be found in connection with the statistics.
Enterprises engaged in business activities in Finland constitute the population of the structural business and financial statement statistics. The key classification variables of the statistics, such as industry, sector, legal form, type of ownership, and the size category of wage and salary earners, are obtained from the Register of Enterprises and Establishments of Statistics Finland. Enterprises are selected for the statistics if they are market-based and have had personnel, turnover, investments and balance sheet during the statistical reference year. Persons carrying on a business using single-entry bookkeeping are also included in the statistics. Market-based enterprises and foreign branches are also included.Financial statement statistics for life insurance and non-life insurance companies makes an exception to this: there foreign branches are not included. The most significant branches abroad have been eliminated from the statistics.
The structural business and financial statement statistics are based on the business tax data of the Finnish Tax Administration, Incomes Register, the FINREP and VAKRA data of the Financial Supervisory Authority and the inquiries carried out among enterprises by Statistics Finland. The business tax data contain financial statements data on all enterprises and persons carrying on a business under the Business Tax Act. The structural inquiries among enterprises produce information on the number of wage and salary earners and industries. The financial statements inquiries carried out by Statistics Finland produce detailed information on enterprises’ turnover, expenditure and investments.
The structural business and financial statement statistics are published for enterprises and legal units. According to Statistics Finland’s definition, an enterprise is a unit with decision-making autonomy, which produces goods and/or services for sale in the market. An enterprise may comprise one or more legal units. If an enterprise comprises more than one legal unit, transactions between the units have been eliminated.
Legal units include:
- persons carrying on a business, trade or profession in their own name, or in the name of a registered firm
- legal persons (such as limited liability company, limited partnership, general partnership, cooperative, savings bank and economic association)
- market-based enterprises.
A legal unit is an administrative reporting unit and a reporting unit for its own data collection.
Unit of measure
EUR 1,000, per cent and the number of personnel are used as the units of measure in the statistics’ database tables.
The structural business and financial statement statistics are not index-based. The data are specific for each year.
A calendar year is used as the reference period for the structural business and financial statement statistics. As the data relate mainly to the accounting period that ended in the statistical year, the accounting period does not always follow the calendar year. Extended and shortened accounting periods are converted to correspond to 12 months.
The structural business and financial statement statistics are published on the level of the entire country. The financial statements data also cover activities outside Finland that are included in the enterprise’s financial statements produced in Finland. Thus, the turnover described in the statistics may also include goods sent abroad for processing and sales of goods and services from abroad to abroad. However the most significant branches abroad have been eliminated from the statistics.
The structural business and financial statement statistics cover all industries, legal forms, types of ownership and business sector categories. All market-based enterprises that have had turnover, personnel, other operating income, investments, or balance sheet during the statistical reference year are included in the statistics. The data contained in the basic table of the statistics are published by main industry and for all sub-industries. Data at different classification levels are published at main industry and 2-digit levels.
Marked-based enterprises engaged in agriculture, forestry and fishery (industry A) that have had income from agriculture, other turnover, personnel, other operating income, investments, or balance sheet during the statistical reference year are included in the statistics. Only personal data on agriculture are comprehensively included in the statistics.
For industry 02, the units that have had income from forestry, other turnover, personnel, other operating income, investments, or balance sheet during the statistical reference year are included in the statistics.
From 2021 onwards turnover and value added are published for financial and insurance activities (TOL K) on top of the number of enterprises and the number of personnel. EU grant funding has been received for the renewal of statistics compilation in 2020 to 2022.
There are two small enterprises engaged in the manufacture of tobacco products (TOL 12000). The data on these enterprises are not published for the industry they represent, and neither enterprise is included in the combined figures for all industries. Publishing these data would lead to the protection of data on industries that are significantly more important. Financial statements of enterprises are published for industries B to S Financial statement statistics for credit institutions, investment service companies, life insurance and non-life insurance companies can be found from separate database tables. These tables include only companies that are supervised by the Financial Supervisory Authority. Thus the tables do not cover for example foreign filiates operating in Finland. With a few exceptions, the financial statement data for industries B to S excl. K are published by main category and at the 2-digit level of the Standard Industrial Classification.
