Recent development in statistical/accounting taxonomies and XBRL data collection Efficient ways of statistical data collection from enterprises Luxemburg 22.-23.3.2012

Contents and questions Fully Integrated Accounting (FIA) 1.1.2009-31.7.2010 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

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

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

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

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 9.9.2010 to the public Business Structures, Tolkki 23/03/2012

National Standard for Mandatory Business Reporting Board of National Standard for Mandatory Business Reporting first meeting 22.10.2010 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

XBRL/XML reporting the most prominent vehicle for the taxonomy Real Time Economy Seminar in Helsinki 21.9.2011 on XBRL jurisdiction Finland Strong support towards legislation on XBRL 5-7 million financial statements available in XBRL in Europe (Gilles Maguet/Helsinki 21.9.2011) XBRL Finland jurisdiction kick-off meeting 12.3.2012 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

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 21.9.2011, XBRL jurisdiction kick-off 12.3.2012) 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