Information about the taxonomiesand conditions for the review

period

Anders Persson

Thomas Holmgren

2017-06-12 7

About the presentation

• We will go through the following:

‒ XBRL, taxonomies and instance documents

‒ details about the 2017 taxonomies

‒ details about the K2 taxonomy (K2 is the Swedish

accounting category for small limited companies)

‒ the review period

2017-06-12 8

What is XBRL?

• EXtensible Business Reporting Language

• Open and licence free XML standard

• Reports in XBRL consist of:

‒ a taxonomy which defines content and rules

‒ an instance document containing ‘data’

2017-06-12 9

Instancedocument

Taxonomy

Report

What is a taxonomy?

• The taxonomy contains‒ definitions of terms

‒ content and structure for reports

‒ rules for reports

• The information can be used by both users and software.

• With the help of the taxonomy, XBRL-adapted software makes it possible to

‒ open and create instance documents for different kinds of reports, both Swedish and foreign.

2017-06-12 10

”A term should be defined so that the meaning can be understood without it being used in a context.”

What does a taxonomy contain?

• Term definition with expected data type, debit/credit and which period/closing day the data relates to

• Textual heading information which describes the term’s meaning and how the instance document should be created

‒ expected heading for each report

‒ the information can be in several languages

• Reference information about laws and other regulations in order to clarify the term’s definition as well as guide those creating the document

• Information about the content of the reports/interim reports in the form of which terms and headings are expected in the presentation

• Definition of summary controls

2017-06-12 11

ConceptsSchema

LabelLinkbase

PresentationLinkbase

DefinitionLinkbase

CalculationLinkbase

ReferenceLinkbase

What is an instance document?

• XML file of file type *.xbrl‒ an XBRL tool and taxonomy are needed in order

to have a readable presentation and to validate the content

‒ advantageous for M2M exchange if there are few requirements for visual presentation

• (x)HTML file with tagged data (iXBRL)‒ is readable in a normal web browser

‒ an XBRL tool and taxonomy are needed in order to make validation and machine readability of content possible

2017-06-12 12

About the 2017 taxonomies

• The taxonomies included in the PWD period

are:

‒ annual report for small limited

companies (accounting category K2)

‒ auditor’s report for K2

‒ annual report adoption certificate

• There is general information in Swedish and

links to the taxonomies on Bolagsverket’s

website:‒ http://www.bolagsverket.se/om/oss/samverkan/digital-ingivning

2017-06-12 13

About the 2017 taxonomies

• Based on guidelines and thinking from

the 2009 version

• Simplicity has been a key word

‒ simple to create

‒ simple to understand

2017-06-12 14

”Must be as simple as on paper. ”

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

2017-06-12 15

Auditor’s report for K2

• Prepared in accordance with:

‒ the Companies Act (2005:551)

‒ RevR 700 formation of auditor reports

‒ RevR 705 modified statements, notifications and

comments in the auditor’s report

‒ RevU 2 auditor’s reporting related to liquidations of

limited companies.

• Content requirements set by the Swedish

institute for the accountancy profession (FAR)

• Published on xbrl.taxonomier.se

2017-06-12 16

Annual report adoption certificate

• Prepared in accordance with chapter 8, section

3, paragraph 1 of the Annual Accounts Act

• Content requirements set by the

Swedish Companies Registration Office

• Published on xbrl.taxonomier.se

• Published on 15 June 2017

2017-06-12 17

About the K2 taxonomy

• The content and architecture of the new K2

taxonomy is to a large extent based on the 2009

version.

• Some of the alterations that have been done:

‒ content adjustments

‒ changes in the catalogue structure

‒ changes in summery controls

‒ tidying up of definitions of terms

‒ updating with new references

2017-06-12 18

Prepare the annual report

Vidareutnyttja fi

The company

Government authorities

K2 guidance

The Annual Accounts Act

The content of the K2 taxonomy

Changes from previous K2

• Administration report‒ Correction to equity

• same terms for opening and closing balance

• values recorded with different contexts (time frame)

‒ Change in equity• re-use of terms from the balance sheet with the same terms

for opening and closing balances

• values recorded with different contexts (time frame)

‒ Working capital• re-use of terms from the balance sheet

2017-06-12 20

Changes from previous K2

• Profit and loss statement and balance sheet

‒ addition of new terms

‒ removal of terms regarding contingent liabilities and

pledged assets

• Cash flow statement

‒ new interim report and is taken from previous

taxonomy

‒ need to read the standard heading in a number of

cases in order to grasp what is meant by

positive/negative value

2017-06-12 21

Changes from previous K2

• Notes (previously called additional information)‒ Divided into four parts:

• accounting principles

• extra information relating to the profit and loss statement

• extra information relating to the balance statement

• other information

‒ No summery controls in the notes

‒ Very few elements are debit/credit specific

‒ A field for comments for every note

2017-06-12 22

Changes from previous K2

• Signatures

‒ New field created for auditor’s signature

2017-06-12 23

Changes from previous K2

k2-r1 k2-r2 k2-r3 k2-r4 k2-r5 k2-r6 k2-r7 k2-r8 full

Company information * * * * * * * * *

Administration report * * * * * * * * *

Profit and loss statement * * * * *

Abbreviated profit and loss statement

* * * * *

Balance sheet * * * * *

Abbreviated balance sheet * * * * *

Cash flow statement * * * * *

Notes * * * * * * * * *

Signatures * * * * * * * * *

2017-06-12 24

• At present there is one comprehensive and eight detailed

reports for companies in the K2 accounting category.‒ should we have one comprehensive report or several detailed reports?