The annual data contained in the Business Register and the financial statements data of the structural business statistics were combined into the structural business and financial statement statistics in 2013. The group of statistical units in the structural business and financial statement statistics was expanded year 2023. Previously, only enterprises having operated for at least six months in the statistical reference year and whose turnover, number of personnel, investments or balance sheet exceeded the statistical limit were included in the statistics. Limitations concerning the operating time and size of enterprises have been removed from the definition of statistical units. Annual data contained in the statistics can be found on the website of the statistics and in Statistics Finland’s StatFin database with renewed statistical units for the period from 2018 onwards. Database tables created with the old statistical units can be found in the StatFin database archive for years 2013 to 2021.
The financial statement statistics on credit institutions, statistics on investment service
companies and statistics on insurance activities have been added to the structural business and financial statement statistics at fall 2022. In the process, the content of the database
tables was narrowed down. Financial statement data on credit institutions will no longer be published by bank group. In future, data on credit institutions and investment service companies will be released only once a year instead of the previous quarterly publication. Concerning insurance activities, neither data on employment pension schemes nor more detailed data on investments will in future be published in the database tables. Appendix tables of the statistics will no longer be published either. In future, the statistics will not include data on branches abroad. The financial statement statistics on credit institutions, statistics on investment service companies and statistics on insurance activities can be found from the structural business and financial statement statistics starting from the data for year 2021. The old publications and time series of the statistics will be retained and they are available on the old pages of the statistics. For insurance activities the data can be found starting from year 2012.
Data on financial statements produced by credit institutions in accordance with a uniform financial statement formula have been produced since the beginning of 1995. From 1974 to 1995, data on financial statements produced by credit institutions were produced so that financing companies and credit companies were no included in the uniform frame because these were not yet covered by the harmonised credit institution legislation. Before 1974, a separate publication was produced for each banking group, the content of which also differed to some extent in respect of the financial statement formula. Statistics Finland has been publishing bank statistics on all banking groups starting from the data for 1970. The journey of bank statistics started in the 1868 statistics on savings banks, which was a report of the inspector of savings banks on their state and management.
At the beginning of 2005, a new IAS/IFRS accounting standard was introduced for financial reporting by investment service companies. Financial statements of investment service companies produced in accordance with a uniform financial statement formula prior to 2005 are available for the years 1998 to 2004 on a quarterly and annual basis. No consistent consolidated financial statements data are available for previous years.
The data are not regularly revised. Data for years prior to the newest statistical year is updated as required in connection with the regular statistical releases. Notice of the updates is informed in the footnotes of the database tables.
Financial statements data can be found in Statistics Finland’s StatFin database for the period from 1999 to 2012. Data for years prior to 1998 are available in paper publications for the period from 1974 to 1998.
Annual data entered in the Business Register are contained in Statistics Finland’s StatFin database for the period from 1993 to 2012. Data for the years before 1993 are available as paper publications.
Frequency of dissemination
The structural business and financial statement statistics are published twice a year on the website of Statistics Finland. The preliminary data are published in September of the year following the statistical year, and the final data in December.
Assets covering technical provision is the result for the financial period in the insurance technical calculation of the insurance company. The main items in the calculation of assets covering technical provision are earned premium, claims incurred and operating expenses. In Finland, the income and expenses of investment activities for life insurance and pension insurance companies are included in the insurance technical calculation, not for non-life insurance companies.
Business ID, or business and organisation code, is an identifying code given by authorities to all legal units.
The Business ID consists of seven numbers, a hyphen and a control number.
The change in the provision for outstanding claims is the difference of the provision for outstanding claims at the beginning and end of the financial period. The change in the provision for outstanding claims is visible in the profit and loss account and claims incurred directed to the financial period can be determined as the sum of it and claims paid.
