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XBRL the Swedish Way

XBRL the Swedish Way. Monica Grahn Lars Rydell Swedish Companies Registrations Office. XBRL the Swedish Way. Monica Grahn Lars Rydell Swedish Companies Registrations Office. Swedish Companies Registration Office (SCRO) Sundsvall. SCRO, some facts;.

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XBRL the Swedish Way

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  1. XBRL the Swedish Way Monica Grahn Lars Rydell Swedish Companies Registrations Office

  2. XBRL the Swedish Way Monica Grahn Lars Rydell Swedish Companies Registrations Office

  3. Swedish Companies Registration Office (SCRO)Sundsvall

  4. SCRO, some facts; • Registration of companies, associations etc • Registration of corporate mortgage • Large information source • Completely fee - financed • Employees ~ 540

  5. Types of companies • Trading partnerships Sole traders 10% 55% Limited partnerships 3% Limited companies 32%

  6. Received annual accounts(per year)

  7. Facts Annual Reports on paper • Average processing time of an annual report is 4 minutes • Average response within 2 workingdays, worst case 5 days • Manual review • 24 full year employeed • Average of 10% errors

  8. 2006 • First version of the taxonomy adopted • Project together with XBRL Sweden • Services in place to receive Annual Reports • Requirement by Swedish law

  9. 2007 • Rebuild of taxonomi architecture • Flexibility • Ease of administration • Ease of future collaboration • Added values in our services • Focus on usability to Auditors • Marketing • To all involved parties, auditors, accountants,companys • Collaboration • Timeframes SW developers, auditors,accountants etc.

  10. 2008 So far we have done: • Marketing • Usability test • Annual Reports for other than Limited Companys • Beta version of Added values in our services • PDF/HTML presentation of annual reports • Validation of annual reports

  11. 2008 Still we have to do: • Even more marketing • Go Live version of added values in our services • PDF/HTML presentation • Validation of annual reports • Seamless integration of Annual Reporting Software • Archiving • Regeneration of receiving services • Result of Usability Test and demands from accountancy sector

  12. The Swedish record From 2 to 5 days to only 16 minutes !

  13. Why XBRL? • International standard • Rapidly accepted • The annual account – interest also in the different parts

  14. Analogue loop of stupidity

  15. Analogue loop of stupidity X X X

  16. XBRL Sweden – the most suitable partner; • Has knowledge of accounting and auditing • Comprises ”the bransch” • Can provide for a wide network in the business

  17. The Swedish way…

  18. Pitfalls • Marketing & awareness! • Collaboration! • Credit information agencys! • Software developers! • Users, Auditors, Accountants, Companys! • Banks! • Acceptance of a new standard • It takes time to adopt to new standards

  19. Measured benefits for the society

  20. Measured benefits yearly savings: From a recent report finished in May 2008Infraplan

  21. Future challenges; • It is not about technology anymore, reforming the way we work is the issue • Clarify the benefit with one standard • Increase the use of our services and the XBRL standard • Involve other authorities and business participants • COLLABORATE

  22. What’s in it for me?

  23. Thank you for your attention?

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