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Reducing the Reporting Burden in the Regulatory Environment , PowerPoint Presentation
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Reducing the Reporting Burden in the Regulatory Environment ,

Reducing the Reporting Burden in the Regulatory Environment ,

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Reducing the Reporting Burden in the Regulatory Environment ,

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  1. 19th XBRL International Conference“Reducing regulatory burden with XBRL: a catalyst for better reporting”June 22-25, 2009Paris, France Reducing the Reporting Burden in the Regulatory Environment, E-gov by Swedish authorities in collaboration, Pia Löfgren and Mikael Ålund 2009-06-24

  2. Filing with two (or more) authorities through one electronic submission • Joint study between the Swedish Tax Agency and the Swedish Companies Registration Office • Coordinated and simplified filing of financial information for limited companies by the use of XBRL • The primary aim is to reduce the administrative burden for the companies • Any possible benefit for the authorities is of subordinate purpose

  3. Using the same data for different purposes (current situation) • Limited companies yearly files • Annual accounts for publication with the Swedish Companies Registration Office and • Financial information for taxation with the Swedish Tax Agency • This information is submitted at different dates, with different authorities and in different formats, although it by large contains identical data

  4. Using the same data for different purposes (tomorrows situation) • The Swedish Tax Agency and the Swedish Companies Registration Office proposes to establish • Simultaneous filing of both annual accounts and financial information for taxation • One common interface for limited companies • A joint electronic portal • Performed by the use of XBRL

  5. Necessary preconditions • Continous taxation, I.E. the companies can file for taxation 7 months after the end of the fiscal year instead of, as today, at a fixed date • An already existing and agreed taxonomy for limited companies is used as a template for the establishment of the annual accounts, enabling that the balance sheet and the profit and loss statement is produced in a standardised way by use of common sets of elements • XBRL is accepted as the standard for the filing and the exchange of information

  6. Challenges • The introduction of new services and new methods are always difficult and time consuming • The change from traditional to electronic filing is percieved as complicated, risky and expensiv • Different parties with different interests are affected and has to be convinced • Obvious benefits are needed • Requires changes in current laws

  7. The beginning of a major cooperation between Swedish authorities? • Common and agreed standards for • Electronic reporting and exchange of information creates the necessary • Requirements for increased efficency for • The good of the companies, but also for the authorites • Other authorities has therefore stated their interest to participate in our cooperation