Calculated as the difference of the provision for unearned premiums at the beginning and end of the financial period. The change in the provision for unearned premiums is visible in the profit and loss account and earned premium directed to the financial period can be determined as the sum of premium income and provision for unearned premiums.
Claims incurred consist of claims paid and changes in the provision for outstanding claims, from which reinsurers' shares are deducted. The part of claims to be paid is allocated to claims incurred that are directed to the financial period. Claims incurred are thus recorded on accrual basis.
Claims paid are recorded as expenses for the period when the benefits are paid before the reinsurers' share. The recording of claims paid is thus made on accrual basis. In addition to benefits, claims paid also include claims handling expenses.
A community engaged in economic activity to benefit its members, whose number of members and capital are varying. The members participate in the activity by exploiting the services of the community. The founders of a co-operative society must number at least one. A co-operative society is entered into the Trade Register. A co-operative bank is a co-operative society engaged in banking activity.
Corporations subject to taxation include: 1) corporations subject to taxation, 2) bodies jointly and severally liable for tax withholding, such as unregistered companies, foundations or association, 3) jointly owned forests, 4) farms, 5) trade associations and 6) other units subject to taxation.
Premiums paid for derivative instruments, including positive fair values of derivative instruments included among assets.
Insurance business received by the insurance company directly from the policy holder. In direct insurance the policy holder is a customer that is not another insurance company
Earned premium consists of the sum of premium income and change in premium income, from which the reinsurers’ shares are deducted. Earned premium is income allocated from premium income directed to the financial period. Earned premium is thus recorded on accrual basis.
An enterprise is a unit with decision-making autonomy, which produces goods and/or services to be sold on the market.
Enterprise corresponds to legal unit, if the legal unit is not part of an enterprise group. Otherwise, the enterprise is an enterprise group or part of one.
The definition of enterprise is based on the EU regulation concerning statistical units (EEC) 696/93.
The largest enterprise groups operating in Finland are entered into the Enterprise Group Register. Data on an enterprise groups' turnover, balance sheet total and number of employees are entered annually into the Enterprise Group Register. In addition, information is recorded about the structure of the enterprise group: its group head, subsidiary companies, joint venture companies, associate companies and their Business IDs, group head's shares of ownership and votes in group companies, start and finish dates of group relationships and type of group membership. Municipal enterprise groups are also entered into the Register. Since 2003, the Enterprise Group Register has also contained sub-groups.
An enterprise group is an economic entity formed by two or more enterprises, in which the group head has either alone or together with other enterprises belonging to the same group the right of control in one or several other enterprises (subsidiary companies).
Cf. group of enterprises.
Nowadays only concerns non-life insurance companies. The equalisation provisions equalises the effect of random variations of claims paid on assets covering technical provision. The average of a longer term claims ratio is used in calculating the equalisation provision.
A foundation refers to assets set aside for a certain purpose and administered by the board of the foundation. A foundation can be established with a charter of foundation, last will and testament or a deed of donation. A licence to establish a foundation must be applied for from the Board of Patents and Registration, which also ratifies the rules of the foundation. A foundation is entered into the register of foundations maintained by the Board of Patents and Registration.
Funds also belong to this category of legal form.
A general partnership must have at least two founders who may be either natural or legal persons. Each partner in a general partnership is responsible for the partnership's liabilities to their full extent as if they were their own debt. A general partnership is entered into the Trade Register.
Intangible rights and assets acquired against a consideration (e.g. concessions, patents, licenses and trademarks). Intangible assets generated through internal development activities can be included on a prudent basis.
Current assets refer to commodities intended for assignment or consumption as such or after further processing. Current assets are divided into materials and supplies, work in progress, finished goods, other current assets and advance payments.
Materials and supplies refer to the commodities which have been acquired for the purpose of manufacturing current assets by a party obliged to keep books and engaged in manufacturing or service provision. These commodities include the raw materials and materials and auxiliary substances used in the production of goods or services.
Work in progress refers to commodities intended for sale or for use in service production, whose manufacturing process is not finished at the time of the closing of the accounts (semi-finished goods).
