1. Recent development in statistical/accounting taxonomies and XBRL data collection
Efficient ways of statistical data collection from enterprises
Luxemburg

2. Contents and questions
Fully Integrated Accounting (FIA)
National Standard for Mandatory Business Reporting – the taxonomy
XBRL/XML reporting the most prominent vehicle for the taxonomy
How much needs can/should be linked into one taxonomy?
What is role of NSI in relation to national XBRL jurisdiction?
XBRL reporting mandatory or not?
XBRL reporting – a centralised or dispersed system?
Business Structures, Tolkki
23/03/2012

3. Fully Integrated Accounting (FIA) 1.1.2009-31.7.2010
Objectives
Create tools for minimising the administrative burden for enterprises
Towards more efficient financial administration process, within enterprises and between the interest groups
Emphasis on small and medium size enterprises
National Standard for Mandatory Business Reporting
Accounting/Statistical taxonomy
Not a generalised chart of accounts
Emphasis on external reporting between the enterprises and public sector organisations
Business Structures, Tolkki
23/03/2012

4. National Standard for Mandatory Business Reporting
Official
Financial
Statement
(pdf)
Enterprise
Trade register
Finance sector
Tax forms
Direct
inquiry
Tax Admin.
Statistics
Finland
Business Structures, Tolkki
23/03/2012

5. National Standard for Mandatory Business Reporting
The taxonomy
Joint project:
Data users: Tax Administration, Trade Register, Company Analysis Advisory Board, Statistics Finland,
Others: Finnish E-invoice Collaboration Network, Association of Finnish Accounting Firms, Aalto University School of Economics, Hawcon.
Several meetings and enterprise visits
Faster, cheaper and more consistent official reporting for businesses
Easily linked when automating the financial administration processes
Same system can be used for several purposes such as financial statements, tax declarations, statistical surveys (SBS)
Business Structures, Tolkki
23/03/2012

6. National Standard for Mandatory Business Reporting
The idea is to control the core of the public reporting for the businesses
Statistics Finland (needs of SBS and National Accounts)
Tax Administration (Income Tax form / Corporations, Partnership and Consortium)
Implementation do not need large investments for the businesses
The chart of accounts needs to be linked with the taxonomy
Especially useful for the small and medium size enterprises
Enebables the automatic calculation of the certain financial indexes
Can be used as a chart of accounts for some small enterprises
Structured format (versus pdf)
Piloted with real data and operator in December 2009
It was presented in to the public
Business Structures, Tolkki
23/03/2012

7. National Standard for Mandatory Business Reporting
Board of National Standard for Mandatory Business Reporting first meeting
Aalto University School of Economics
Confederation of Finnish Industries
Central Chamber of Commerce
Association of Finnish Local and Regional Authorities
Trade Register
Statistics Finland
Ministry of Employment and the Economy
Tax Administration (the Chair)
Company Analysis Advisory Board
Board of National Standard for Mandatory Business Reporting confirms the standard every year
Business Structures, Tolkki
23/03/2012

8. XBRL/XML reporting the most prominent vehicle for the taxonomy
Real Time Economy Seminar in Helsinki on XBRL jurisdiction Finland
Strong support towards legislation on XBRL
5-7 million financial statements available in XBRL in Europe (Gilles Maguet/Helsinki )
XBRL Finland jurisdiction kick-off meeting
15 members (private and public organisations)
The objective of the jurisdiction is
to promote the use of XBRL reporting in Finland
to promote the use of National Sandard for Mandatory Business Reporting
XML/XBRL reporting experences in Statistics Finland
Accommodation statistics
Agricultural statistics
Statistics Finland has a interface for XBRL/XML data
Business Structures, Tolkki
23/03/2012

9. XBRL/XML reporting the most prominent vehicle for the taxonomy
XBRL schema only 1-2 months programming work
The challenge is to introduce the taxonomy/XBRL schema to businesses
Co-operation of several interest parties is paramount
To foster the use of the taxonomy/XBRL schema strong promotion and education is needed (knowledge of XBRL)
Legislation – making it mandatory has been most effective in Europe (XBRL Seminar in Helsinki , XBRL jurisdiction kick-off )
Reporting via centralised or dispersed system
Needs of data users differ, for example the timeliness
Need for centralised data pool
The taxonomy should be stable
The change management
Close co-operation between the taxonomy and XBRL jurisdiction
Business Structures, Tolkki
23/03/2012