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Launch of taxonomies for companies using the K2
accounting category
3 October 2017
Lundqvist & Lindqvist KLARA STRAND
Stockholm
In cooperation with…
and other interested parties…
• company owners and representatives
• software suppliers
• trade and business organisations
• information users
Agenda
• Background
• About the 2017 taxonomies
• Taxonomy for auditor’s report
• Information from Bolagsverket
• Other questions
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Background
• Taxonomies which are covered:‒ annual report for small limited companies
(accounting category K2)‒ auditor’s report for K2‒ annual report adoption certificate for limited
companies
• A public working draft (PWD) review period took place from 30 May to 13 August 2017:
‒ about 60 feedback items of varied character came in
‒ the majority of the feedback concerned annual reporting for K2 small limited companies
‒ there was even feedback about Bolagsverket’sservice and implementation of iXBRL/XBRL
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Background
• Today’s taxonomies are based on guidelines and thinking from the 2009 version
• Simplicity has been a key word‒ simple to create and simple to understand.
• The terms should be independent
• Support for only the most usual scenarios
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About the 2017 taxonomies
• The taxonomies which have been published:
‒ Annual report for small limited companies (accounting category K2)
‒ Auditor’s report for K2‒ Annual report adoption certificate for
limited companies aktiebolag‒ Extended information
• For information in Swedish about the taxonomies go to www.taxonomier.se
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Annual reports for small limited companies (category K2)• Prepared in accordance with the Swedish Accounting
Standards Board’s general guidelines about annual accounts for small companies (BFNAR 2016:10)
• Content requirements set through a cooperation between:
‒ the Swedish Accounting Standards Board
‒ the Swedish Companies Registration Office
‒ the Swedish Tax Agency
‒ Statistics Sweden
‒ Finansinspektionen, the Swedish financial supervisory authority
• Published on xbrl.taxonomier.se
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Prepare the
annual reportVidareutnyttja fi
The company
Government authorities
K2 guidance
The Annual Accounts Act
The content of the K2 taxonomy
About the priorities for the K2 taxonomy
Requirement level Description
1. Must • By law and/or according to standards
• Widely used and create large limitations
for the application of the taxonomy.
2. Should • Makes transition to electronic reporting
easier.
3. Requested • Included in the template but not used so
often.
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Overall changes and position
• Clarification of definitions of terms‒ review of and updated documentation headings and
standard headings‒ updated element names‒ updated references to laws and guidance‒ updated BAS account
• Increased reuse of terms in the taxonomy‒ for example, reuse of terms from the administration
report in the ’change in equity’ in the auditor’s report
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Overall changes and position
• Few content checks in the taxonomy‒ summary checks in the profit and loss statement and balance sheet only
‒ reasons:
• in iXBRL it is possible to add information missing in the taxonomy which leads to validation errors
• the adding of rows in the K2 profit and loss statement and balance sheet is not permitted
• No extra description in the taxonomy other than the heading to indicate which character should be used in the presentation
‒ for example ’increase (decrease) in reserve fund’ implies that for an increase in the reserve fund there will be a positive figure in the instance document and if a decrease occurs, there will be a negative figure in the instance document
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Overall changes and position
• No ’fixed note linkage’ between the profit and loss statement and the balance sheet nor for the notes.
‒ this is addressed though in Extended information
• Reduction in number of layout types from nine in the PWD version down to five
‒ only four of the reports are to be used for creating instance documents/iXBRL
‒ the fifth (full) is only intended as a overview of the content in a K2 annual report
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Layout types in K2
k2-risbs k2-raibs k2-risab k2-aiab Full
Company information XXXX XXXX XXXX XXXX XXXX
Administration report XXXX XXXX XXXX XXXX XXXX
Profit and loss statement XXXX XXXX XXXX
Abbreviated Profit and loss statement XXXX XXXX XXXX
Balance sheet XXXX XXXX XXXX
Abbreviated Balance sheet XXXX XXXX XXXX
Cash flow statement XXXX XXXX XXXX XXXX XXXX
Notes for full profit and loss statement XXXX XXXX
Notes for abbreviated profit and loss
statement
XXXX XXXX XXXX
Signatures XXXX XXXX XXXX XXXX XXXX
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Specific changes• General information
‒ added terms for financial year ‒ changes to ‘current recording of transactions closed on purpose’‒ updated references and headings
• Administration report‒ ’change in equity’
• Added several terms (repayment of shareholders’ contributions)
• Increased reuse of terms
‒ removal of summary controls‒ updated element names, references and headings
• Full and abbreviated profit and loss statement ‒ added an abstract term for grouping ‘operating profit’ in
abbreviated profit and loss statements‒ updated element names, references and headings
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Specific changes
• Full and abbreviated balance sheet‒ updated element names, references and headings
• Cash flow statement‒ removal of summary checks
‒ updated element names and headings
• Notes‒ added new terms in notes
• ‘construction in progress and advance payments for tangible assets’
• ‘advance payments for intangible assets’
‒ updated element names, references and headings
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Annual report adoption certificate
• Prepared in accordance with chapter 8, section 3, paragraph 1 of the Annual Accounts Act
• Content requirements set by Bolagsverket
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Launch of taxonomies – Final
FAR – Taxonomy for auditor’s report
3 October 2017
Taxonomy for auditor’s report - background
• Classification of the auditor’s report as a foundation for the taxonomy is developed by FAR
• Taxonomy developed in cooperation with Bolagsverket• Discussed and first established as an Internal Working
Draft (IWD) within FAR’s Policy group for auditing• Then a subject for consultation and feedback as a Public
Working Draft (PWD)• Current status ’Final’
Taxonomy for auditor’s report - classification
• The starting point for the classification is an auditor’s report for limited companies.
