Netherlands takes significant step toward exclusive XBRL filings from 2025

Posted on June 28, 2024 by Editor

The Netherlands has taken an important step toward requiring all private companies to file their annual accounts with the Chamber of Commerce exclusively in XBRL, starting from the 2025 financial year. The expected mandate comes in the form of an amendment to the Electronic Filing Trade Register Decree.

If adopted, the amendment will expand the use of the XBRL Report Package specification in the Netherlands. Report Packages provide a way to wrap together the multiple components of an XBRL report into a single file. In this case they will include the annual report in Inline XBRL format, alongside extension taxonomies and other supporting files such as images or fonts. This new requirement aligns with the broader European CSRD (Corporate Sustainability Reporting Directive) guidelines, which stipulate that ESG information must be included in a digitally tagged management report.

Large companies, along with related medium-sized subsidiaries will need to comply with this new mandate once adopted. The expanded SBR (Standard Business Reporting) Agreement System will guide the digital reporting process in the Netherlands, ensuring consistency and compliance with the CSRD.

The new requirements are designed to enhance digital reporting, aiming to improve transparency, efficiency, and data quality.

The next step for the amendment is now the advice of the Council of State, with the mandate expected to come into force before the end of this year.

Read more here and here (in Dutch).

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