Finished goods refer to self manufactured commodities that can be assigned, sold or used in service production. Goods refer to commodities from external suppliers that are intended for sale or for use in service production as they are.
Other current assets refer to commodities bought or manufactured for the purpose of selling them as such or after further processing which are not included in the above mentioned current assets items. Other current assets may include, among others, lots or other property intended for sale which have been transferred from fixed assets to current assets.
Advance payments refer to purchase prices or parts thereof paid to the supplier of current assets commodities before receiving the commodities.
Legal form identifies the legal status of a legal person. The classification of legal forms is based on the company forms of the Trade Register and on the requirements of taxation legislation. The legal forms of enterprises and corporations are recorded in the Business Information System.
Statistics Finland's classification of legal forms is based on this system and on the Tax Administration's coding of legal forms. Some of the Tax Administration's categories have been combined in Statistics Finland's classification.
A legal unit is a corporation, or an organisation registered for conducting business. A legal unit is identified with a Business ID.
Legal units are, for example, limited companies, private practitioners of trade, co-operative societies, state-owned companies and foundations.
Liabilities is capital that external parties invest in the enterprise. A liability always involves a repayment obligation. The repayment period for current liabilities is at most one year and that of non-current liabilities is over one year. The main source of liabilities for an enterprise is banks. Different forms of lending include short and long-term credits, overdrafts on current accounts, and intermediated credits.
A limited company can be founded by one or more natural or legal persons. The share capital of a private limited company must be at least EUR 2,500 and that of a public limited company EUR 80,000. The shareholders are not personally responsible for the company's liabilities. A limited company is entered into the Trade Register.
A limited partnership has both a liable and a silent partner. There may be one or more of each. Silent partners are only responsible for the partnership's liabilities up to the amount of capital they have invested into the partnership. Liable partners are liable for all debts of the partnership with their entire assets. The sizes of the investments of silent partners and the method for calculating their shares of profits must be recorded in the articles of incorporation of the partnership. A limited partnership is entered into the Trade Register. The name of a limited partnership must disclose its form either as an abbreviation or as an unabbreviated word.
Mutual interest bodies, such as fishery collectives and road maintenance associations.
A natural person engages in entrepreneurial activity under his/her own name or under a registered trading name.
This group includes own-account workers, sole proprietors, most agricultural and forestry entrepreneurs, as well as practitioners of trade.
Employees comprise wage and salary earners and self-employed persons. Employees are converted to annual full-time employees so that, for example, an employee working half-time represents one half of a person and two employees working half-time for one year represent one annual full-time employee.
Labour input for self-employed persons is calculated as the input the owner of an enterprise or his/her family member makes into the enterprise without actual remuneration.
For enterprises not included in the surveys of the Register of Enterprises and Establishments numbers of employees are estimated from data on wages and salaries.
Receivables from payment transactions, receivables on various settlement accounts, margin receivables related to derivative instruments and other receivables not reported under any other item in the balance sheet.
Wages, salaries and rewards, pension expenses and other employer contributions = Personnel expenses
Personnel expenses comprise wages and salaries subject to withholding of tax and comparable expenses, as well as expenses determined direct based on wage or salary, such as social security contributions, statutory and voluntary personal insurance contributions and pension expenses.
Other voluntary personnel expenses come under other operating expenses.
Premium income is recorded for the financial period when the insurance period started. It is reported before the reinsurers' share. Premium income is received from started insurance policies and assets at the end of the financial period. Credit losses of assets, insurance premium taxes, reductions and other public payments are deducted from premium income.
Includes all provisions paid after the financial period which are formed from the insured events occurred in the financial period or before it.
The provision for unearned premiums describes the part of the premium income in the financial period or earlier financial periods whose risk is directed to future financial periods.
Reinsurance is an agreement between the direct insurance company and the insurance company acting as a reinsurer, by which the direct-writing company can transfer part of its insurance liability to be borne by another insurance company.
Assumed reinsurance refers to insurance business received by an insurance company from another insurance company. Ceded reinsurance, which is visible in the profit and loss account as reinsurers’ shares, refers to the share of insurance business transferred to another insurance company.
