Business Issues -> Compliance
Released: 4th February 2013
Publisher: Report Authority
2013 – A critical year for both large class “C” companies and monetary financial institutions. The Danish Business Authority’s XBRL mandate is already applicable for small (class “B”) companies where companies have to submit their financial statements in XBRL format to the Danish Business Authority. Now the time has come for the “large” transition. COREP XBRL reporting to the Finanstilsynet is also due to commence during the period.
Report Authority, recently mentioned by FSN as “XBRL software vendor to watch in 2013” is an innovative XBRL document authoring tool that is ready for XBRL compliance, and already in use by Danish companies and worldwide.
In 2013, submissions of financial statements to the Danish Business Authority will have to be in XBRL format for small class “B” companies (companies with assets up to 36 million Danish krone, revenue up to 72 million Danish krone and staff numbers up to 50).Those which have their period ending on the 31st December 2012 must prepare and submit their financial statements in XBRL using either the public provided solution (Regnskab Basis) or a 3rd party XBRL tool.
Large companies (class “C”) have an additional year to prepare and must be ready for the December 2013 year end, including the listed companies (class “D”) a year later. The publicly provided solution (Regnskab Basis) is not applicable to these larger companies, which leaves them with no choice but to adopt a third party solution to meet the requirement.
Monetary financial institutions have the additional compliance burden of providing COREP reporting to the Finanstilsynet in XBRL format. Whilst usually performed by disparate teams within the organisation, it would be beneficial for companies to consider both requirements when deciding their best course of action.
In addition, companies with subsidiaries, both local and in other European countries, which already have XBRL mandates (such as the UK and Ireland), should consider sourcing a single solution to use group wide.
2013 is therefore a critical year for large Danish companies to prepare themselves for the upcoming XBRL mandate in advance of the December 2013 year end.
About Report Authority
Report Authority is an XBRL report authoring tool in use within a number of jurisdictions, including Danish companies. Incorporating the local Danish business rules being enforced by the Danish Business Authority, users can ensure that the XBRL output will be accepted at the regulators submission gateway.
With familiar word processing functionality, Report Authority offers an easy-to-use solution that eliminates the unfamiliar concepts which make XBRL reporting so complex, and integrates XBRL into the workflow, enabling an effective and efficient document production process.
For more information about Report Authority, visit www.reportauthority.com
THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY AND MAY NOT BE INCORPORATED INTO A CONTRACT OR AGREEMENT.
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 FSN article
Published by: IT Analysis Communications Ltd.
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