Swedish Companies Registration Office accepts first online filings
Oxford, 16th January 2007
Swedish companies take advantage of Bolagsverket's new service to make their annual filings using machine-readable interactive data
Bolagsverket, the Swedish Companies Registration Office, has now received its first company accounts formatted in eXtensible Business Reporting Language ("XBRL"), the interactive data format being introduced by a number of European regulators.
The new filing service accepts full annual accounts from small and medium-sized companies. The accounts, which include face financials, notes, directors' reports and auditors' reports, are automatically validated upon receipt to confirm compliance with the Swedish GAAP taxonomy. The validation is carried out by DecisionSoft's True North XBRL processor, the validator most commonly used by regulators today.
"Automated XBRL validation is the most cost-effective way of ensuring the accuracy of submissions," said Roland Höglund, acting General Director of Bolagsverket. "We selected True North because of its fidelity to the XBRL Specification and its high availability."
Bolagsverket's online filing service is expected to grow to cover nearly 300,000 Swedish listed and private companies.
XBRL is an open XML standard used for the electronic communication of business and financial data between companies, regulators and investors. The XBRL standard is managed by a not-for-profit international consortium of around 400 companies, organisations and government agencies.
XBRL allows agreed concepts, such as Swedish GAAP, to be defined and exchanged between compliant systems. XBRL is being used for the corporate financial data submitted to a growing number of regulatory filing programmes around the world, including company accounts for corporate registrars and other regulators throughout Europe.
Bolagsverket, the Swedish Companies Registration Office, is the legal repository of record for information about companies registered in Sweden. The agency maintains and publishes company information including establishment details, annual accounts, corporate mortgages, and liquidations. Bolagsverket provides on-line access to the Swedish company register as well as information about the 18 million companies in the European Business Register.
DecisionSoft Limited, founded in 1997, is one of Europe's leading XML vendors, with a substantial history in the successful design, publication and validation of XML and XBRL for Government departments and Fortune 500 companies.
DecisionSoft's True North suite provides enterprise-strength XBRL processing, and is used to support the XBRL-enabled filing programmes run by Bolagsverket and other company registrars, tax authorities, financial regulators and stock exchanges around the world. The flagship True North validator is widely used as a benchmark for best-practice financial reporting. Boasting world-leading XBRL developers, DecisionSoft products are regarded by many as the "gold standard" in this field.