New Age of Financial Reporting

The New Age of Financial Reporting track focuses on electronic financial reporting innovations such as the standard business reporting (SBR), XBRL global ledger, and COREP / FINREP reporting and data point modeling.

Track Chair: Elina Koskentalo, XBRL Finland.
Speakers: Elina Koskentalo, XBRL Finland; Esko Penttinen, XBRL Finland; Michal Piechocki, BR-AG; Anne Leslie-Bini, Invoke; Poul Kjaer, XBRL Denmark; Elina Salminen, Federation of Finnish Financial Services; Frans Hietbrink, Netherlands Tax and Customs Administration; Jeroen van Hulten, Logius.

The sessions of the track include:

Standard Business Reporting/XBRL – Chair: Elina Koskentalo, XBRL Finland; Co-chair: Esko Penttinen, XBRL Finland.

Efficiency and streamlining processes are key in today’s world for companies whilst there is an increasing need for regulators to acquire more accurate and real-time data from the economy. Heavy reporting requirements impose a great deal of administrative burden for companies. Standard business reporting is the way of the future; automated reporting processes for companies providing structured real-time data for regulators. Presenting the SBR program in Finland and experiences from other countries.

Read more on XBRL standard

Read more on XBRL in Finland (in Finnish)


Transactional Reporting (TALTIO/XBRL GL) – Chair: Elina Koskentalo, XBRL Finland; Co-chair: Vuokko Mäkkinen, Association of Finnish Accounting Firms.

A global common data structure to present transactional accounting data brings many benefits; interoperability between accounting systems, automated report aggregation, auditing and seamless audit trail to name a few. The adoption process of the XBRL GL (TALTIO)-format in Finland is now beginning. Along-side a vision of a national transaction data registry shall be presented.

Read more on XBRL GL in Finland (in Finnish)


COREP/FINREP/DPM – Chair: Elina Salminen, Federation of Finnish Financial Services; Co-chair: Elina Koskentalo, XBRL Finland.

EBA Single Rulebook has harmonized the supervisory reporting package within the EU. Before, every EU country had somewhat different national reporting requirements. That was very burdensome for banks operating in many EU countries. For example, there used to be as many different forms of COREP than there were countries in the Union. In spite of the harmonized EBA reporting package, there are many other authorities asking different kinds of data. Banks are faced with several simultaneous data requests from the ECB, FSB, Eurostat, local authorities, to name a few. All the authorities have different data needs. Often they ask very similar information, which is defined slightly differently. Harmonization of data requirements is important – it could be the key in reducing reporting burden. Currently the problem is that data requirements are not harmonized between authorities – for example EBA is asking same things but differently than the FSB. For example large exposures reporting – same data, but reported a little bit differently. Same goes with FINREP reporting – banks are faced with questions, why that data differs from the numbers banks are reporting to the ECB.  There is a lot room for improvements what it comes to data harmonization. That is something authorities could do in order to reduce reporting burden. This roundtable will discuss the latest developments in COREP/FINREP reporting. The session will also give an introduction to the Data point modeling approach to model information in XBRL.

Read more on COREP/FINREP/DPM