iXBRL reporting for Financial companies using the Danish FSA taxonomy

Deep dive on iXBRL reporting for Financial companies operating in Denmark

What is iXBRL reporting?

iXBRL stands for Inline eXtensible Business Reporting Language which is a global standard for financial reporting that combines and produces one report that is both human-readable and machine-readable. This approach allows financial data to be easily analysed by regulatory bodies, investors, and other stakeholders while still being accessible as a traditional document. Unlike traditional PDF reports, iXBRL embeds structured data tags into the report, making the information more transparent and comparable across companies, industries, and countries. It ensures compliance with regulatory requirements, improves accuracy, and reduces the risk of misinterpretation.

iXBRL reporting for Financial companies in Denmark

What are the latest reporting requirements?

The Danish Financial Supervisory Authority (Finanstilsynet) has introduced new reporting standards requiring companies to submit financial reports in iXBRL format. Starting from the 2024 financial year, the adoption of iXBRL tagging is voluntary, giving businesses time to familiarise themselves with the system and new processes. From 2025, iXBRL reporting will become mandatory for entities covered under the new rules. This change aims to enhance the quality and accessibility of financial data while ensuring compliance with EU regulations such as the Corporate Sustainability Reporting Directive (CSRD) and the EU Taxonomy Regulation.

What companies are covered by those requirements?

Companies covered by Section 1 of the latest reporting executive order are:

• Banks
• Mortgage institutions
• Investment management companies
• Financial holding companies
• Insurance companies
• Insurance holding companies
• Stockbroking companies
• Investment brokerage holding companies
• Managers of alternative investment funds with registered office in Denmark, which are not self-managed and which are licensed to manage alternative investment funds
• Investment funds (UCITS)
• Companies for investment with variable capital (SICAVs) (UCITS)
• Company pension funds
• A ship financing institution covered by the Act on a Ship Financing Institution (Danmarks Skibskredit A/S)
• The Credit Association of Municipalities and Regions in Denmark, cf. the Act on the Credit Association of Municipalities and Regions in Denmark (KommuneKredit)

The Danish Financial Supervisory Authority’s taxonomy

Finanstilsynet taxonomy – a structured framework for financial reporting

The Danish Financial Supervisory Authority (Finanstilsynet) has developed a comprehensive taxonomy to standardise financial reporting for financial institutions operating in Denmark. This taxonomy outlines the specific structure and content that financial undertakings must follow when preparing financial reports in iXBRL format. It ensures that all key data—such as company details, financial statements, sustainability disclosures, and management commentary—is accurately tagged and presented.

Key feature of the Finanstilsynet taxonomy

One of the standout features of Finanstilsynet’s taxonomy is that it has eight overall entry points for different company types. This approach streamlines the reporting process, reducing complexity and minimizing errors.

Implementation timeline and compliance requirements

In 2024, the taxonomy can be adopted voluntarily, giving companies a chance to familiarize themselves with the structure. Starting from January 2025, compliance with the Danish FSA taxonomy will become mandatory in financial reporting for financial Danish companies.

Overview of entry points