Financial statements and VAT requirements in Denmark
In Denmark, it is required by law for most companies to submit their financial statements annually. The information is sent in electronic form, and the amount of data required to be published depends on factors like the company's income, balance, and number of employees.
The Financial Statements Act and other regulations govern the reporting of financial statements in Denmark. Companies can use either national accounting standards or the International Financial Reporting Standards (IFRS). If a company is listed on the stock exchange, they must use the IFRS.
Companies submit their financial statements to the Business Agency (Erhvervsstyrelsen), which is part of the Ministry of Business and Growth. Sole proprietors are exempt from this requirement, but they may still need to provide their financial statements to tax authorities if requested. Joint-stock companies are required to submit their financial statements.
Simplified financial statements for limited liability companies in Denmark: Criteria and deadlines
Limited liability companies in Denmark can file simplified financial statements if they meet certain criteria. These include having a balance of up to 4 million DKK, an income of up to 8 million DKK, and no more than 12 employees.
The deadline for filing financial statements is within five months after the end of the financial year. It's important to submit the statements on time, as delays can result in penalties.
Financial statements: What they are and why they matter for your business decisions
A full annual financial statement is a report that contains important information about a company's finances. It includes a balance sheet, which shows the company's assets and liabilities, a profit and loss report, which shows how much money the company made or lost over a certain period of time, notes, directors' report, executive summary, and an auditor's report.
Financial statements are important because they give insight into a company's financial health, solvency, and performance. Depending on the size of the company, the financial statement can be quite long, sometimes running into hundreds of pages.
To obtain a company's financial statement, you can request it through a special online service provided by the Business Agency. The financial statement can be useful in making important decisions like investing in the company, buying their products or services, or taking legal action to collect debts.
To get a financial statement, you need to provide the company's full name and registered office address. Although financial statements from the trade register are public, they are provided for a fee.
Financial statements are provided in accordance with Danish legislation and legal requirements on personal data protection.