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Annual accounts in XBRL/SBR Procedures, deadlines, future developments

Annual accounts in XBRL/SBR Procedures, deadlines, future developments. ECRF 2013 Bucuresti John Sloof, The Netherlands Chamber of Commerce. Presentation outline. Obligations with regard to annual accounts Standard Business Reporting / XBRL in the Netherlands The near future.

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Annual accounts in XBRL/SBR Procedures, deadlines, future developments

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  1. Annual accounts in XBRL/SBRProcedures, deadlines, future developments ECRF 2013 Bucuresti John Sloof, The Netherlands Chamber of Commerce

  2. Presentation outline • Obligationswithregardtoannual accounts • Standard Business Reporting / XBRL in the Netherlands • The nearfuture The Netherlands Chamber of Commerce 2013

  3. Dutch Civil Code, Book 2, title 9 • Compulsory to deposit an annual account with the Dutch Business Register for legal persons: • Private Limited Company • Public Limited Company • Cooperative • Mutual Insurance Society • Association running an enterprise (turnover at least 4.4 million) • Foundation running an enterprise (turnover at least 4.4 million) • …. and some others The Netherlands Chamber of Commerce 2013

  4. Deposit obligations • The obligationsdepend on size • Small only has to deposit • a condensed balance sheet and • limited notes • Medium has to deposit • a somewhat simplified balance sheet, • a profit and loss account, • an annual report and • an auditor’s certificate (amongst other things). • Large has to deposit • an extensive balance sheet, • an extensive profit and loss account, • an annual report and • an auditor’s certificate (amongst other things). The Netherlands Chamber of Commerce 2013

  5. Facts & figures Facts & figures 2012 • Over 700,000 annual accounts deposited • 98% of which is from small sized, private limited companies • Modes of delivery annual accounts (2012 numbers) • On paper by mail (80%) • PDF-format by e-mail (19%) • By SBR, in XBRL (1%) The Netherlands Chamber of Commerce 2013

  6. Presentation outline • Obligationswithregardtoannual accounts • Standard Business Reporting / XBRL in the Netherlands • The nearfuture The Netherlands Chamber of Commerce 2013

  7. Standard Business Reporting / XBRL • A Dutch Governmentinitiative • CCI togetherwith Tax Administration, Statistics NL andMinistry of Education, Culture andScience • Keyword: standardisation • UsesXBRL (based on XML) • Benefits SBR forentrepeneurs • SBR reduces reporting and administration work • SBR offers efficiency benefits: once-only input, several deliveries • SBR improves the quality of reports: less errors, early error detection • SBR assures the reception and processing of the reports • SBR is always actual as far as changes to current legislation are concerned • SBR is usedinternationally. The Netherlands Chamber of Commerce 2013

  8. Standard Business Reporting / XBRL • Aimand benefits CCI • Aimfor the CCI is toeliminate the paper mode: allannual accounts by SBR. • Significant costreduction: • No manual processing of paper documentsanymore • No retypinganymore; contents are instantlyavailabledigitally CCI uses the content of the annual accounts (turnovers, profits…) to benchmark legal persons / companies. The Netherlands Chamber of Commerce (KvK Nederland) 2013

  9. Presentation outline • Obligationswithregardtoannual accounts • Standard Business Reporting / XBRL in the Netherlands • The nearfuture The Netherlands Chamber of Commerce 2013

  10. The near future • SBR Planning • Q4 2013: selfservice portal using the internet. • January 1st, 2014 : depositing small sized annual accounts electronically only by SBR (annual accounts on paper still accepted…) • January 1 st 2015: the same for medium and large sized annual accounts • Early 2015: amendment of the law •  From 2015 paper is no longer accepted The Netherlands Chamber of Commerce (KvK Nederland) 2013

  11. Thank you for your attention! Questions? The Netherlands Chamber of Commerce 2013

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