Denmark Advances Accounting Digitalization:Common
Standard Chart of Accounts and SAF-T File Format

Denmark’s Business Authority and Tax Agency have developed two new standards to facilitate companies’ sharing of accounting data. The common public standard chart of accounts and SAF-T file format aim to simplify data sharing while reducing error sources.

Significant steps are being taken in Denmark regarding the standardization of accounting systems. The new standards developed by the Business Authority and Tax Agency are modernizing businesses’ reporting processes to public institutions.

Common Standard Chart of Accounts

System integration: The standard chart of accounts supports standardized bookkeeping in companies while enabling system providers to connect their solutions to public authorities’ reporting systems.

Automated reporting: Companies can submit annual reports by uploading accounting data files based on the standard chart of accounts without manual data entry. This approach significantly reduces error sources.

Flexible implementation: Companies are not required to use all accounts in the standard chart of accounts. Each business can decide which accounts in the chart are relevant for their bookkeeping processes.

SAF-T Standard File Format

According to the Accounting Act, digital accounting systems must support the international SAF-T standard file format. This requirement facilitates secure sharing of accounting data and switching accounting systems.

Current requirement: Currently, only the implementation of the “Header” section containing company master data is mandatory. Full file format implementation is not yet required.

Both initiatives represent Denmark’s commitment to modernizing its financial reporting infrastructure while supporting businesses in their digital transformation journey.

https://erhvervsstyrelsen.dk/standardkontoplan-saf-t