The Ukrainian National Securities and Stock Market Commission announced this week that it has signed a MOU, together with its international partners from USAID and the EU’s FINSTAR program, to procure and implement a new Inline XBRL based Financial Reporting System, covering public companies, the financial sector as well as a range of large enterprises. As […]
As referenced in last week’s newsletter, Germany’s banks and credit institutions have banded together with the government and XBRL Germany to develop an SME credit reporting system that leverages existing capabilities to generate XBRL financial statements for tax reporting. It’s called the DiFin system. DiFin offers a secure web services-based gateway. It also provides some specific legal […]
Most micro, small and medium-sized legal entities in the Netherlands are required to file their annual accounts with the Chamber of Commerce in XBRL. XBRL Netherlands to organise a free workshop for software suppliers and other interested parties about preparer extensions in the context of SBR. The workshop will be held on Monday 7 May 2018 […]
The Netherlands is the first country in the world to require companies to file XBRL based annual reports with an accompanying electronically signed XBRL-formatted auditor’s opinion and those reports are now starting to be filed. The reports must be submitted to the Dutch Chamber of Commerce within the Netherlands SBR framework in XBRL. The new […]
Did you know? The Netherlands Standard Business Reporting program goes well beyond tax and company reporting. For example, the Ministry of Education, Culture and Science in the Netherlands (OCW) has published a beta version of the OCW Taxonomy, which is part of the SBR National Taxonomy. The OCW segment of the Dutch Taxonomy 2017 includes […]
The Netherlands Institute of Chartered Accountants (NBA) has published a new version of the Dutch XBRL taxonomy for accounting statements in order to better meet the requirements of its SBR Assurance solution. This new taxonomy must be used from 1 January 2018 in the preparation of digitally audited financial statements. This impacts a large number […]
Research undertaken by McKinsey & Company and GLEIF estimates that the wider adoption of Legal Entity Identifiers (LEIs) could yield annual savings of over $150 million in the investment banking industry and up to a further $500m for banks in the issuance of letters of credit. The resulting white paper estimated that annual savings in […]
We hear that the SBR Sweden meeting went well this week. Collaboration across tax, statistics and the companies registrar appears to be moving ahead well. Inline XBRL filing for private company filings isn’t far off, and a test bench will open before long. Stay tuned!
According to an item in ZDNet magazine, the Australian Tax Office (the “ATO”) is faced with a range of challenges associated with the resilience and stability of their systems as the tax authority moves to embrace a much more connected world. The ATO has been home to a raft of innovations (not least their SBR program […]
Guest Post from Hennie Viljoen, XBRL Project Manager at the CIPC At present the Companies and Intellectual Property Commission of South Africa (CIPC) receives all Annual Financial Statements (AFSs) in PDF format, which is obviously an unstructured format. This means analysis of AFS documents has to be done one-by-one by a human analyst. Humans have to […]
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