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Act amending the Annual Accounts Act and various other acts

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Summary

The 2015 law on the amendment of the Annual Accounts Act and various other laws in Denmark primarily focused on enhancing transparency and accountability in the financial reporting of businesses. The law requires companies to disclose information related to their ownership, governance, and financial performance, including their corporate social responsibility policies, gender diversity on boards, and executive remuneration. The law also mandates that companies prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) and adopt digital financial reporting in their annual reports. Furthermore, the law strengthens the audit committees' role in companies and enhances their independence, ensuring that auditors carry out their duties effectively and efficiently.

Thumbnail image for The 2015 law on the amendment of the Annual Accounts Act and various other laws in Denmark primarily focused on enhancing transparency and accountability in the financial reporting of businesses. The law requires companies to disclose information related to their ownership, governance, and financial performance, including their corporate social responsibility policies, gender diversity on boards, and executive remuneration. The law also mandates that companies prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) and adopt digital financial reporting in their annual reports. Furthermore, the law strengthens the audit committees' role in companies and enhances their independence, ensuring that auditors carry out their duties effectively and efficiently.
Issuer

Denmark

Year

2015

Region

Europe

Issuer (type)

Ministry of Industry, Business and Financial Affairs (Erhvervsministeriet) (Government)

Policy Type

Other sustainability policy

Geographical scope

National

Mandatory or voluntary

Mandatory


Main industries targeted
  • Finance & Insurance
  • Professional, Scientific, & Technical Services
  • Manufacturing
  • Real Estate, Rental & Leasing
Restrictiveness

High

Sustainable Development Goals (SDGs)
  • SDG 2: Zero Hunger
  • SDG 10: Reduced Inequality

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