Since 2012, all companies have had to report their Annual Financial Statements (AFSs) digitally to the Danish Commerce and Industry Agency, the Danish Business Authority (Erhvervsstyrelsen). Companies that are obliged to report annual reports to the Danish Enterprise Agency must report the annual report in PDF and XBRL via Regnskab 2.0 (Accounting 2.0).
The Danish Commerce and Industry Authority proposes two solutions:
- Accounting Basic; and
- Accounts Special.
Accounting Basic, applicable to companies in Class B, is an easily accessible tool to create and report AFSs for small businesses. When data is entered in Accounting Basics, it is automatically converted to PDF format and XBRL. It is therefore not necessary for small businesses to acquire special software to digitally report annual reports. Companies that prepare consolidated accounts cannot use Accounting Basic but must use Accounting Special.
Accounting Special provides greater freedom in connection with the digital AFSs. Tools such as Report Authority can be used to automate the production of the statutory accounts of all subsidiaries and the resultant PDF and XBRL (or iXBRL) versions can be uploaded onto the Danish Business Authority’s submission gateway, Regnskab 2.0 (Accounting 2.0).
Report Authority has been there from the start and was one of the first solutions used to Report XBRL and iXBRL to the Danish Business Authority.
The Danish XBRL taxonomies cater for the reporting standards of both IFRS and Danish GAAP with variations depending upon:
- Income Statement by Nature or Function
- Statement of Financial Position by Current/Non-Current or in Order of Liquidity
- Comprehensive Income Before or Net of Tax
- Cash Flow Statement Prepared under the Direct or Indirect Method
Danish XBRL Taxonomies.
Report Authority’s XBRL Taxonomy Library contains the Danish XBRL Taxonomies and can be used for producing iXBRL instance documents for submitting to the Danish Business Authority via Accounting 2.0. The taxonomies include versions for:
- Danish GAAP (ÅRL taksonomien)
- IFRS (IFRS taksonomien)
Report Authority contains both Danish and English labels for each taxonomy element.
SIMPLIFY XBRL REPORTING.
Report Authority has been designed by accountants, for accountants and minimises any complexity that XBRL reporting has been known to introduce.
With a focus first and foremost on being a tool that can assist an accountant prepare and automate sets of financial statements, Report Authority can successful integrate XBRL into the accounts production process with minimal fuss.
CONVERT OR CREATE.
If your AFSs have already been produced but you require iXBRL versions of them, you can import entire Microsoft Word documents or content from Microsoft Excel workbooks to be XBRL tagged and converted to iXBRL format. This is useful if;
- you need the previous periods AFSs in iXBRL format prior to the implementation of Report Authority; or
- you do not have control of the creation of the AFSs.
Alternatively, you can utilise the full set of functionality to create, automate, validate and replicate your AFSs from within Report Authority itself.
EFFICIENT AND CONSISTENT REPORTING.
Companies may have to produce many XBRL submissions for the Danish Business Authority – one for each entity in the group. This can be a significant burden on finance teams because;
- manually XBRL tagging each entity is time-consuming, and;
- it is difficult to achieve consistency in content and XBRL tagging across all entities in the group.
Report Authority’s templating functionality alleviates this burden because the content, XBRL tags and data mappings of a segment can be determined by the template – any changes of which will be cascaded automatically and consistently to all entities in the group.
LINKS TO ORACLE EPM AND MORE.
Automate your Annual Financial Statements (AFSs) by linking facts in the report to external data sources such as Oracle HFM, Planning & Essbase, and Microsoft Excel.
Easily calculate facts based on values of others, cross-reference facts and mix presentation scale – without introducing rounding differences.