Important information about interpreting the taxonomy• Standard headings

‒ These are used in order to help clarify which expected value the instance document will contain, if the attribute balance(debit/credit) does not apply to a term.

‒ 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.

‒ This means that the word in brackets is expected to represent a negative figure in the instance document.

• Important: the expected value in the instance document is not always the same as the one presented.

2017-06-12 25

The review period

2017-06-12 26

20182017 30 June31 March 30 September

Test period PWD

29 May – 13 August

Specifying

requirements

15 Dec – 9 April

Test period IWD

20 April – 7 May

Preview

K2 IWD

15 – 29 May

The PWD period comprises:• Annual report for small limited companies

(K2)• Auditor’s report • Annual report adoption certificate (16 June

2017)

FINAL 30

September

Launch meeting

PWD 30 May

The review period

• What are you expected to review and give feedback on?

‒ Content• content and structure are in line with the law and that no

important information is missing

• reference information, standard and/or documentation headings give a clear definition of the term

• correct debit/credit and instant/duration (closing day/period)

‒ Technology• element names keep to the name standard

• namespaces and naming file names

‒ General• summery controls are correct

• should we have several detailed reports orone comprehensive report in K2?

2017-06-12 27

The review period

• What material is available?

‒ The taxonomies published on public websites(and as ZIP files)

‒ HTML and Excel documentation about the content of the taxonomy

‒ General description of taxonomy

‒ Architecture description for K2 taxonomy, butis also applicable for the other taxonomies

‒ Example files, which will be updatedregularly

2017-06-12 28

The review period

• Where is the material?

‒ All the general information (in Swedish) and links will

be on Bolagsverket’s website initially: http://www.bolagsverket.se/om/oss/samverkan/digital-ingivning

‒ Information about the auditor’s report will also be available

on FAR’s website.

‒ In June, information about the taxonomies will move to

taxonomier.se

• Please note that the search path to the taxonomies and documents

will remain the same.

2017-06-12 29

The review period

• How should feedback be given?

‒ Questions and reports about errors can be sent to the

following addresses:

• regarding annual reports and the annual report adoption

certificate:

‒ emsdiar@bolagsverket.se

• regarding the auditor’s report:

‒ johanna.svensson@far.se / lennart.iredahl@far.se

‒ Information from the PWD period and about the stage

leading up to the FINAL will be given at the beginning

of September.

2017-06-12 30

About Inline XBRL

Thomas Holmgren

2017-06-12 33

What does the presentation contain?

• What is iXBRL or Inline XBRL?

• The iXBRL examples

• Application of XBRL and iXBRL

2017-06-12 34

What is iXBRL or Inline XBRL?

• iXBRL or Inline XBRL is a ‘web page’ with a visual

presentation which contains tagged ‘XBRL data’,

which makes it machine readable.

• It is opened in a normal web browser and can

contain formatting which is specific to a user as

well as images/logos.

• It gives the possibility to change headings and add

information, such as notes, missing in the

taxonomy.

Additions are not processable by machine (as are not

tagged), just represented visually.

About the iXBRL examples

• There are three examples of annual reports in the iXBRLformat

‒ ’normal’ instance documents have been extracted from the iXBRL

• The examples have been collected together on one web page and contain information about file type, dates of updates and a short description.

• Further examples will be added if needed. For example depending on the questions we get.

Please note: examples should be viewed as early versions, i.e. they may be altered later.

2017-06-12 36

The web page listing iXBRL examples

2017-06-12 37

Application of XBRL and iXBRL

• Some application recommendations:

‒ Use a tool for XBRL/iXBRL in order to open and

validate instance documents.

‒ Allow time to build up an understanding of XBRL,

taxonomies and instance documents before you

start creating iXBRL files.

‒ An important basic principle is that the instance

document, i.e. the XML file, should primarily

contain positive values.

2017-06-12 38

How did I create my first iXBRL?

2017-06-12 39

3. Validate instance document

2. Create instance document

4. Create Inline XBRL

1. Map the taxonomy

Important information about application of iXBRL

• iXBRL makes it possible to choose your own design but all the resources, for example images or style sheets, must be imbedded in the file. This means that search paths to external resources are not allowed.

• Script is not allowed.

• Be aware that the iXBRL produced can be printed out in A4 so page breaks, etc. must be fixed.

