SAF-T Financial is a standard format used in the exchange of accounting data. SAF-T, or Standard Audit File-Tax, is the result of a joint development collaboration between the business community, the accounting sector and the Norwegian Tax Administration, based on a recommendation by the OECD.
The Ministry of Finance is considering a proposal that the requirement of providing accounting data in this format should apply to any party with bookkeeping obligations as of 1 January 2017.
However, it is expected that this will remain a voluntary arrangement up until 1 January 2018.
Businesses with less than NOK 5 million in turnover, or fewer than 600 documents a year, are exempt from this requirement. However, if these businesses do have bookkeeping information electronically available, the requirement will apply to them.
The introduction of the standard format will make it easier for those obliged to keep accounts to submit accounting records to public authorities when requested to do so. It will also be easier to perform internal audits, and analyze and share data with others, such as external auditors.
In the long run, the standard will make it easier to keep accounting records.
S4FN SAP SAF-T add-on supports Norway SAF-T format. It is ready to use with simple customization steps.
Please contact for more info. Check product brief.