Accounting in Denmark
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- 1st It is signed by King Frederick and is still enforced today. Nb 2nd Currently, Queen Margrethe II is the head of state and has been so since January 14th, 1972 Directly after her is the eldest son of the monarch Prince Frederik who will be next heir to take up this role4th However, the prime minister; Lars Loekke Rasmussen is currently the head of government and has been so since April 5th, 2009
- 1st It is signed by King Frederick and is still enforced today. Nb 2nd Currently, Queen Margrethe II is the head of state and has been so since January 14th, 1972 Directly after her is the eldest son of the monarch Prince Frederik who will be next heir to take up this role4th However, the prime minister; Lars Loekke Rasmussen is currently the head of government and has been so since April 5th, 2009
- Denmark’s legal system operates on the basis of a division into public law and civil law. Public law is divided into constitutional law, which concerns the provisions governing the supreme state organs, international law which regulates relations between states, administrative law, i.e. the legal rules applying to or used by local authority and state administration, criminal law, which contains the rules for what actions are punishable by law, and the law of procedure, the rules concerning the handling of cases by the courts. Conversely, Civil law regulates reciprocal relations between citizens and between natural persons and legal persons, e.g. companies and institutions. The rules must weigh and protect the interests of the individual parties. Important areas in civil law are the law of contracts and torts, the law of property and the law of capacity, family law and the law of wills and succession
- Denmark’s legal system operates on the basis of a division into public law and civil law. Public law is divided into constitutional law, which concerns the provisions governing the supreme state organs, international law which regulates relations between states, administrative law, i.e. the legal rules applying to or used by local authority and state administration, criminal law, which contains the rules for what actions are punishable by law, and the law of procedure, the rules concerning the handling of cases by the courts. Conversely, Civil law regulates reciprocal relations between citizens and between natural persons and legal persons, e.g. companies and institutions. The rules must weigh and protect the interests of the individual parties. Important areas in civil law are the law of contracts and torts, the law of property and the law of capacity, family law and the law of wills and succession
- Denmark has close ties to countries within the European Union such as Germany who is its biggest trading partner and United Kingdom whose monarchy it is closely tied to. Outside the union it has international ties with the United States of America.The United States is currently Denmark’s number one investor whose investments contribute approximately 28% to the regions GDP as of 2003, (US Commercial Service, 2010). Denmark is said to be a very open country where investment can happen without restriction, except in the case of large mergers which have to be approved by the EU. As of 2001 the Danish government signed a “Treaty to investor” protocol that enhances the U.S. – Danish bilateral Friendship, Commerce and Navigation Treaty. This protocol provides easy access to non immigrant visas to the US managerial staff. Also it ensures that there is a special US- Denmark tax rate of 28% for subsidiaries whose parents companies owned more than twenty percent of the subsidiaries. Additionally, dividends paid by US subsidiary are tax exempted, (US Commercial Service, 2010).
- Denmark has close ties to countries within the European Union such as Germany who is its biggest trading partner and United Kingdom whose monarchy it is closely tied to. Outside the union it has international ties with the United States of America.The United States is currently Denmark’s number one investor whose investments contribute approximately 28% to the regions GDP as of 2003, (US Commercial Service, 2010). Denmark is said to be a very open country where investment can happen without restriction, except in the case of large mergers which have to be approved by the EU. As of 2001 the Danish government signed a “Treaty to investor” protocol that enhances the U.S. – Danish bilateral Friendship, Commerce and Navigation Treaty. This protocol provides easy access to non immigrant visas to the US managerial staff. Also it ensures that there is a special US- Denmark tax rate of 28% for subsidiaries whose parents companies owned more than twenty percent of the subsidiaries. Additionally, dividends paid by US subsidiary are tax exempted, (US Commercial Service, 2010).
- Companies within the country of Denmark operates by the Danish Bookkeeping act.The Danish bookkeeping act is a set of guidelines of procedures which states how companies should record and display financial statements Accounting records are preserved in accordance with the Danish Bookkeeping act, that it is possible at any time to retrieve the records and that any description of system etc, and passwords etc, are preserved in Denmark, which will enable public authorities access to the accounting records at any times
- Accounting entries including the transactions trailAny descriptions of accounting systems, including agreements on electronic exchange of dataAny descriptions of systems designed to preserve and retrieve preserved accounting recordsVouchers and other documentsInformation necessary for the control trialStatutory financial statements andLong form audit reports
- Denmark being multi lingual, liberal, educated, and an economically advance country allows companies to report in any language and currency they see fit. However, the acts also specify that a report should also be available in Denmark Krone or Euro and Dutch.Audit profession consists of two groups; the State Authorized Public Accountant (SAPA) and the Registered Accountant (RA). The SAPA audits larger firms while the RA audit smaller onesThese two organisations are regulated by the Danish Commerce and Companies Agency. This agency ensures that officers are not employees, and that their accounts are a true and fair representation of the company’s financial standing
- Denmark being multi lingual, liberal, educated, and an economically advance country allows companies to report in any language and currency they see fit. However, the acts also specify that a report should also be available in Denmark Krone or Euro and Dutch.Audit profession consists of two groups; the State Authorized Public Accountant (SAPA) and the Registered Accountant (RA). The SAPA audits larger firms while the RA audit smaller onesThese two organisations are regulated by the Danish Commerce and Companies Agency. This agency ensures that officers are not employees, and that their accounts are a true and fair representation of the company’s financial standing
- Before in inception of European Union Denmarks its accounting rules were influenced by the Anglo Saxon traditions. Currently, the main factor that has influenced Denmark’s national accounting development is the fact that it is a member of the European Union (EU). As a member state it has adhere to the rules, laws and standards adopted by the union which observance are monitored and reported. In accordance to the European Union, within Denmark all entities are required to follow either the IFRS or the Denmark’s GAAP
- Before in inception of European Union Denmarks its accounting rules were influenced by the Anglo Saxon traditions. Currently, the main factor that has influenced Denmark’s national accounting development is the fact that it is a member of the European Union (EU). As a member state it has adhere to the rules, laws and standards adopted by the union which observance are monitored and reported. In accordance to the European Union, within Denmark all entities are required to follow either the IFRS or the Denmark’s GAAP