The XBRL Annual Reporting System is a uniform e-reporting environment, accessible through the Company Registration Portal, that makes the entry and submission of data significantly more convenient for companies, as there is one specific place, form and way for submitting all required data. The environment enables the companies to prepare, check and submit their annual reports in XBRL format. The e-reporting environment provides set forms based on which companies can prepare their annual reports.
Once the data has been entered, entrepreneurs can digitally sign their reports with an ID card, have them audited by the auditor inside the system and submit them electronically to the Business Register. Thus, the processing of business data is much quicker and easier, since the data can be processed immediately and are accessible to all interested parties in both the private and public sectors. About 99% of the companies registered in Estonia use the e-Annual Reporting environment. The Estonian system for annual reporting was developed with the help of European Union funds and it can be used by all governments under the EUPL license, meaning the code is freely reusable under the terms of the license.
The e-Annual Reporting System has received numerous awards on several occasions. In 2013, it was awarded the best e-government solution of the past decade by the World Summit Award. It was also awarded with a World Summit Award in 2011 and received the award of the best Estonian e-service in the same year. Based on the passage above, Can you summarize the benefits of the XBRL system for annual reporting in Estonia?
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