Excerpted from the Denmark Career Guide
Danish accounting principles are
contained in the Annual Accounts Act. Banks, insurance companies and
certain mortgage and loan institutions follow the act under separate
industry laws specific for each type of institution. Since no
explicit Danish accounting framework exists, Danish companies are
guided by International Accounting Standards (IAS).
The Danish banking system is
governed by a single regulator, Finanstilsynet, but operates
with other Scandinavian banks under a set of rules adopted by the
European Union (EU). The sector is led by two large conglomerates,
Danske Bank and Unibank, which offer a full range of financial
service products. Together, they hold a significant market share in
banking, insurance and mortgage credit both in Denmark and across
Scandinavia. As many smaller banks have expanded their services
across country boundaries in recent years, they also have continued
to flourish, growing in market share, if not in profits.
The more than 650 Danish financial
institutions employ approximately four percent of the country’s
workforce, or about 41,000 workers. Financial sector assets amount
to almost four times the Danish GDP. Commercial and savings banks
account for 37 percent of the sector’s assets, mortgage credit
accounts for about 31 percent and pension funds account for 28
percent (the remaining four percent consists of stock brokerage and
investment trusts).
This is just a sample of what you'll find in the complete guide.
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