Accounting in Denmark
- Accounting Standards
The accounting rules of the Scandinavian countries are very similar thanks to their closely related history and culture.
The relation between the accounting and the tax system is the same as in Germany.
- Accounting Regulation Bodies
DASC, Danish Accounting Standards Committee
- Accounting Law
- The accounting area is regulated by The Danish Financial Statements Act which, in its most recent editions, is aligned with the latest international standards, i.e. IAS, IFRS and FAS. The Danish Financial Statements Act is based on present value accounting principles, as opposed to historic cost.
- Difference Between National and International Standards (IAS/IFRS)
- The accounting system is very neat the international standard
- Accounting News
EIN Accounting news on Northern Europe
- Tax Year
- The fiscal year begins on January 1st and ends on December 31st of the same year.
- Accounting Reports
Intangible assets can be booked in the Balance sheet or in expenses in the profit and loss account (choice of the company).
Physical fixed assets must be estimated at the original or production cost.
Current assets have to appear at the lower cost and value of the market.
Stocks are estimated with the weighed average cost or with the FIFO method.
For more information, consult the Statutory report on corporate governance by Novozymes.
- Publication Requirements
Law refers to the notion of "good accounting method" as regards the methods of companies for the elaboration of financial status.
All the companies of capital have to send a copy of their annual report to the legal authorities of the country. This annual report must contain a profit and loss account, a balance sheet and an annual report.
- The auditors: they are represented by two professional organizations recognized by the State: the FSR (Foreningen af Statsautoriserede Revisorer) which represents the authorized auditors and the FFR (Foreningen af Registrerede Revisorer - only in Danish) which represents the approved auditors.
- Professional Accountancy Bodies
FFR, Foreningen af Registrerede Revisorer, The Danish Institute of Certified Public Accountants
(Association of Registered Accountants (in English).
FSR, Foreningen af Statsautoriserede Revisorer, Association of Chartered Accountants (in Danish only)
- Member of the International Federation of Accountants (IFAC)
- Both the FSR (Foreningen af Statsautoriserede Revisorer) and the FFR (Foreningen af Registrerede Revisorer) are members of IFAC.
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