Internet of Business: standardising financial transaction information

The goal of Internet of Business (IoB) project is to develop a secure and standardised network based on real-time economy concept, where all business transactions are in digital format, generated largely automatically and completed in real time.

In 2016, IoB project has received financial support from Interreg Baltic Sea Region Seed Money programme and in 2017, from CEF Telecom 2016: eInvoicing programme.

In 2020, the project activities will be carried out with financial support from CEF Telecom 2019 Programme: eInvoicing.

Implementation period: 01.02.2020 – 31.01.2021

Partners:

  • MTÜ ITL Digital Lab  
  • Tieto Estonia AS
  • Fitek AS
  • Columbus Eesti AS
  • BCS Itera AS
  • Account Studio OÜ
  • SimplBooks OÜ
  • OÜ Skriining
  • Association of Estonian Accountants

Main activities:

  • The project will take into usage the XBRL GL standard for standardising financial transactional data, adapt the standard into the existing systems of software and service providers, and map it against European e-invoice standard (EU Norm). As a new addition, the project will develop a ‘MyCompanyData’ service which allows to submit state monthly tax reports in XBRL GL format. If done successfully, it enables one service provider to unambiguously read the transactional data in the system of another service provider, being thus a huge step towards real-time economy. The new service is also in accordance to the European Commission e-invoice directive 2014/55/EU requirements and enables secure national and cross-border transactions between the public and private sector.
  • Project partners will do XBRL GL standard pre-analysis and mapping against transactional data (including EU Norm), taking into consideration the results and concepts of previous projects (Reporting 3.0, Nordic Smart Government 3.0, TALTIO, MyData etc.), working closely together with Statistics Estonia and observing the possibilities to use innovative technologies (for example blockchain technology) for information exchange. All this results in a technical description document with instruction materials that can be reused in Estonia as well in other EU countries where XBRL GL and EU Norm are being used or planned to be used.
  • In Estonia, up to three seminars will be held. Already in Spring 2020, international RTE symposium will take place focusing on real-time economy topic in Estonia and abroad, and also introducing the current project, its goals and possible outcomes. The seminars will largely focus on the XBRL GL standard and the adaptions it will bring about after the project is finalised.

Internet of Business project: MyCompanyData service intro

Project results:
30.09.2020 webinar “Data-driven reporting – an essential component of real-time economy”
27.01.2021 webinar on Data-driven reporting – an essential component of real-time economy
News about the project

2. MyCompanyData service specification and mapping documentation
2.1 ANNEX I XBRL GL accounting entry data standard
2.2 ANNEX II The mapping between EN UBL 2.1 e-invoice and XBRL GL accounting entry data standard
2.3 ANNEX III The mapping between Tax and Customs Board KMD and accounting entry data standard
2.4 ANNEX IV The mapping between Tax and Customs Board TSD and accounting entry data standard
2.5 ANNEX V MCDS User Guide

Guidance and rules documentation
Appendix I AA3_TAKSONOOMIA_PALK_TÖÖJÕUD_20201201_SA_MTA
Developed My Company Data service source code is available HERE.

The project is supported by INEA (The Innovation and Networks Executive Agency).

Contact person:
Sirli Heinsoo
Internet of Business Project Manager  
sirli.heinsoo@itl.ee  
+372 56 456 002