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 Hoglund, 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.
About XBRL
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.
About Bolagsverket
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.
About DecisionSoft
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.
For more information: http://www.decisionsoft.com
