Swedish panies spend in excess of SEK 1.7Billion (USD $212M)each year submitting annual reports to that untry’s business registrar,Bolagsverket.In an effort to rce those sts and increase efficiency,Enomic Development and Innovation Minister Mikael Damberg announced recently that the Swedish ernment is going to start pushing firms towards digital submission with the aim of making such practice mandatory in 2018.

Citing the benefits other untries have achieved,Danberg highlighted the need for a mon standard for submitting reports that would also facilitate the sharing of information between different ernment agencies,and indicated that standard would be XBRL,which in 2015was approved by the Swedish Standards Institute as aSwedish national standard for electronic reporting and exchange of financial information between anisations.

Acrding to XBRL Sweden,this move towards digital reporting is the first step towards Standard Business Reporting.The implementation will be led by Bolagsverket with the participation of Bokföringsnämnden (the Acunting Standards Board),Skatteverket (The Swedish Tax Agency),and Statistiska (Statistics Sweden).Read the press release.(in Swedish;try this translation or Chrome).

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