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Sweden’s Financial Reporting and Compliance: A Profile of Requirements

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The IFRS Foundation has prepared this profile to provide an overview of financial reporting requirements in Sweden. The information gathered from various sources, including national standard-setters, securities regulators, stock exchanges, and other relevant bodies.

Financial Reporting Standards


Sweden adopts International Financial Reporting Standards (IFRS) as endorsed by the European Union for consolidated financial statements. The Swedish Financial Reporting Board (RFR) is responsible for developing standards for separate financial statements of a company included in consolidated financial statements prepared in accordance with IFRS.

XBRL Reporting System


The Swedish XBRL reporting system uses a country-specific taxonomy, with plans to adapt IFRS taxonomies from the European Securities and Markets Authority (ESMA) for listed companies. The system is not set up to import or refer to specific parts of the IFRS taxonomy. Filers are not permitted to replace or override any aspects or specified features of the IFRS taxonomy.

Primary Contacts


The Swedish Financial Reporting Board (RFR) and Bolagsverket (Swedish Companies Registration Office) play crucial roles in Sweden’s financial reporting and compliance landscape.

  • RFR is responsible for:
    • Developing standards for separate financial statements of a company included in consolidated financial statements prepared in accordance with IFRS.
    • Developing interpretations of IFRS Standards for consolidated financial statements for issues specific to the Swedish environment.
  • Bolagsverket is responsible for:
    • Registering companies and associations.
    • Filing annual reports.
    • Registering corporate mortgages.

Conclusion


Sweden’s financial reporting landscape is shaped by its adoption of IFRS as endorsed by the EU, with a focus on consolidated financial statements. The country-pecific XBRL reporting system uses a taxonomy that will eventually be adapted from ESMA for listed companies. Organizations such as RFR and Bolagsverket play key roles in shaping and enforcing financial reporting requirements in Sweden.