Did you know that, as from 1 January 2018, you may be required to file your annual report electronically? Standard Business Reporting (SBR) is the standard method for electronic filing. You can read more about SBR below, what it means for you and how KPMG can assist you.
SBR is the national standard for the digital exchange of corporate reports, such as tax returns and annual report. SBR makes it simple to use the information for reports to different authorities, including the Chamber of Commerce and a number of banks.
As from the financial years starting on or after 1 January 2017, enterprises in the medium-sized category are required to file the annual report electronically with the Chamber of Commerce via SBR, including the auditor’s report and an electronic signature of your auditor. You may already have received a letter about this from the Chamber of Commerce. For a summary of the size criteria, please refer to the website of the Chamber of Commerce. There are exceptions to the SBR obligation for medium-sized enterprises; please refer to the decision tree.
Previously, you used to submit your annual report in hardcopy to KPMG. After completion of our audit of the financial statements, we issued a hardcopy auditor’s report with a personal signature. After adoption by the General Meeting, you sent a copy of the annual report, comprising the Management Board Report, the financial statements and the other information, including the auditor’s report, to the Chamber of Commerce.
Preparing the annual report in XBRL format and filing via SBR require special software, which KPMG has in house.
The introduction of SBR leaves you with the following options for filing your annual report:
As an extra service in option 1, we can enter the annual report in the aforementioned Excel file based on your annual report in Word or Excel, as you have been used to up to now. This will undoubtedly lead to adjustments, which we will agree with you. Once the input is complete, we convert the information contained in this Excel file to XBRL.
The process of signing, adopting and filing is largely the same for the different routes. However, for the audit of the financial statements, you will have to indicate whether you wish to use the publication exemption for the filing of your annual report. This means that, when issuing the report accompanying the internal financial statements, KPMG can at the same time also give permission for the publication of the auditor’s report and have the files for filing ready for your approval and to be sent to the digital mailbox of the Chamber of Commerce (DigiPoort).
For filing via SBR, it is key that you consider how you would like to submit your annual report to KPMG. You have several options here with different (financial) consequences, which are explained above. Your KPMG auditor would be happy to advise on this in good time to ensure smooth preparation of the annual report in XBRL format and filing.
If you are interested in our services, you can reach out to us using the contact form on this page or with the XBRL desk via NL-FMSBRXBRL@kpmg.nl.
Are you already a client of KPMG? Your audit team is always ready for you.
Click here for a list of definitions in relation to SBR.