ParsePort XBRL IFRS

ParsePort was the first Danish XBRL provider to report an IFRS accounting to the Danish Business Authority and since then we have reported IFRS financial statements for a large number of danish and foreign companies.

Our expertise, our experience and close dialogue with local business authorities is the main reason that our IFRS solution is a simple and seamless solution for companies around the world that report their financial statements using the IFRS accounting standards.

The process of IFRS accounts
We convert IFRS accounts in a simple 3-step process, as described below.
1. We receive the IFRS account as an editable file (typically a PDF-document)
2. We review the account and convert it to an XBRL file in accordance to the latest IFRS taxonomy.
3. The converted IFRS XBRL-file together with comments and a review report will be returned to you for approval.

When approved, the XBRL-file is ready to be submitted to your local business authority.

Safety and quality of our IFRS accounts
At ParsePort the conversion of financial statements is made by trusted employees. We do not use scanning solutions or robots to convert accounts, as there are many things the human mind picks up, that a scanner never could. In practice this means that each IFRS account will be controlled by two experienced IFRS professionals, and typically 3 in total, as the majority of our IFRS clients also choose to have an external auditor's report on their IFRS accounts.

Get extensions to the IFRS taxonomy
With our IFRS solution it is possible to have extensions made to the IFRS taxonomy which makes it possible to portrait a more fair view of the actual figures in the XBRL financial statements. This is often preferred to the more rigid standard IFRS taxonomy. For instance it’s not possible in the standard IFRS taxonomy to have a statement called “Other external costs”, which means this statement would often just be aggregated in “Other costs”, which many companies don’t feel presents a fair view of the actual distribution of their costs.

With our solution it is possible to have as many extension to the taxonomy made as you like.

Differences in XBRL files
As with many other products it can be difficult to evaluate the difference in quality when you do not have the expertise to assess it. This also applies to XBRL accounting files. The XBRL language is for programmers and not something auditors or CFO's have a deeper knowledge of - and rightly so.

Therefore, there also exists a general presumption that one XBRL file is just as correct as the next. However, this is far from the case and we always urge that one gets the quality of their XBRL financial statements assessed, and thereby make sure that the accounts are correct before they are submitted to the authorities. Especially with IFRS accounts, we see that there is a greater tendency to errors due to the fact, that the IFRS taxonomy is much more complex and contain a greater degree of freedom in relation to the typical domestic taxonomy.

Contact us if you have questions about our solutions or want to learn more about how we can help you converting your IFRS financial statements to XBRL.