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Register of financial statements

The Register of Financial Statements (RFS), as the centralised solution for storing and accessing financial statements and related documents, has massively reduced the administrative burden and related costs of businesses and increased the overall transparency of reporting, thereby improving the business environment in Slovakia significantly.

The Register of Financial Statements (RFS) established a central point for storing financial statements and related documents (annual reports, auditor reports). Businesses therefore do not have to submit these documents to various state authorities and at the same time the data is made available to all institutions and also the public. The Register is a practical example of one of the rules of e-Government: Once is enough. It cuts the bureaucratic burden for businesses and state administration and makes doing business in Slovakia simpler.

Data from the Register are imported from various sources (Financial administration, Central consolidation system, Data Centre) and are made available to institutions and the public by way of a web or programme interface. Simple and problem-free access to financial data of companies greatly improves the availability of data from financial statements, increases the transparency of the business environment and enables the use of data in the formation of analyses and prognoses of the economic development of a company.

In its own way, the RFS is ground-breaking because Slovakia is only the second country in the European Union to make the financial data of companies accessible at a comparative quality to the public. It does this in a way that produces a real tangible improvement to doing business. The Register serves not just state institutions, but also the businesses themselves, together with the professional community and general public. They appreciate the benefits of the RFS from several perspectives:

Trend devoted a whole editorial to the project in its annual technological review. It underlined the contribution the system has made to transparency of the business environment.

Jozef Andacký, Chief editor of Trend: "The Register of Financial Statements made as huge a leap toward transparency of the Slovak business environment as the online business register did years ago. What’s more, the Register of Financial Statements does not mean an additional administrative burden for companies and even simplifies communication with authorities." More ...

Leading financial analyst said about the project that it is among the best in Europe from the perspective of availability and completeness of corporate financial data.

Filip Glasa, founder of the portal Finstat.sk: "With the launch of the RFS, Slovakia became one of just a few countries to publish the financial data of companies on the internet in a usable form, and one of the first ever to make an Open Data set from the financial data of companies. In terms of data completeness and usability, Slovakia overtook the majority of European countries." More ...

OpenData community highly values the simplicity and user-friendliness of the application interface.

Peter Hanečák, IT expert in the field of Open Data: "The API is simple and functional and is capable of providing data effectively also to more complex applications. All we can do is praise it." More ...

The expert panel of IT Gala appreciated the utility, quality and benefit of the solution.

The Register of Financial Statements was nominated as the 2014 IT project of the year. More ...
Pimg - video iconeter Kolesár, Director for public administration, PosAm

ITAPA Congress awarded 3rd place for The Register of Financial Statements for its contribution to reducing bureaucracy.

TS ITAPA: "We awarded the projects that us got rid of red tape, and which allow a government to provide citizens and businesses with a new, simpler and faster service" More...

More about solution:

Success story: Registry of financial statements

 


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Contact

Peter KolesárPeter Kolesár
Director for public sector peter.kolesar@posam.sk

Selected references

  • Ministry of Finance of the Slovak Republic