2017-06-12 40

What needs to be tagged in an iXBRL?

• All the information that can be tagged should be tagged. This does not include additions which are not part of the taxonomy.

‒ notes have no summary controls for example, to aid this.

• iXBRL makes it possible to change headings for a term

‒ there may be requirements to tag terms with changed headings

‒ why? Everyone who is a consumer of the information by machine must be able to determine if the definition is correct.

2017-06-12 41

Changing the headings for terms in iXBRL

2017-06-12 42

The machine based interpretation remains ”Nettoomsättning” because the value is tagged with the term se-gen-base:Nettoomsattning.

Visually, the definition has changed to ”Skatt på åretsresultat”.

The user changes the heading for ”Nettoomsättning” (net sales) to ”Skatt på åretsresultat”(taxes).

About common terms for opening/closing balances

• Opening and closing balances should normally be the same term in a taxonomy.

• The previous year’s closing balance is the same as the current year’s opening balance.

• In the example above, data is recorded for three years with different contexts i.e. 2014-12-31, 2015-12-31 and 2016-12-31.

2017-06-12 43

About common terms for opening/closing balances

• In Inline XBRL we have applied the principle that both

the opening and closing balances are tagged.

2017-06-12 44

Application

Lastly,

• Version 0.1 of a guide containing guidelines and

tips about iXBRL will be coming out in the middle

of June

‒ Either as a document or as a FAQ (or perhaps both).

• For questions specifically about iXBRL/XBRL, you

can email us at: emsdiar@bolagsverket.se

2017-06-12 45

Digital service for filing annual reports: conditions, test bench and service

specifications

Jonas Öhrnell

2017-06-12 47

Summary

‒ Architecture

‒ Service specifications

‒ Test bench

‒ Timetable

‒ Documentation

2017-06-12 48

Flow

CREATING FILING FOLLOW-UP

Basic data

Annual report

CreateExport to

iXBRLFile

Show

status

Filing of

annual report

Case status

Annual report

Limited company

ADMINISTRATION/PROCESSINGBOLAGSVERKET - INTERNAL

Signature

E-identification

Sign

electronically

Machine interface

Web pages

Topology

Software suppliers

Two-way

SSL + contract

Customers

System structure – division of responsibilities

Bolagsverket:• Build services for downloading basic data, report

filing, signing and showing case status• Distribute annual reports in the new data format

iXBRL• Build system support for administrative processing

of electronic annual reports

Software suppliers:• Design software for exporting annual reports to

the iXBRL format• Prepare infrastructure to convey traffic from

customers to Bolagsverket• Call up Bolagsverket’s server services • Utilise information from the services to offer new

functionality to customers

New services for annual reports

Basic data

Annual report

Filing

Annual report

Case status

Annual report

Signature

E-identification

- shows company name, representative, accounting periodand requirements for auditors for limited companies

- receive digital annual reports in iXBRL format, check theformat, return link to print-out page

- e-service (web pages with e-identification login) which shows filed annual report, signature with e-identification, checks against Bolagsverket’s register

- shows status for the limited company’s annual report: received, notices issued about corrections etc., registered, etc.

Service specifications

• Three services: • download basic data - company• filing of annual reports• download events - annual reports

• Bolagsverket is using OpenAPI 2.0 (Swagger 2.0) for the service specification – the formal decision has not yet been made. The choice is between OpenAPI and WSDL.

• HTTPS + JSON – certificate at both ends for connection

Service specifications - continued

• Documentation in Swedish at http://diar.bolagsverket.se

• Important: specification version 0.1 on 30 May – version 1.0 will arrive at the end of September

• Test bench will be ready on 30 June

MAY JUNE JULY AUG SEPT OCT NOV DEC JAN FEB MAR

29 May

Service specifications

version 0.1

30 September

Test bench + service

specifications version

1.0

14 August

Test bench + service

specifications version

0.5

Acceptance testing

period:

possible to test with

real certificates, etc.

30 June

Test bench

version 0.1

Review of service specifications

• Open API/Swagger has an editor: • Node JS• Local http server

• Can generate out of client and server for 10+ programming languages and several different frameworks for Java, etc.

Test bench

Test bench

Basic data

Annual report

File

Annual report

Case status

Annual report

Test data

Check

Annual report

• Bolagsverket is building a test bench to aid construction and system integration

• The test bench validates filed annual reports: format checks, register checks (if there are pending cases etc. )

• The test bench has the other services too so that system integration can be tested early on

Test bench - development• The test bench will be updated during the project

• Version 1.0 and finalisation of service specifications provisionally set for 30 September

• Ongoing possibility for help and feedback

Documentation

• For technical documentation in Swedish, go to http://diar.bolagsverket.se

• For general information about the project in Swedish, go to http://bolagsverket.se/om/oss/samverkan/digital-ingivning

Thank you for participating

www.bolagsverket.se/digital-arsredovisning