SBR takes hold in Finland
Vero Skatt, the Finnish Tax Service, has announced XBRL filing for joint-stock companies reporting financial statements to both the Tax Service and the National Board of Patents and Registration will launch in April of 2016 with a planned expansion in November of 2017. Full implementation for all companies is expected by 2020. Read the press release (in Finnish but use translate.google.com for a decent approximation in several languages).
Adoption by the Tax Service has been a long process and the result of a lot of hard work by XBRL Finland. We commend them for that work and what they have been able to achieve in bringing together a broad group of public and private sector stakeholders (seven software firms are involved in the pilot program). Check out the XBRL Finland website, which has links to the SBR Taxonomy and other materials.
At Business Reporting 360° in Copenhagen, our special correspondent Adam Shaw interviewed Elina Koskentalo of XBRL Finland on the progress being made there. 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.
