XBRL%20the%20Swedish%20Way

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XBRL the Swedish Way

• Monica Grahn
• Lars Rydell
• Swedish Companies Registrations Office

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XBRL the Swedish Way

• Monica Grahn
• Lars Rydell
• Swedish Companies Registrations Office

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Swedish Companies Registration Office
(SCRO)Sundsvall
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SCRO, some facts

• Registration of companies, associations etc
• Registration of corporate mortgage
• Large information source
• Completely fee - financed
• Employees 540

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Types of companies
Trading partnerships
Sole traders
10
55
Limited partnerships
3
Limited companies
32
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Received annual accounts(per year)
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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

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2006

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

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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.

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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

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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

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The Swedish record

• From 2 to 5 days to only 16 minutes !

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Why XBRL?

• International standard
• Rapidly accepted
• The annual account interest also in the
  different parts

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Analogue loop of stupidity
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Analogue loop of stupidity
X
X
X
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• XBRL Sweden
• the most suitable partner
• Has knowledge of accounting and auditing
• Comprises the bransch
• Can provide for a wide network in the business

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The Swedish way
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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

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Measured benefits for the society
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Measured benefits yearly savings
Companies 472MSek 1.764MSek 52M- 196M
Auditor 9MSek 18MSek 1M - 2M
Authoritys 14Msek-16Msek 1.6M - 1.8M
Credit analysists 10MSek 12MSek 1.1M - 1.3M
Banks 30MSek 94MSek 3.3M - 10.4M
Investors, analysts 0MSek 120MSek 0M - 13.3M
Total 500MSek 2.000MSek 55.5M - 222.2M
From a recent report finished in May 2008
Infraplan
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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

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Whats in it for me?
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Thank you for your attention?
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