Digital Financial Reporting (DiFin)
Standard for the Seamless, Media-Independent Transmission of Annual Financial Statements
The management of application procedures, the compilation of data and the analysis of annual financial statements require a lot of time and effort, tying up valuable resources and corporate capacities.
In the near future, however, German credit providers will be able to make use of DiFin (Digital Financial Reporting), a process that allows the seamless digital transmission of annual financial statements. DiFin has been developed to allow the digital transmission of financial statements and other accounting files without any problem or discontinuity that could be caused by the use of different media on the documents‘ way from the reporting entity to the credit provider. The transmission process is based on the tried and tested XBRL taxonomy, which is already applied for electronic submissions of tax declarations. On top of that, a technological infrastructure is being provided that is designed to enable the straightforward transmission of financial statements and other accounting documents.
Creditreform Rating supports the DiFin process by providing both technical and technological assistance, offering a range of services that are designed to enable our clients to retrieve and to process digitally formatted annual financial statements.
We ensure that DiFin-transmitted annual financial statements can be received, checked and analyzed by us so we can forward them in individual formats to our clients in the financial services industry.
Point and Purpose of Digital Financial Reporting
- Standardized and efficient digital process for seamless transmission
- No more need for manual data processing that requires time, cost and effort
- Immediate provision of annual financial statements
- Faster credit approval processes
- Application of tried, tested and reliably safe technologies across the entire financial process
Creditreform Services for Credit Providers
- Provision of a technology infrastructure that enables the use of DiFin processes
- Transmission of the standardized DiFin format for annual financial statements or direct integration into our clients‘ existing balance sheet structures (via mapping)
- Technical support for our clients‘ validation procedures and plausibility checks of digital annual financial statements
- Compilation of balance sheet analyses and disclosure of mean values for specific industries