SAF-T Financial Due Diligence
SAF-T Financial carries the same completeness for a Norwegian target that SIE4 gives for a Swedish one. The first-cut audit file replaces the reconstruction phase — the analysis starts from source.
Discuss a deal Norwegian deal supportWhat SAF-T Financial actually is
SAF-T Financial is Norway's mandated standard audit file. Since version 1.30 became required for accounting periods beginning 1 January 2025, almost every Norwegian company above the small-entity threshold produces one.
It is an XML document structured in three parts:
- Header — the entity details, fiscal year, reporting currency and reporting basis.
- Master Files — the chart of accounts, tax codes, cost centres and other static structures.
- General Ledger Entries — the actual transactions: every entry for the fiscal year, with account, amount, date and narrative.
The practical effect is that the monthly profit and loss, the balance sheet, account-level detail and the full audit trail all come from one structured file rather than from bespoke extracts the seller's controller has to build.
Why it changes the engagement
On a typical offshore diligence engagement, the first week disappears into reconstruction. Someone re-keys or re-maps whatever the seller managed to export, then reconciles it back to the reported numbers before any analysis begins.
With a SAF-T Financial export, that phase largely disappears. From one ingestion we can derive everything needed for a first-cut databook.
Because SAF-T is mandatory rather than voluntary, transaction-level data is reliably available on Norwegian targets. That shortens the reconstruction phase and makes the first cut faster and cheaper than a comparable UK or US mandate.
The ledger systems that produce it
Tripletex
The dominant cloud ledger for Norwegian SMEs. Produces a clean SAF-T Financial export.
Visma
Broad presence across Norwegian SMEs and mid-market, including Visma Accounting and Visma Severa.
PowerOffice Go
Strong in the SME segment, with native SAF-T export.
Xledger
Popular with growing SMEs and mid-market companies; supports SAF-T Financial export.
In every case we take the export the system natively produces. If a target runs something less common, send a sample export and we will confirm we can read it before you commit to anything.
NGAAP versus IFRS — the Norwegian angle
Most Norwegian companies report under NGAAP (Norwegian Generally Accepted Accounting Standards). Listed groups and some larger entities report under IFRS.
NGAAP permits some treatments that diverge from IFRS. We bridge reported NGAAP figures onto the basis the buyer is underwriting and show the bridge, rather than presenting a restated number without workings.
The divergences that most often move EBITDA are development costs, provisions and lease treatment — the same three that matter for Swedish K2 versus K3.
How a Norwegian diligence engagement runs
First request
Send the data room index or a sample SAF-T Financial export. We confirm scope and timeline within one business day, before any engagement letter.
Source data
The SAF-T Financial export carries what we need for most SMEs and mid-market targets. For larger groups we add the consolidated management pack.
First cut
Within 48-72 hours we return the derived monthly profit and loss, balance sheet, account-level cuts and a working-capital estimate, in English.
Full databook
Schedules tie to voucher-level source because they come straight from the ledger export rather than a retyped trial balance.
No minimum commitment. A single databook is a low-risk way to see the standard before deciding on a larger engagement.
Norwegian target on your desk?
Send the ledger export or the data room index. We will confirm scope and timing within one business day.
Book a consult Get the data-request listOr email abhishek.bhandari@zionadvisor.com directly.