Formed as the sum of the provision for unearned premiums and the provision for outstanding claims. In insurance companies’ profit and loss account, technical provisions describe the transfer items of claims paid and earned premium to be transferred to the balance sheet, which are the insurance company’s debt to policy holders. Technical provisions are thus comparable to accrued liabilities in the financial statement of other fields
The enterprises and corporations included in the Register of Enterprises and Establishments are divided into the following categories by type of ownership:
Region of Åland
Other type of ownership.
In unit-linked insurances the insurance premiums of the policy holder are directed to one or several investment targets. The value of the insurance develops according to the value changes of the investment targets chosen by the policy holder.
A voluntary association is an association founded by at least three private persons intending to join it as members or by an agreement of a corporation or foundation, and entered into the register of associations maintained by the National Board of Patents and Registration, the purpose of which is non-profit making (in other words the purpose may not be acquisition of profit or other financial benefit for the members). A voluntary association may engage in a trade or other gainful activity if an order concerning this is included in the association's by-laws or if such activity relates direct to the realisation of the association's purpose, or if the activity can be regarded as financially insignificant. E.g. sports association, political party, trade union, scout association.
Accuracy, reliability and timeliness
The main source of error is non-response.
Data are collected and checked 11 months after the end of the statistical year. Preliminary data on the structural business and financial statement statistics are published nine months after the end of the statistical year. Final data are published 12 months after the end of the statistical year.
There are no delays in releasing the data contained in the structural business and financial statement statistics. The data are published on the days given in the release calendar.
Comparability - geographical
The data cover the whole of Finland. The structural business and financial statement statistics are based on the Finnish Accounting Standards (FAS) and the international industrial classification. The financial statement statistics on credit institutions, statistics on investment service companies and statistics on insurance activities are based on the international IFRS 9 accounting standard. Turnover and value added for financial and insurance activities (TOL K) are calculated based on Eurostat's definitions. The data sent to Eurostat are internationally comparable.
Comparability - over time
The group of statistical units in the structural business and financial statement statistics was expanded year 2023. Annual data contained in the statistics can be found on the website of the statistics and in Statistics Finland’s StatFin database with renewed statistical units for the period from 2018 onwards. The change causes a break in the time series compared to old data. The effect of the new statistical units on variables other than the number of enterprises is mainly quite marginal, but can affect to some of the variables.
Starting from the statistical reference year 2021, the data on the number of personnel and wage and salary sum in the statistics have been calculated with a new method using the new Incomes Register data. Starting from the statistical reference year 2021, the estimated profit and loss account data of enterprises subject to the Tax Administration’s estimated assessment will be included in the statistics. Previously, these enterprises' profit and loss accounts were not included in
the statistics. Due to the renewals, the data is not fully comparable with earlier years.
Starting from the statistical reference year 2021, data on branches abroad concerning the largest units have been removed from the statistics. The change causes a break in the time series for some industries compared to previous years.
Temporal comparability of the data in archive is weakened by changes concerning industries, and changes in the Accounting Act and Accounting Decree. There were significant changes in forming the statistics from 2013 onwards, which causes a break in the time series for some of the variables and indutries.
Coherence - cross domain
Coherence with other statistics is limited by conceptual and methodological issues. The turnover given in the business indicators has been calculated on the basis of the self-assessed taxes data supplied by the Finnish Tax Administration. The definition of turnover in the self-assessed taxes returns does not fully correspond with the turnover stated in the profit and loss account. The industry-specific added value in the national accounts at basic prices differs from the value added stated in financial statements, because the calculations of the national accounts are prepared separately for each establishment. The calculation of the value added stated in financial statements is based on enterprise-level data. The value added stated in financial statements is also valued at producer prices. The calendar year, six months, quarter or month is used as the measurement period in the monthly indicators of enterprises. The measurement period for structural business and financial statement statistics is the 12-month accounting period. The accounting period is not always the same as the calendar year.
