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Foundation of the DASB
Tasks of the DASB
Accounting standards in the Netherlands
Meetings of the DASB
Due process of the DASB
Structure of the DASB

Foundation of the Dutch Accounting Standard Board

The Foundation for Annual Reporting coordinates the activities of the Dutch Accounting Standards Board (DASB). The Foundation for Annual Reporting also ensures adequate funding of the DASB.
The Foundation for Annual Reporting was formed by the following organisations in September 1981:

Federation of Netherlands Industry (VNO; Verbond van Nederlandse Ondernemingen);
Netherlands Christian Employers' Federation (NCW; Nederlands Christelijk Werkgeversverbond);
Federation of Netherlands Trade Unions (FNV; Federatie Nederlandse Vakbeweging);
Christian National Federation of Trade Unions in the Netherlands (CNV; Christelijk Nationaal Vakverbond in Nederland);
Order of the Netherlands Institute of Registeraccountants (NIVRA; Orde Nederlands Instituut van Registeraccountants).

In 2001 the Association of Investment analysts (VBA; Vereniging van Beleggingsanalisten) joined the Foundation's Board, in 2002 the Dutch Order of the Accountants-Administrator's consultants NOvAA (Nederlandse Orde van Accountants-Administratieconsulenten) and the Royal Association of Small and Medium-sized Enterprises in the Netherlands (Koninklijke Vereniging MKB-Nederland) and in 2007 Eumedion joined.

NIVRA, NovAA, Eumedion and the Social and Economic Council (SER; Sociaal-Economische Raad) contribute to the Foundation's budget. The Foundation also receives revenues from copyrights of the Dutch Accounting Standards.

Tasks of the Dutch Accounting Standard Board

The Foundation's objectives are set forth as follows in its Constitution:

1. The objective of the Foundation is to foster quality in external reporting, particularly in the annual accounts, of legal entities and other organizations in the Netherlands.

2. It seeks to achieve this objective:

a) by publishing authoritative statements and recommendations on external reporting;

b) by issuing opinions on external reporting requirements to the government and to other regulatory bodies, either of its own accord or in responses to requests.

Each year in September two sets of Guidelines are published in Dutch. The last English version of the Guidelines is from 1998. A more recent translation has not been published, nor is a recent translation in progress. The DASB furthermore prepares comment letters to all Exposure Drafts and Discussion Papers of EFRAG and IASB, attends EFRAG CFFS meetings and provides members for some EFRAG and IASB working groups. The DASB seeks to ensure that the Dutch Accounting Standards cover most of the questions arising in practice. The Dutch Accounting Standards proceed from the statutory regulations governing consolidated and individual annual accounts and directors' reports as principally contained in Part 9, Book 2 of the Dutch Civil Code. The Accounting Standards also incorporate the rulings of the Enterprise Chamber of the Court of Appeal at Amsterdam and of the Supreme Court where these are considered of general relevance. In its deliberation for the Dutch Accounting Standards, the DASB also considers the applicable International Financial Reporting Standards as endorsed by the EU.

Accounting Standards in the Netherlands

The accounting standards to be applied in the Netherlands depends on the size of the entity.

Small entities have to choose between:

Book 2 of the Dutch Civil Code combined with fiscal valuations;
Dutch Accounting Standards for small legal entities;
Dutch Accounting Standards for medium sized and large legal entities; and
EU-IFRS combined with a part of the Dutch Accounting Standards for medium sized and large legal entities.

Medium sized and large entities have to choose between:

Dutch Accounting Standards for medium sized and large legal entities; and
EU-IFRS combined with a part of the Dutch Accounting Standards for medium sized and large legal entities.

Listed entities (independent of size) have to use EU-IFRS combined with a part of the Dutch Accounting Standards for medium sized and large legal entities.

The criteria

In order to qualify for a category, the entity has to fulfill two out of the three mentioned criteria for two successive years.

Meetings of the Dutch Accounting Standard Board

The DASB is made up of representatives of (1) the preparers, (2) the users and (3) the auditors of financial reports of companies. The Board meets at least once every month, or otherwise as often as the Chairman, (two members of) the DASB or the Foundation requests The meetings are also attended by representatives from the Ministry of Justice and the Authority Financial Markets (the Dutch supervisor of the savings, lending, investment and insurance markets) who are not entitled to vote on Board decisions. DASB meetings are not open to public observation, nor are its minutes.

Due process of the Dutch Accounting Standard Board

The DASB uses a due process in developing the Dutch Accounting Standards. First the DASB Staff or a DASB Working group drafts a Standard. The DASB discusses the Draft Standard and, if necessary, makes some adjustments before issuing the Draft Standard for comment. Comments on these Draft Standards are studied and considered, and the drafts are revised as necessary before being finalized.
Where statutory provisions are involved, the appropriate references are given. By making a distinction in the Standards between authoritative statements (printed bold) and recommendations, the DASB aims to reflect differences in the practical significance of the Standards. In other words, the authoritative statements printed in bold carry extra weight. The DASB does not pretend that the authoritative statements in either the draft or the final Standards are compulsory in the same way the legal requirements are. In the final analysis, it is for the Courts to decide on the merits of each case which standards are to be considered generally acceptable for a specific set of financial statements. This implies that each company bears individual responsibility for its own financial statements. The Dutch Accounting Standards and in particular the authoritative statements incorporated in them are generally conductive to providing the insight as to enable a reasonable judgment to be formed regarding the financial position and results of the company. It follows that the authoritative statements are not expected to be departed from without good reason. The DASB also believes that the recommendations and, to some extent, the Draft Standards will give support and direction to reporting practice.

Structure of the Dutch Accounting Standard Board

Executive board:

Chairman

mr. B.E.M. Wientjes (VNO-NCW)

Secretary and treasurer

drs. R. DekkersRA (NIVRA)

Other members of the board

mr. M.H.P. Braakman(MKB-Nederland)
J.A.M. Ausems MSc MFC (CNV)
mevr. dr. K. Boonstra (FNV)
drs. R. Abma (Eumedion)
drs. H. Haarbosch (VBA)
drs. F.A. van Schaik RA AA (NOvAA)

DASB:

Chairman

H. de Munnik

Members

Preparers' delegation

A.P. den Butter RA RO CIA (chairman delegation)
mr. drs. J. Kool RA
W. Poldervaart MIM
mr. T. van Wijngaarden
drs. M.W. Noordzij (staff member)

Users' delegation

C. Offerman RA (chairman delegation)
drs. P.A.M. Bos
prof. dr. H.F.D. Hassink RA
drs. J. Vis MBA CMC RV
drs. G.W.H. Ewalts RA RC (staff member)

Auditors' delegation

R.A.H. Smittenberg RA (chairman delegation)
mr. drs. J.B. Backhuijs RA
drs. G.M. van Santen RA
H.A. Woudstra AA
H.W. Verhoek RA (staff member)

Minutes

H. Strating RA

Representatives

ms. mr. drs. N. Hagemans (Ministry of Justice)
mevr. mr. L.D.V.M. Kompier (Ministery of Justice)
drs. P.R. Blok RA (Authority Financial Markets)

Staff

Chairwoman

I. de Graaf-Oudhuis RA (PwC)