Keynotes 2017

Real-time, frictionless detailed data exchange: streamlined and standardized accounting and audit data.
Eric E. Cohen (Co-founder of XBRL, Chief Architect of XBRL GL, US)

Real-Time Economies are facilitated by minimizing unnecessary data friction and maintaining safeguards benefitting target stakeholders. Streamlining detailed business data flow – with security protecting confidential data and enhancing trust – has been the Global Ledger’s goal from its foundation. In this session, you will learn the Global Ledger’s ABCs (e.g. Agility, Blockchain, Continuous Monitoring) and beyond:

  • The Past, Present and Future of ERP and Audit Data, Rule and Process Standardization
  • The Potential Benefits and Current Challenges
  • The Vision of the Real-Time Ecosystem and How To Drive that Future

Business Data Semantics: A common foundation for standardization that benefits companies and regulators alike.

Gianluca Garbellotto (CEO, IPHIX)

Reporting, internal or external, is costly and inefficient because it is about translating business data – invoices, accounting entries, pay slips, carbon credits, in other words the output of the day-to-day operations of an organization – into different languages: the language of Government and compliance, the language of financial reporting, the language of auditing, the language of executive dashboards. The logic that performs these translations is hardcoded in business software, which makes it rigid and difficult to maintain, and its “last mile” happens in spreadsheets, a manual and error-prone process. This session will introduce Business Data Semantics and their three components – transactional business data, derivation rules, derived reports – and explore how they make it possible to standardize and streamline the translation of business data into regulatory reports, or any other report, and the benefits that this brings to both businesses and regulators.

Why do we need TALTIO and steps going forward.
Vuokko Mäkinen (Chairperson, Association of Finnish Accounting Firms)

What’s the problem with current solutions?

In conjunction with powerful integration, the current system landscape has grown into extensive overall systems where individual applications lack individual solutions owing to the need to compromise. This has led to awkward user interfaces. System maintenance and updates have evolved into heavy, extensive processes. Transferring accounting materials between systems is difficult. Saving accounting materials and securing material availability also present challenges—for example, in the case of bankruptcy. Entirely new solutions are required.

Solution – TALTIO

The starting point for the modelling of a new overall accounting information system is that all financial management information is available in electronic format and that the processes are largely automated. The information travels in a standardised, structurally fixed format (TALTIO file format) between systems. The TALTIO data warehouse forms the core of the model. The information required for financial management enters the warehouse in real time for processing and viewing. Different applications can be used for extracting reports from the data warehouse in real time. Company information can be stored in a separate data warehouse or in the shared data warehouse of a service provider.

Transaction level standardization – Linking TALTIO and Audit data file.
Elina Koskentalo (Project manger, XBRL Finland)

After extensive work done on financial reporting slide with the implementation of XBRL FR in the form of standard business reporting filing program, XBRL Finland now turns to transactional level standardization. Building on Vuokko’s views on problem statement and solution going forward, in this presentation, Elina will present the actual TALTIO standard and explain its implications and benefits to different parties working in the financial value chain. Elina will also shed light on the links between TALTIO and the current ISO initiative on the audit data file standard (ISO/PC 295).