Revealing financial accounting in Finland under five historical themes

Abstract

This article deals with the historical development of financial accounting in Finland from 1862 to 2005. The period starts with the publication of the first Finnish accounting textbook by August Lilius in 1862. The year 2005 marks another milestone: this was when all listed companies were obligated to prepare consolidated accounts according to IAS/ IFRS standards. The study applies a discourse analysis approach and presents Finnish financial accounting history under five discourses or themes, namely: entrepreneurship, academic, governance control, professional and financial market themes. Some of these have assumed more dominance over time while others have lost much of their former significance.