Coherence - internal
The financial statement statistics on credit institutions, statistics on investment service
companies and statistics on insurance activities are based on the international IFRS 9 accounting standard whereas the financial statement data for other industries are based on the Finnish Accounting Standards (FAS). The financial statement formula is also in other ways significantly different for the financial and insurance companies than for other industries. Because of these differences the the financial statement statistics on credit institutions, statistics on investment service companies and statistics on insurance activities are published in independent database tables separate from the rest of the industries.
Source data and data collections
The data contained in the structural business and financial statement statistics are based on the business tax data and registers of the Finnish Tax Administration, the FINREP and VAKRA data of the Financial Supervisory Authority and inquiries carried out by Statistics Finland. The source data are based on data on legal units. These source data are described in more detail below. The data are supplemented with inquiries carried out by Statistics Finland.
Finnish Tax Administration registers
Business start and end data, home municipality, preliminary industry of new enterprises, and wages and salaries are obtained from the Finnish Tax Administration registers. The register data are supplied to Statistics Finland once a month.
Business tax data of the Finnish Tax Administration
The business tax data contain profit and loss account and balance sheet data, as well as data on investments in fixed assets. The data are supplied on main tax forms 4, 5, 6A, 6B, 6C and 6U and on appendix forms 7A, 7M and 62. The forms contain data on enterprises that have been liable to pay taxes in the year in question. The business tax data are supplied to Statistics Finland on previously agreed dates. There are approximately ten data deliveries each year.
Statistics Finland’s own data collections
Each year, Statistics Finland collects data from approximately 5,500 enterprises by means of a financial statements inquiry (TILKES). All enterprises with more than 60 employees or turnover over EUR 40 million or a balance sheet of more than EUR 300 million are included in the financial statements inquiry. Enterprises employing between 10 and 60 persons are selected for the inquiry by means of random sampling. A small number of enterprises with fewer than ten employees and all market-based municipal enterprises are also included in the inquiry. The purpose of the inquiry is to collect data that are more detailed than the figures included in the enterprises’ official financial statements. The inquiry covers specific turnover and cost data, investment data and other additional data on financial statements.
The information of enterprises’ and institutions’ establishments address, name, the number of wage and salary earners in person-years, industry, and the starting date, the ending date and the date of transition of business is collected in the Business Register Inquiry on establishment.
The inquiry annually covers approximately 13,000 enterprises and institutions. The inquiries are sent yearly to enterprises and institutions working in several different addresses and employing at least 5 person-years. Approximately every three years the enquiry is sent to enterprises and institutions working in only one establishment.
The number of wage and salary earners in enterprises not included in the surveys and in enterprises who have not answered to the survey is estimated.
Data for Statistics Finland’s own data collections are gathered with a web questionnaire. In addition, under an agreement between Statistics Finland and the Finnish Tax Administration, the latter agency delivers the business tax data to Statistics Finland on the agreed dates. Statistics Finland has similar agreement with the Financial Supervisory Authority. The financial statements web questionnaire has been tested in connection with its introduction, and when changes have been made to it. The instructions for the questionnaire have been specified based on customer feedback. The non-response of the inquiry is monitored yearly.
Frequency of data collection
The data for the structural business and financial statement statistics, TILKES, and the Business Register are collected once a year.
Processing of business tax data
The quality of the Finnish Tax Administration data are verified programmatically. The data are revised automatically by means of mass editing and imputing. Values missing from the data are primarily replaced with data for earlier years and secondarily with data on enterprises in the same category in terms of turnover and number of personnel. Errors and outliers are corrected logically by means of editing or by removing outliers. Minor turnover errors (less than five per cent) are scaled. Two different imputation methods are in use. Donor imputation is used when the enterprise is included in the statistical frame but no data are available in the material provided by the Finnish Tax Administration. In such cases, the data are obtained from enterprises of similar size operating in the same industry. The second method is used when no tax data on the enterprise can be obtained for the statistical year in question but the data for the previous year are available. In such cases, the data are imputed by using changes in turnover in the periodic tax data as weighting coefficient.
