XBRL Switzerland and Auditchain Labs AG Announce Release of Next-Generation Swiss XBRL Taxonomy for Public Consultation
The Swiss accounting, reporting, and tax stakeholder community are urged to participate in the request for comment “RFC” process.
Zug, Switzerland — 5 September, 2024. XBRL Switzerland and Auditchain Labs AG are proud to announce the release of the consultation version of the next-generation Swiss XBRL taxonomy, marking a significant milestone in the evolution of financial, business and tax reporting in Switzerland. This breakthrough is the result of over a decade of dedicated effort, strategic collaboration, and innovative development.
The public consultation begins on 5 September 2024. The Swiss accounting, reporting, and tax stakeholder community are urged to participate in the request for comment “RFC” process. Stakeholders can review the newly developed version of the Swiss XBRL taxonomy using Auditchain Labs’ Luca SuiteTM Taxonomy Viewer which is accessible here. Stakeholders are urged to submit feedback during the 60-day public consultation period by emailing their comments to info@xbrl-ch.ch.
A Decade in the Making
In 2013, XBRL Switzerland took it upon itself to lead the development of a next-generation Swiss XBRL taxonomy, intended to revolutionize how Swiss entities and professional services firms model, prepare and file corporate returns. This ambitious project aimed to create a comprehensive and forward-looking framework that would meet the complex needs of the Swiss tax and financial reporting community as well as automating oversight and supervision for all of the 26 Cantons.
Forging Strategic Alliances
In 2021, Auditchain Labs AG, the developer of Luca SuiteTM, a structured disclosure management system and Pacioli.ai, a web3 crypto asset disclosure protocol, joined forces with XBRL Switzerland, the Swiss chapter of XBRL International — recognized as the largest standard setter in the world for financial and business reporting. This collaboration, formed under the DCARPE Alliance three years ago, has now reached a pivotal moment, demonstrating the power of collaboration between industry leaders.
Breakthrough Achievement
One of the results of this collaboration is the Swiss XBRL taxonomy, the first reporting taxonomy worldwide to achieve compliance with both the SBRM specification at the Object Management Group (OMG) and the Standard Business Reporting (SBR) specifications used in the Netherlands and Australia. This groundbreaking taxonomy sets a new benchmark for Swiss reporting standards.
The Swiss XBRL taxonomy includes every element necessary for tax and business reporting by private, public, and government accountants across all Swiss Cantons. These elements are encapsulated within the “950000 Document — Additional Tax Domiciles” section, ensuring comprehensive coverage for all reporting requirements.
Feature Freeze
On Friday, August 9, 2024, the taxonomy reached its feature freeze, and XBRL Switzerland is publishing the Italian, French, German, and English versions for the 60-day public consultation period beginning 5 September 2024. During this time, the Swiss tax and financial reporting stakeholder community will have the opportunity to submit their comments and feedback.
Leadership and Global Influence
Following the consultation period, the final version of the taxonomy will represent a major advancement for the Swiss accounting profession and will position Switzerland as a global leader in reporting infrastructure.
The innovative work of XBRL Switzerland and Auditchain Labs AG sets a new standard for other jurisdictions, regulators, and standard setters to follow, showcasing Switzerland’s best practices in machine readable business, financial and tax reporting.
For more information, please visit XBRL Switzerland and Auditchain Labs AG.
Media Contacts:
XBRL Switzerland
Email: info@xbrl-ch.ch
Auditchain Labs AG
Email: media@auditchain.com
About XBRL Switzerland
XBRL Switzerland is the Swiss chapter of XBRL International, the leading global standard setter in financial and business reporting. XBRL Switzerland is committed to advancing digital business reporting in Switzerland by developing and promoting standards that improve transparency and efficiency.
About Auditchain Labs AG
Auditchain Labs AG is a developer of web3 and artificial intelligence-based disclosure and assurance infrastructure for traditional asset and crypto asset issuers, service providers, regulators and investors. Pacioli.ai is the world’s first web3 crypto-asset disclosure infrastructure. As a founding member of DCARPE Alliance, Auditchain Labs AG aims to raise the integrity and reliability of global business and financial information and change how disclosure infrastructure is created, distributed and consumed.
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About DCARPE Alliance
The DCARPE™ Alliance Association is a global organisation consisting of members of the accounting, audit, financial reporting, legal, blockchain, investment and regulatory community. The purpose of the Alliance is to provide education, drive technology innovation and open-source engineering, develop, launch and promote the adoption of Pacioli.ai.