In 2013 the Transparency Directive, which sets rules on harmonisation of transparency requirements of issuers, was amended to include among others a requirement for issuers to prepare their annual financial reports in a single electronic reporting format. ESMA was assigned the responsibility to develop regulatory technical standards (RTS) to specify this electronic reporting format. The objectives of the provision are to make reporting easier for issuers and to facilitate accessibility, analysis and comparability of annual financial reports. The European Single Electronic Format is the electronic reporting format in which issuers on EU regulated markets shall prepare their annual financial reports from 1 January 2020. XBRL Finland has setup a working group to assist Finnish issuers in the transition to this electronic filing. The working group had its first meeting in February 2018 with an objective to organize a conference late 2018. ESMA has conducted field tests with a number of filers, below is a link to a video reporting on the outcome of those field tests. Links: XBRL Finland: https://www.tieke.fi/display/XBRL/XBRL+Suomi ESMA: https://www.esma.europa.eu/policy-activities/corporate-disclosure/european-single-electronic-format XBRL website: https://www.xbrl.org/tag/esma/
Real-Time Economy Blog
We would like to invite you to the third annual Real-Time Economy conference. The conference brings together a healthy mix of people interested in the advancements of the technological innovations taking place in the financial value chain. The 2015 and 2016 editions of the conference both attracted around 150 participants from more than 10 countries to fruitful discussions. The theme of the 2017 conference is Transactional Level Standardization – TALTIO. TALTIO is the Finnish implementation of the XBRL Global Ledger, the open standard for transactional reporting, which provides a generic and system-independent way to record all of the details in any kind of ledger. The TALTIO project is led by the Association of Finnish Accounting Firms and focuses on three key areas: developing the TALTIO standard, TALTIO e-receipt, and the TALTIO data storage. The conference will be held on 11-12.5.2017 at Aalto University in Helsinki. Find more information and register here
XBRL International’s Adam Shaw interviewed Elina Koskentalo, project manager at XBRL Finland, during Business Reporting 360° in Copenhagen. In the interview Elina Koskentalo talks about the progress being made in Finland as well as plans of going forward. Watch the video to hear about how businesses in Finland feel about XBRL, the benefits of XBRL and advice for those looking to start an XBRL project. Learn more about XBRL Finland:
The Real-Time Economy Readiness Index report, conducted in collaboration with Eera Oy is now available online. The purpose of the RTE readiness index is the assessment of advancement of European Union countries and Switzerland in Real-Time Economy (RTE) and preparation of the RTE-advancement index of the respective countries. To find out more and download the report follow the link.
We would like to present you to the updated Real-Time Economy website! After sharing the space with Aalto University domain, we decided to give RTE.fi a new home. We worked hard on the new website to deliver better user experience. Our projects, publications and events are now easier to search and navigate. We will also try to keep things up to date and