Sample responses are processed manually with the business tax data for each enterprise separately, using the image archive of the Finnish Patent and Registration Office. Checking of the additional data on financial statements is guided by internal production application rules. Using approved data as a basis, industry-specific coefficients are calculated for turnover specifications and expenditure specifications. The coefficients are used to produce corresponding data for the entire group of enterprises. All enterprises in the random sample that have received only a small number of penalty points are approved en masse. Some of them are returned to manual checking.
Validation for the financial statement statistics on credit institutions, investment service
companies, life insurance companies and non-life insurance companies
Automatic and manual checks are made to the data, typically due to missing or abnormal observations. Such checks can be made, for example, by comparing reported data with published financial statements.
The quality of the Finnish Tax Administration data is verified programmatically. Business tax data are scored separately for each enterprise in accordance with a scoring model. In the model, penalty points are given for logical errors in income, expenditure or balance sheet subtotals, and for differences in balance sheet totals and changes in turnover. Moreover, companies with a large number of employees get more points than small enterprises. Enterprises with a large number of penalty points are corrected manually even if they were not included in the TILKES inquiry. Quality codes are determined for business tax data, and the codes apply to income, expenditure and balance sheets in each individual enterprise.
Validation for the financial statement statistics on credit institutions, investment service
companies, life insurance companies and non-life insurance companies
Validation is carried out in connection with data collection and the compilation of primary statistics. The checks are typically related to missing or abnormal observations.
Principles and outlines
Contact organisation unit
Legal acts and other agreements
The compilation of statistics is guided by the Statistics Act. The Statistics Act contains provisions on collection of data, processing of data and the obligation to provide data. Besides the Statistics Act, the Data Protection Act and the Act on the Openness of Government Activities are applied to processing of data when producing statistics.
Statistics Finland compiles statistics in line with the EU’s regulations applicable to statistics, which steer the statistical agencies of all EU Member States.
Further information: Statistical legislation
The data are published so that no individual enterprise’s data or development can be deduced from them. The compilation of the statistics is also guided by the following legislation:
- Act and Decree (1336/1997)
- Regulation (EU) 2019/2152 of the European Parliament and of the Council on European business statistics and Commission Implementing regulation (EU) 2020/1197.
- Regulation (EEC) No 696/93 on statistical units is applied to the statistics on business activities.
- Regulation on industrial classifications; Standard Industrial Classification 2008 is based on the European Union’s common industrial classification (NACE Rev. 2), which has been supplemented for national needs on the 5-digit level.
- In financial statistics for life insurance and non-life insurance conpanies the financial statement formula is based on the act of the Ministry of Social Affairs and Health for the financial statement and consolidated financial statements of an insurance company (614/2008). The act is based on a directive for the financial statements and consolidated financial statements of the insurance companies (91/674/ETY). The data is directly collected by the Financial Supervisory Authority from all life insurance and non-life insurance companies operating in Finland. The obligation to provide data is based on the Statistics Act and the Act on the Financial Supervisory Authority.
- The financial statement formula used for credit institutions and investment service companies is based on the decree of the Ministry of Finance on the financial statements of credit institutions and investment service companies (Valtiovarainministeriön asetus luottolaitoksen ja sijoituspalveluyrityksen tilinpäätöksestä, konsernitilinpäätöksestä ja toimintakertomuksesta 76/2018) and the supplementary regulations of the Financial Supervisory Authority. The Financial Supervisory Authority collects data from all credit institutions and investment service companies operating in Finland, including from branches of credit institutions and foreign investment service companies in Finland. The obligation to provide data is based on the Statistics Act (280/2004, section 14), the Act on the Financial Supervisory Authority (878/2008, sections 18 and 60), as well as on the above decree of the Ministry of Finance.
