What is this standard about?
This European series of standards establishes the essential information elements needed for an electronic invoice, ensuring legal (including fiscal) compliance and enabling interoperability for cross-border, cross-sector and domestic trade.
This part specifies the mapping between the semantic model of an electronic invoice (included in BS EN 16931-1) and the cross-industry invoice in the UN/CEFACT XML syntax.
Who is this standard for?
- Finance and IT departments in the private and public sector
- Procurement industry
- Legal and compliance industry
- Trade officials
Why should you use this standard?
The adoption of e-invoicing is bringing significant economic benefits. According to The European Commission the move from paper to e-invoices is expected to generate savings of €240bn over a six-year period and will become the predominant method of invoicing in Europe by 2020.
This European standard establishes a semantic data model for the core elements of an electronic invoice and will help organizations in the private and the public sectors undertake public procurement invoicing. It may also be used for invoicing between private sector enterprises.
This part of the standard consists of a technical specification covering each element in the semantic model, (including sub-elements or supplementary components such as identification scheme identifiers). It defines which element in the syntax is to be used to contain its information contents. Any mismatches between semantics, format, cardinality or structure are indicated.
