Taxonomies for financial statements
Taxonomies are descriptions of data contents. They enable data content of a report to be presented in a structured and consistent format. A taxonomy must be used in order to output digital financial statements. Taxonomies alone do not produce information, increase the amount of information, or guarantee its quality.
The taxonomy defines the data elements to be reported and their interrelations. This means that the taxonomy consists of basic elements and the Linkbase definitions that define the dependencies, description logics, terminologies and calculation rules between these elements.
The PRH is responsible for developing the reporting of digital financial statements and, with respect to the SBR taxonomy, for maintaining the sections intended for the financial reporting of companies.
You can take part in the development work by participating in the working group that develops and maintains taxonomies for financial statements. Read more about the working group.
Below you can read more about the following:
XBRL taxonomy
The XBRL taxonomy is a description of the data content in a report in the XBRL language.
The XBRL taxonomy is presented as a group of XML schema files with related XML metadata libraries produced in accordance with the XBRL specification. These are used to define the data content that describes a certain reporting set in a machine-readable format. The metadata libraries can be used to define, for example, titles, presentation format and calculation formulas for the data content that is collected. The data content that is reported against the taxonomy can also be validated.
The taxonomy is based on the XBRL basic standard administered by XBRL International.
SBR taxonomy
The SBR taxonomy is developed for producing financial reporting in accordance with the Finnish accounting legislation. It must be used in digital IXBRL financial statements that are filed with the PRH’s Finnish Trade Register. The SBR taxonomy is also used for municipalities’ financial reporting, which is developed by the State Treasury.
Currently, the SBR taxonomy provides reporting templates for limited liability companies’ financial statement reporting, as well as for foundations’ annual reports and financial statements. With respect to these existing definitions, the taxonomy for limited liability companies is actively maintained, and it will be updated in 2025.
In addition, taxonomy schemas for the financial statements of co-operatives and credit and insurance institutions are under development.
PRH to update the taxonomy definitions annually
In the future, the PRH will annually approve the sections of the SBR taxonomy definitions concerning companies’ financial reporting before the end of the year so that the approved taxonomy definition is available for the financial period starting at the beginning of the following year.
The annual update will incorporate any legal amendments and other update needs arising during the year. However, the basic structure of the definitions will not change. The company’s reports must always follow the latest taxonomy definition, but it can use the previous year’s reporting template to prepare its financial statements.
Download the latest published version of the SBR taxonomy from Avoindata.fiAvautuu uuteen välilehteen.
Read more about the PRH’s decision.
ESEF taxonomy
The ESEF taxonomy is a taxonomy definition developed and maintained by the European Securities and Markets Authority (ESMA). The deployment of the taxonomy is regulated according to the delegated regulation on ESEF (ESEF RTS) adopted in the EU. Read more in the annually updated delegated regulation on ESEF RTS on the EurLex websiteAvautuu uuteen välilehteen.
The ESEF financial statements must be sent to the Official Appointed Mechanism of Nasdaq HelsinkiAvautuu uuteen välilehteen and, as of the financial period starting in 2024, also to the Finnish Trade Register. Read our instructions: Digital financial statements of limited liability companies.