Finnish XBRL Taxonomy Based on SBR

<strong>Finnish</strong> <strong>XBRL</strong> <strong>Taxonomy</strong><strong>Based</strong> on SBREsko Penttinen, Elina Koskentalo<strong>XBRL</strong> Finland

Agenda1. Standard Business Reporting program inFinland2. <strong>Finnish</strong> SBR/<strong>XBRL</strong> <strong>Taxonomy</strong>3. Lessons learned & future challenges

Real-Time Economy ProgramFullSEPAFVC FIA1 FIA2 SME502006 2008 2009 2010 2012Full SEPA(Full Single EuroPayments area)- SEPA payments- E-invoicingFVC(Full Value Chain)- Harmonizingvalue chaindevelopmentFIA 1(Fully IntegratedAccounting 1)1.1.2009-30.6.2010- Electronicaccounting reference- Standard BusinessReporting- Global e-invoicingstandard ISO20022- European e-invoicing workFIA 2(Fully IntegratedAccounting 2)1.8.2010-30.12.2011- Electronic FinancialStatement and <strong>XBRL</strong>- Fully IntegratedPayroll (FIP): Payrollreporting codes andpractices- Real-Time VAT- European e-invoicing workSME 50(’Administrative costsin half…’)2012-20131. AFA – AutomatedFinancialAdministration2. FAR – FullyAutomatedReporting3. ERM – EnterpriseRisk Mitigation4. SIM – SustainabilityIntelligenceManagement

Real Time Economy:National CoinnovationProgramSME’SAgentIT,Dicole,Finansia,Hawcon,Hammerkit,Maventa,ProCountor, ...CONSUMERSKuluttajatutkimuskeskus,TeliaSonera, FK,…BANKSAktia, OP-Pohjola,Nordea , Sampo,Suomen Pankki,...PUBLIC ORG.Hansel,Kuntaliitto,PRH,Tieke,Valtiokonttori,vero, VM, TEM,STM, Kela, ...COMPANIESALD-Automotive,Finnair,LindströmPretax, UPM-Kymmene,Wärtsilä,Asiakastieto, ...ACADEMICSAalto, Hanken,ÅA, TY,Politecnico diMilano,University ofNevada, ...OPERATORS &SERVICEPROVIDERSAditro,Basware,OpusCapita,Telia-Sonera,Tieto,Itella, …INTERESTGROUPSFK,Taloushallintoliitto,Keskuskauppak.,Suomen Yrittäjät,EK, Sitra, ...

Ecosystem of <strong>Finnish</strong> SBR/<strong>XBRL</strong>Company chartof accountsStandard Business ReportingAineet, tarvikkeet ja tavaratOstot tilikauden aikanaAine-, tarvike- ja tavaraostot4000 Ostot4001 Aineiden ja tarvikkeiden hankinta (pl.4002 Kauppatavaroiden hankinta4003 Pakkausaineiden hankinta4004 Sähkön hankinta omaan käyttöön4005 Lämmön hankinta omaan käyttöönTavaraostot4100 Tavaraostot Ahvenanmaalta4200 Yhteisöhankinnat4201 Palveluiden osto yhteisöstäFinancialstatementsTax returnsStatisticsreportingGovernmentgateway

<strong>Finnish</strong> <strong>XBRL</strong> consortiumPrivate-public collaboration with 19 members• Private(Tieto, Aditro, IBM, Fujitsu, KPMG, Deloitte, PWC,Balance Consulting, Suomen Asiakastieto)• Public (Business register, Tax office, Statistics Finland,Association of <strong>Finnish</strong> accounting firms, Federation of <strong>Finnish</strong>banks, <strong>Finnish</strong> Supervisory Authority FSA, Aalto University, ÅboAkademi, Hanken School of Economics, TIEKE The <strong>Finnish</strong>Information Society Development Centre)Seven working groups1. FAS taxonomy development2. IFRS taxonomy development3. Service providers4. Mandatory filing WG5. COREP/FINREP6. Communication, education, research7. Report receivers

<strong>Finnish</strong> SBR <strong>Taxonomy</strong>• Applicability for different reporting scenarios in tandem andseparately• Financial statements -, statistics - and tax reporting• Making use of the Standard business reporting code set(raportointikoodisto.fi)• Applicability for different types of businesses• Legal reporting requirements differ to some extent fordifferent types of businesses• Complying with XII recommendations and best practices• Usability• Aiming at minimizing the effects of versioning

<strong>Finnish</strong> SBR <strong>Taxonomy</strong>• <strong>Taxonomy</strong> extensions allowed• But not without limitations• Extensions are allowed but not expected• Only dimensional data structures (no tuples)• Making use of <strong>XBRL</strong> Formula specification• No calculation linkbase• Language support• Labels in <strong>Finnish</strong>, Swedish and English• Inline <strong>XBRL</strong>• XSLT-templates shall be provided in order to transform the<strong>XBRL</strong>-instance documents into i<strong>XBRL</strong> format

Additional functionalities• Automatic generation of• Tax reports• Cash flow statement• Key business figures• Making use of the Formula linkbase• Usage optional but useful• Requires the usage and tagging of “extended financialreport”-entry point”extended financialstatement””general financialstatement”FormulaprocessorTax reports

Work started on April 2012TimelineFirst draft released February 2013Public reviewFinal version release May 2013Building the reportsubmission architectureVoluntary <strong>XBRL</strong> reporting spring2014 ->04/2012 04/2013 04/2014

Lessons learned & futurechallenges• Data content before technology• …is not to implement <strong>XBRL</strong> just for the sake of <strong>XBRL</strong>• Keeping in mind the main goal• …diminishing the administrative burden for companies• SBR is not just about standardizing the reported data• …requires and integrated report submission architecture• Public-private cooperation• …the support of both is required