Confidentiality - policy
The data protection of data collected for statistical purposes is guaranteed in accordance with the requirements of the Statistics Act (280/2004), the Act on the Openness of Government Activities (621/1999), the EU's General Data Protection Regulation (EU) 2016/679 and the Data Protection Act (1050/2018). The data materials are protected at all stages of processing with the necessary physical and technical solutions. Statistics Finland has compiled detailed directions and instructions for confidential processing of the data. Employees have access only to the data essential for their duties. The premises where unit-level data are processed are not accessible to outsiders. Members of the personnel have signed a pledge of secrecy upon entering the service. Violation of data protection is punishable.
Further information: Data protection | Statistics Finland (stat.fi)
Confidentiality - data treatment
The data contained in the structural business and financial statement statistics are published at aggregate level. Of the variables used in the statistics, the number of enterprises, number of personnel and the industry are publicly available. Other data are subject to confidentiality provisions. The threshold value rule is used in the statistics to assess the disclosure risk of data for all industries. The protected data are suppressed. In primary suppression, data on an individual industry group are protected by suppression if the group has data on one or two enterprises. In secondary encryption, the data are suppressed so that the primarily protected data cannot be derived. The same encryption rules apply to the information services and stricter encryption can be applied on a case-by-case basis. The data transmitted to Eurostat that are subject to primary and secondary encryption are indicated with codes.
Statistics Finland publishes new statistical data at 8 am on weekdays in its web service. The release times of statistics are given in advance in the release calendar available in the web service. The data are public after they have been updated in the web service.
Further information: Publication principles for statistics at Statistics Finland
The structural business and financial statements data are published annually on the statistics’ own website and in the StatFin database. The data are also submitted to the national accounts, the information service subject to a charge and the researcher services. Industry-specific data are also transmitted to Eurostat, which publishes the data on its own website. The basic data of the structural business and financial statement statistics are sent to Statistics and Research Åland each year.
Accessibility and clarity
Statistical data are published as database tables in the StatFin database. The database is the primary publishing site of data, and new data are updated first there. When releasing statistical data, existing database tables can be updated with new data or completely new database tables can be published.
In addition to statistical data published in the StatFin database, a release on the key data is usually published in the web service. If the release contains data concerning several reference periods (e.g. monthly and annual data), a review bringing together these data is published in the web service. Database tables updated at the time of publication are listed both in the release and in the review. In some cases, statistical data can also be published as mere database releases in the StatFin database. No release or review is published in connection with these database releases.
Releases and database tables are published in three languages, in Finnish, Swedish and English. The language versions of releases may have more limited content than in Finnish.
Information about changes in the publication schedules of releases and database tables and about corrections are given as change releases in the web service.
Data revision - policy
The structural and financial statement statistics are not regularly revised. Data for years prior to the newest statistical year is updated as required in connection with the regular statistical releases. Notice of the updates is informed in the footnotes of the database tables.
Revisions – i.e. improvements in the accuracy of statistical data already published – are a normal feature of statistical production and result in improved quality of statistics. The principle is that statistical data are based on the best available data and information concerning the statistical phenomenon. On the other hand, the revisions are communicated as transparently as possible in advance. Advance communication ensures that the users can prepare for the data revisions.
The reason why data in statistical releases become revised is often caused by the data becoming supplemented. Then the new, revised statistical figure is based on a wider information basis and describes the phenomenon more accurately than before.
Revisions of statistical data may also be caused by the calculation method used, such as annual benchmarking or updating of weight structures. Changes of base years and used classifications may also cause revisions to data.
The quality of the structural business and financial statement statistics is examined as the data accumulate. At aggregate level, the data are compared with the previous year and the most significant changes are examined. Coherence analyses of statistics on economic cycles are also carried out.
Quality management requires comprehensive guidance of activities. The quality management framework of the field of statistics is the European Statistics Code of Practice (CoP). The quality criteria of Official Statistics of Finland are compatible with the European Statistics Code of Practice.
Data are released to all users at the same time. Statistical data may only be handled at Statistics Finland and information on them may be given before release only by persons involved in the production of the statistics concerned or who need the data of the statistics concerned in their own work before the data are published.
Further information: Publication principles for statistics
for statistical data.