The European Union’s ESEF iXBRL Mandate: Finland’s Experience as an Early Adopter

More than a decade ago, the U.S. Securities and Exchange Commission mandated XBRL for corporate statutory financial statement filings for U.S. and foreign filers listed on its public stock exchanges. The European Union (EU) adopted a similar mandate for companies listed on its public stock exchanges, the European Single Electronic Format (ESEF). This regulation requires EU companies to file annual financial reports in digital format using iXBRL. The interactive data format will improve financial reporting by providing transparency. Finland elected to proceed on a voluntary filing basis. Its experience provides valuable early adopter experience with the mandate and insightful information about filer’s lessons learned complying with it. This proposed study is designed to develop an experiential, real world case to introduce students to this regulatory development through the lens of Finland’s experience. This case shows how to integrate emerging technology into the accounting curriculum, complying with the AACSB’s Standard A5.