Visma’s Experience Instrumental in Winning Logius XBRL Tender
Visma Connect is proud to announce it has won a new tender to continue developing and maintaining the main XBRL taxonomy for financial data exchange in the Netherlands. The company will continue to do this on behalf of Logius, the country's digital government service. Visma’s extensive experience in the development of XBRL taxonomies was a decisive factor in winning the tender.
Visma Connect has been developing various XBRL taxonomies for Logius since 2014. These taxonomies are used for Standard Business Reporting (SBR) and by institutions like the Chamber of Commerce (KVK), SBR Housing (Ministry of the Interior) and the Ministry of Education.
Visma’s XBRL taxonomies have been critical to enable large-scale, standardized and digital exchange of accountability data across the chain. The taxonomies are used for several purposes, like the delivery of financial statements, property valuations and tax returns. They are incorporated in the systems of requesting parties and in commercial suppliers' financial and tax reporting software.
High quality data exchange
"We are setting the foundation for standardized and automated data exchange between businesses and government institutions, and between government institutions themselves," explains Henk-Jan Jansen, responsible for business development at Visma Connect.
"Visma Connect creates taxonomies in XBRL based on laws and regulations and in accordance with the Dutch Taxonomy Architecture (NTA). By winning the tender, we are allowed to continue this important task for the successful digitalization of Dutch society."
Given the amount of data available today, organisations are looking for ways to turn data into valuable information. Standard Business Reporting (SBR) sets a standard for the digital exchange of business reports. It ensures that companies can access data and report using structured information. The use of standards helps leadership teams make informed decisions based on validated data.
Visma Connect spearheaded the design and implementation of the Netherlands' SBR program, commissioned by Logius. The program has won two European Best Practice Awards.
Henk-Jan Jansen: "We are closely following developments in Europe in the field of standardised data exchange. Think of the exchange of information about sustainability targets, such as co2 emission reports. We can play a role in getting taxonomies and standards off the ground and ensuring secure data exchange based on these standards. The tender shows that we are on the right track. We are confident that we can replicate this success internationally."
Last year, Visma Connect launched Sustynex,the first cloud native platform for sustainability reporting based on a GRI Taxonomy. With Visma Sustynex, organizations can create validated and standardized sustainability reports faster, and share them with key stakeholders. The platform can also be used to receive sustainability reports from supply chain partners. With the Corporate Sustainability Reporting Directive (CSRD) coming into effect, this type of solution will be highly valuable for European companies.