Digital annual accounts expected to save millions  

2004.09.13
From January 2005, Danish companies can send their annual reports electronically to the Danish Commerce and Companies Agency via a new data standard

From January 2005, Danish companies can send their annual reports electronically to the Danish Commerce and Companies Agency via a new data standard. The new financial standard is called eXtensible Business Reporting Language or XBRL. Currently Denmark's 120,000 registered companies send their annual reports on paper to the Danish Commerce and Companies Agency. The new practice is expected to result in multimillion savings.

 

Lars Dyrner, representative of the Association of State Authorised Accountants, says that much financial reporting to both the public and financial sector currently causes considerable internal and external costs for the corporate sector, and with XBRL a lot can be saved on administration.

 

The XBRL standard is based on the open XML data format which can be used across different systems and platforms. The new is reported by online IT newspaper ComOn.

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