• The layout comes from RevR 700, example 1, Auditor’s report for limited companies without company groups (K2 without company groups).
• Adjustments have been done so that the classification even allows for modified remarks, other information and comments to be left in accordance with RevR 705.
• Reporting by auditors in connection with liquidations of limited companies, RevU 2, has also been taken into consideration.
Taxonomy for auditor’s report -Classification in three levels
– Level one - main heading Auditor’s report. In this level there is also an introduction and ending that is the same for all, containing recipient, company, company registration number, location, date and signature
– Level two consists of the two parts of the auditor’s report. Part one is the Report on the annual report and part two is the Report on other legal and regulatory requirements
– Level three consists of the various other section headings
Taxonomy for auditor’s report - considerations
• With regard to the many types of remarks, there is a great number of theoretical combinations in the headings of the sections. – For practical reasons FAR has decided not to predefine the possible
headings in this classification – The taxonomy is constructed so that the heading choices for the
section on remarks are left as free text, whilst other headings are predefined according to RevR 700 and RevR 705
Thank you
www.far.se
Extended information
• Based on feedback from the PWD period
• Facilitates tagging of information not defined in existing taxonomies
• Information that can be tagged:‒ heading changes
‒ undefined terms
‒ note links
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Status of Extended information
• The taxonomy and documentation about the structure have been published on taxonomier.se.
• The documentation about the application has yet to be published unfortunately but this is planned for the coming weeks so keep your eyes open! ☺
• The information will contain the following:1. A number of examples with various scenarios
2. A description of the application
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About heading changes
• Facilitates logging of heading changes in the presentation headings in the taxonomy
• Uses XBRL’s footnotes with an adapted role
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About undefined terms
• Facilitates tagging of terms missing in the taxonomy in order to make them machine readable
• Has its own structure in which the structure of the information is tagged as ’key/value’ pairs. The content is ’raw data’ and lacks a clear definition
• It can be specified whether the value is monetary, numerical or textual
‒ Monetary values can even be debit/credit
• This should only be used for new notes, for example, or when terms cannot be found in the existing taxonomy
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Note linkage
• Facilitates linking of terms in profit and loss statement and balance sheet with notes for reading by machine
• It has its own structure in which terms are linked
• At present it does not handle note linkage, which is done for example between headings in the balance sheet and a note.
‒ there is an investigation underway looking into making even this possible
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Information from Bolagsverket
• about the project
• information meeting about implementation
• K3
• testing and test bench
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Test bench version 0.4
The test bench consists of two parts:
• test versions of REST services in Bolagsverket’s API for annual reports
• a web page for test validation of iXBRL files
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Test bench
Basic data
annual reportFile
annual report
Case status
annual report
Test data
Check
annual report
Test versions of REST services
• There is still free access to the services. The requirement to have a certificate will follow at a later date.
• The current version is 0.4 and version 0.3 will continue to be available until version 0.5 is published.
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http://arsredovisning.bolagsverket.se/api/v0.4
Basic data
annual report
File
annual report
Case status
annual report
Test data
Create Token
filing
Page for test validation
• Facilitates upload of iXBRL for validation‒ same validation components as the real filing service
‒ leaves more detailed validation information for trouble shooting
• Requires users to log in with user name and password‒ login details can be ordered free of charge by sending an email
‒ login details can be shared within the organisation
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https://arsredovisning.bolagsverket.se/testbank
validator
iXBRL
validatorreport
Check annual
report
Test bench links
• Information about the test bench: https://arsredovisning.bolagsverket.se/testbank/
• Specification for test version of REST services version 0.4: http://diar.bolagsverket.se/services/index.html
• Ordering login details:[email protected]
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Contact information
• Questions and reports about errors concerning the taxonomies can be sent to:
‒ about annual reports, the annual report adoption certificate and extended information:
‒ about the auditor’s report:• [email protected]
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Frågor
?
2017-10-11 35
