Introduction of the Digital Financial Report for banks and savings banks

Banks and building societies are legally obliged to keep themselves informed about the financial circumstances of their borrowers. In 2018, Opti.Tax will handle the transmission of the Digital Financial Reporting support this with a new software module.

To date, annual accounts have been submitted to banks and building societies on paper or in electronic form, for example as PDF files. Printing, posting and re-entry are time-consuming and no longer in keeping with the times. Following the introduction of the e-balance sheet based on standardised taxonomies and its integration with the Federal Gazette, the Digital Financial Report is a further project based on a standardised taxonomy.

On the Website XBRL Deutschland e.V. lists the following benefits, amongst others, for all parties involved:

Benefits for reporting companies

• less administrative work,
• less time,
• lower legal costs,
• less paper,
• no error-prone media break that gives rise to queries,
• Speeding up a significant part of the lending process.

Benefits for banks and building societies

• The time and cost involved in manually entering financial statement data into the systems of banks and savings banks are eliminated,
• Financial statement data is made available without delay,
• Speeding up a significant part of the lending process.

hsp Handels-Software-Partner GmbH will handle data transmission to banks and savings banks for the Digital Financial Report using a new module of the software Opti.Tax support. The module is scheduled for release in 2018 (subject to final approval of the procedure).