Transaction Advisory Finland

Reporting basis

FAS (Finnish Accounting Standards) for most companies; IFRS for listed groups.

We bridge reported local-GAAP figures onto the basis the buyer is underwriting, and show the bridge rather than presenting a restated number without workings.

Ledger data and what we ask for

Starting from the export the target's system already produces means less reconstruction and more analysis.

Ledger systems

Netvisor and Procountor dominate the Finnish SME and mid-market segment; both produce complete general ledger exports.

Chart of accounts

Finnish practice follows a fairly standardised chart structure, which speeds mapping onto a buyer's reporting template.

What we ask for

Full general ledger detail plus the filed tilinpäätös, so statutory and management figures can be reconciled early.

Statutory filing

Tilinpäätös filed with PRH (Patentti- ja rekisterihallitus).

We reconcile filed statutory accounts to management reporting early in the engagement, because that is reliably where a buyer's first substantive questions land.

Practical notes

FAS diverges from IFRS on several treatments including development costs and provisions — we bridge onto the buyer's basis.
Finland is in the euro, removing the SEK, NOK and DKK translation layer present elsewhere in the Nordics.
EET working hours still give effectively full overlap with our base hours.

The Finnish M&A market

Finland's deal flow is concentrated in technology, forestry and energy — and Helsinki is the most active mid-market hub in the Nordics after Stockholm.

The Nokia ecosystem, forest industry (UPM, Metsä Board, Stora Enso), energy and cybersecurity (Supercell, TietoEvry) drive mid-market interest.
Sentica Partners, Solidium, Norvestia and Evli are the most active financial sponsors in the SME and mid-market segment.
Most targets are Osakeyhtiö (Oy / limited liability) structures, often founder or family controlled, with compact management teams.
Cross-border targets with Swedish, German or Estonian connections are common given Finland's position between the Nordic and Baltic markets.
Because Finland is in the euro, we handle SEK, NOK and DKK reporting lines elsewhere in the Nordics but not here — one fewer FX layer in the working capital peg.

How a Finnish diligence engagement runs

Before we start

We read the filed tilinpäätös first. Finnish statutory accounts are filed with PRH, so we build a pre-diligence read from public filings.

FAS versus IFRS

Most targets report under FAS with IFRS where listed. We bridge reported FAS figures onto the buyer's basis and show the bridge — development costs and provisions are where it usually diverges.

Source data

Netvisor and Procountor cover the SME and mid-market segment. Both produce complete general ledger exports we can work from directly.

Deliverables

Within 48-72 hours we return the derived monthly P&L, balance sheet and a working-capital estimate, in English or bilingual on request.

No minimum commitment. A first databook is a low-risk way to see the standard before a larger engagement.

Red flags we look for

State ownership influence. Solidium and other state-linked ownership can affect governance and exit options — we assess this early.
Transfer pricing. Cross-border transactions with Sweden, Germany or the Baltics need to be tested for arm's-length pricing.
Revenue volatility. Forestry and energy targets carry cyclical revenue that an annual figure hides — we check the multi-year trend.
Pension underfunding. Defined benefit pension obligations can move net debt materially and are not always visible in the headline numbers.
Ownership concentration. Where one shareholder controls a large majority, buyer risk and exit risk both look different.

What we do on a mandate here

Financial due diligence

Quality of earnings, add-backs and revenue quality, bridged onto the buyer's basis.

Databooks

Built from the native ledger export so schedules tie to source.

Working capital

Peg analysis including the FX layer where local currency meets EUR or USD underwriting.

Vendor assistance

Sell-side packs with statutory-to-management reconciliation prepared in advance.

Frequently asked questions

What accounting basis do Finnish targets report under?

Most Finnish companies report under FAS (Finnish Accounting Standards), with IFRS applying to listed groups and some larger entities. We bridge reported FAS figures onto the basis you are underwriting and show the bridge rather than presenting a restated number without workings.

Which Finnish ledger systems do you handle?

Netvisor and Procountor dominate the Finnish SME and mid-market segment, and both produce complete general ledger exports. If the target runs something less common, send a sample export and we will confirm we can read it before you commit.

Where are Finnish accounts filed?

The tilinpäätös is filed with PRH, the Finnish Patent and Registration Office. We reconcile the filed statutory accounts back to management reporting early in the engagement.

How does the euro change working capital analysis?

Finland is in the euro, so there is no SEK, NOK or DKK translation layer on a Finnish target. That removes an FX element from the working capital peg that we do have to handle elsewhere in the Nordics.

Where does FAS diverge from IFRS?

Development costs and provisions are the two treatments that most often diverge, and both can move reported EBITDA. We bridge onto the buyer’s basis and show the workings rather than just the adjusted number.

Finland deal in progress?

Send the ledger export or the data room index. We will confirm scope and timing within one business day.

Book a consult Get the data-request list

Or email abhishek.bhandari@zionadvisor.com directly.