Use of xbrl in registries and news on applicable technological developments berit loog

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Use of xbrl in registries and news on applicable technological developments berit loog

  1. 1. Berit Loog Ministry of Justice
  2. 2.  Before 2010 entrepreneurs reported about their activities and economic indicators to different authorities.  Data was submitted in duplicate form.  No single format for the submission of data.  Reporting arrangement was also burdensome for the state.
  3. 3.  A Government Committee was formed: - Ministry of Justice - Ministry of Economic Affairs and Communications - Ministry of Agriculture - Ministry of Finance - Ministry of Social Affairs - Estonian Board of Auditors - Estonian Chamber of Commerce and Industry - Bank of Estonia - Estonian Tax and Customs Board - Statistics Estonia - Centre of Registers and Information Systems
  4. 4.  The main objectives of the project were: - to simplify the submission of different reports; - to minimize the reporting obligation of undertakings before different authorities.  The main results of the project were: - the taxonomy was developed; - a special environment was developed for the submission of annual reports; - the rule was introduced: the same data may not be asked twice.
  5. 5.  E-reporting environment uses the XBRL standard, which provides major benefits in the preparation, analysis and communication of business information.  An annual report taxonomy was created.  The portal also accepts the e-IDs of Portugal, Belgium, Finland and Lithuania.
  6. 6.  As of 1st of January 2010 it is mandatory to submit annual reports electronically through the e-reporting environment.  An accounting entity has to follow the taxonomy and the reporting forms prepared on the basis of the annual report taxonomy.  The use of the e-reporting environment of the Company Registration Portal requires logging in with the ID card, the mobile ID or via online banking.
  7. 7.  Access is allowed for Board Members, general partners, limited partners, subsidiary managers, liquidators, bankruptcy trustees.  E-reporting environment allows: - to prepare the main reports; - to add documents; - to digitally sign the report; - to prepare the sworn auditor’s conclusion and to certify it electronically; - to send the report to the Commercial Register.
  8. 8.  A single reporting way and environment was established, making the entry and transfer of the data more convenient.  Taxonomy was developed – the data of an annual report already submitted to the Commercial Register can be used in full.  The submitted data is available faster.  E-reporting environment involves automatic checks – allows to avoid mistakes, resulting in a more high-quality report.  Faster processing of reports – saving time for the registrar.
  9. 9.  The legal regulation of the whole project.  The content of the taxonomy of an annual report.  Submission of a report on data fields in a certain environment.
  10. 10.  E-reporting environment makes the entry of data significantly more convenient.  The processing of business data has become quicker and easier.  The administration of the reporting obligation was facilitated.  The key principle of submitting data was introduced.
  11. 11. To learn more please visit: http://www.egov-estonia.eu/xbrl berit.loog@just.ee

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