TR2-19 600.000 XBRL Reports from SME's to the Mercantile Registers

Presenter: Iñaki Vázquez

Since year 2000 there has been the possibility of digital deposit in Spain, what means that any SME had the opportunity to elaborate and present its financial statements at the end of accounting year digitally. This was facilitated by an application called D2, free for use, available at Registrars web (https://www.registradores.org). It used a specific format published in the Official Bulletin of Spain, on which were also specified the characteristics of the deposit and the normalized formularies of financial statements. In 2004 was available to the public the submission of the deposit through a secured web of the Registrars. The aim was to facilitate the deposits presentation as well as to reduce the cost and the time spent on it. During the last eight years the number of digital deposits has increased intensely, from the 93.000 of 2001, to the more than 750.000 in 2008. They constitute more than 60% of the total deposits. By 2009, the combined work between the Ministry of Economy, the creator of the General Accounting Plan 2007, and the Ministry of Justice, in charge of the annual accounts deposits through the Mercantile Registers (Companies House), has made possible the publication last February of the regulatory norm which determines the format, physical and digital, of the deposit. This norm sets the obligation, for digital deposit, of presenting the financial statements in XBRL format. In spite of the fact that in 2008 has also changed the general accounting plan, and the SME’s have had to adapt their bookkeeping; that now there are three types of formularies, very different from previous ones; and the problems that all of this is going to provoke to the SME’s, we expect to receive more than 600.000 XBRL financial statements in 2.009. This means that we could have available in Spain more XBRL instances than the rest of European Countries.