Annual accounts for a housing co-operative – which requirements and deadlines apply?
Every co-operative has to prepare annual accounts and have a statutory audit, whatever its size. The Housing Co-operatives Act sets four fixed deadlines: the auditor's report has to reach the board at the latest two weeks before the general meeting, the accounting documents go to the members at the latest eight days before, the general meeting is held by the end of June, and the accounts are filed at the latest one month after adoption.
Every co-operative has to prepare annual accounts
Housing co-operatives are expressly subject to the Accounting Act, and the duty applies to small ones too. That also brings bookkeeping obligations: income and costs have to be booked and documented, balance sheet items reconciled, and the documentation kept under the bookkeeping rules – see Retention of accounting records The annual accounts have to contain a profit and loss account, a balance sheet and notes. Medium-sized and large entities also need a cash flow statement, so an ordinary co-operative that is a small entity normally does not.
Co-operatives have their own accounting rules
Co-operatives do not only follow the Accounting Act. There is a separate regulation on annual accounts and directors' reports for housing co-operatives. Among other things it requires a statement of available funds and the change in available funds – the information can alternatively be given in the notes. Available funds are defined as current assets less short-term liabilities. The statement shows how the year's result, investments, maintenance, new loans and repayments have affected the co-operative's available funds. The regulation also has specific note requirements, including on long-term shared debt and material loan terms. A co-operative's accounts therefore look different from an ordinary company's – and the statement of available funds is exactly what the board should read first.
Co-operatives have to have an auditor
Co-operatives are subject to a statutory audit and cannot opt out the way some small limited companies can – see Statutory audit The general meeting elects the auditor, who issues an auditor's report for each financial year. Under section 9-5 of the Act the report has to be with the board at the latest two weeks before the ordinary general meeting. The year-end close therefore has to be finished early enough for the auditor actually to complete the audit.
Who has to sign?
The annual accounts have to be signed by every board member, and by the general manager where the co-operative has one. Where one of them disagrees with the accounts, they still have to sign, but can enter an express reservation and give a fuller explanation. The board should therefore deal with finished accounts before they go to the general meeting – not sign at the meeting without having read them.
The general meeting: by the end of June
Section 7-4 of the Act says the co-operative has to hold an ordinary general meeting by the end of June each year, and that the question of approving the annual accounts always has to be raised and decided there. The accounts, any directors' report and the auditor's report have to be sent to all members with a known address at the latest eight days before the meeting. For a co-operative on a calendar year the timeline is: 31 December – the financial year ends January to spring – the accounts are closed, reconciled and prepared for audit At the latest two weeks before the meeting – the auditor's report reaches the board At the latest eight days before – the accounting documents go to the members By 30 June – the ordinary general meeting
Two different filing deadlines
It is important to separate these. The Accounting Act says the accounts have to be filed with the Register of Company Accounts at the latest one month after they are adopted. Approve them on 15 May and the ordinary deadline is 15 June. The late-filing fee attaches to an outer limit: for a co-operative on a calendar year, complete annual accounts have to be filed by 31 July to avoid a fee. The board should not use 31 July as a working deadline. It is the outer limit, not the rule – see The annual cycle for a Norwegian AS for the same distinction in limited companies.
What the late-filing fee costs
Where complete annual accounts are not filed by the deadline, the late fee starts to run. In 2026 the court fee is NOK 1,345, and the fee escalates: The first 8 weeks: NOK 1,345 per week The next 10 weeks: NOK 2,690 per week The last 8 weeks: NOK 4,035 per week Part of a week counts as a whole week. The fee runs for a maximum of 26 weeks and can reach NOK 69,940 in 2026. The co-operative has to pay it. But where the fee is not paid within three weeks of demand, the board members can become personally and jointly liable for the accrued amount. The Brønnøysund Register Centre also states that the liability survives a bankruptcy, and that the fee cannot be appealed – only a waiver can be applied for. That liability concerns the fee itself and must not be confused with a general personal liability for the co-operative's finances – see The annual accounts have not been filed
An accountant does not relieve the board
The co-operative can leave the year-end close and the filing to an accountant or managing agent, but the board should follow up that the work is actually completed. The Brønnøysund Register Centre emphasises that the board is responsible for the accounts being filed, including where it has been agreed that the accountant or auditor will handle it. Internal problems or misunderstandings between the co-operative and its accountant or auditor also do not normally give grounds for a waiver of the late fee.
Do not forget the reporting to Skatteetaten
The annual accounts to the Register of Company Accounts and the reporting to Skatteetaten are different obligations. Co-operatives taxed under the special rules for housing companies have to report third-party information about each member's share of the income, costs, wealth and debt. The ordinary deadline is 31 January in the year after the income year. The information is used in the members' pre-filled tax returns, so an error here hits the residents directly.
A deadline overview for the board
For an ordinary co-operative on a calendar year: 31 January – third-party information to Skatteetaten At the latest two weeks before the meeting – the auditor's report to the board At the latest eight days before – the accounting documents to the members By 30 June – the ordinary general meeting Within one month of adoption – the accounts to the Register of Company Accounts By 31 July – the outer limit for avoiding a late fee Greenleaf can help with the continuing bookkeeping, reconciliation, the year-end close, the reporting and working with the auditor, so the board gets an orderly process from the end of the financial year to filed accounts.
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This is general guidance, not advice on your specific case. Deadlines, rates and amounts change – always check the current rules, or get in touch with us.
More on housing companies and voluntary organisations
- Accounting and management for housing co-operatives and jointly owned property – what applies?
- The board's financial responsibility in a housing company – how far does it reach?
- Budgets and shared costs – how are they set correctly?
- VAT for housing companies – when does it become relevant?
- Clubs and associations – when do accounting, tax and VAT obligations arise?
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