Summary: EXECUTIVE SUMMARY Finland meets most of the principles of the Fiscal Transparency Code at good or advanced level. Some areas, notably related to the analysis and management of fiscal risks, are still rated as basic or below, but with a few exceptions the importance of these areas for fiscal management in Finland is relatively low. Table 0.1 below is a summary assessment of performance against the principles of the Fiscal Transparency Code ranked according to their relative importance for fiscal management in Finland. Overall, the Finnish authorities produce an impressive amount of data and information related to all three pillars of the Code. Fiscal reporting in Finland is transparent and meets good or advanced practice in all areas (Section I). Key findings in this area include: ? Fiscal reports consolidate the general government sector in line with ESA 2010 reporting standards, and cover roughly 80 percent of total public expenditures and revenue. They are prepared frequently, and in a timely manner, and include all reconciliations required under the Code; ? Financial statements are published for all central government entities, but these are not consolidated into a single financial statement for central government; ? General government balance sheets consolidate financial assets and liabilities, but exclude nonfinancial assets of some 77 percent of GDP, and pension liabilities related to government employees of some 100 percent of GDP. Although financial data on public corporations are published, there is no single report that presents a comprehensive view of the finances of the consolidated public sector as a whole; ? Tax expenditures of 12 percent of GDP are high by international comparison, but disclosed on a regular basis; and ? Fiscal statistics are compiled and disseminated in accordance with EU regulations and Special Data Dissemination Standards (SDDS), and financial statements of central government are audited without major qualifications by an independent supreme audit institution in line with International Organization of Supreme Audit Institutions (INTOSAI) standards.

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