Things you need to know about the SBR mandate for filing with Kvk
Standard Business Reporting (SBR) is a national standard in Netherlands for digital exchange for business reports like financial statements and tax returns. KvK(Chamber of Commerc) is one mong the four authorities who collect reports in SBR. The Chamber of Commerce (Kamer van Koophandel, KvK) is an independently operated public-service provider that focuses on essential aspects of registering, informing and advising businesses. The KvK holds and manages the Dutch Business Register (Handelsregister) and provides information about any business in the Netherlands. Businesses have to file their Annual Accounts in SBR (i.e.) XBRL format set by KvK since 2017.
So here are a few things you should know about SBR to file with KvK in the Netherlands.
It is mandatory
Starting the financial year of 2016, legal entities that are micro businesses have been required to file their financial statements electronically in accordance with the SBR mandate. Beginning in the financial year of 2017, this extended to medium businesses as well. Large businesses are expected to comply with the mandate and start filing their financial statements electronically starting 2019.
It simplifies things
If you’re filing minimal financial statements each year, you can manage entering them manually with the help of the online service that SBR Netherlands offers. But for larger volumes and more complex financial reporting, choosing a robust platform for preparing your documents in XBRL (eXtensible Business Reporting Language) is the best decision. This lets you generate reports faster, make fewer errors, and validate your statements before you file with KvK. The digital standard saves so much of the time, effort and cost involved.
It’s simply a better process
Filing under the SBR standard is not only quicker than conventional reports, but it also involves far fewer complications, thus enabling filers to prepare reports of outstanding quality. In addition, because everything is digital, you receive a confirmation email immediately upon submitting your reports to the KvK. No more sitting around waiting for your documents to be processed manually. Since SBR automates much of the process, it also precludes the possibility of human errors.
It requires submissions to be in XBRL format
The SBR mandate requires businesses to file their annual financial data generated and presented in XBRL, the global standard for financial data. This format was adopted by the KvK in the 2017 financial year, and they offer of a simple SBR software that facilitates basic XBRL reporting, as required by the mandate.
The introduction of SBR in the Netherlands has changed the way financial statements are filed in the country. Regulators have mandated filing financial statements and tax returns in XBRL, leading to more transparent and more accountable reporting. Not to mention more efficient and cost-effective.
At DataTracks, we have been creating reports for over 13 years, and our software and services have generated and filed over 150,000 XBRL/iXBRL reports worldwide. If there’s anyone capable of helping you improve the way you make decisions and comply with regulations, it’s us. So reach out to us! You can email us at email@example.com. We would love to help you out!