Use of xbrl in registries and news on applicable technological developments berit loog
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XBRL filing in Estonian Commercial Register Berit Loog Ministry of Justice
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Transcript of Use of xbrl in registries and news on applicable technological developments berit loog
XBRL filing in Estonian Commercial
RegisterBerit Loog
Ministry of Justice
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.
Before implementation
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
Overview of the project
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.
Overview of the project
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.
Technologies used
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.
The procedure now
The procedure now
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.
The procedure now
The procedure now
The procedure now
The procedure now
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.
Benefits of the project
Benefits of the project
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.
Problems encountered
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.
Results
