XBRL UpdatesSharing XBRL good practices for Business Registers at the European Level – A step towards convergence

Paola Fumiani - InfoCamere

Evolution of e-filing in Italy into the Business Register

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500.000

1.000.000

1.500.000

2.000.000

2.500.000

3.000.000

2000 2001 2002 2003 2004 2005 2006 2007 2008

By CD By Paper By Mail By E-filing PDF Annual Account Transformed XBRL A.A

25% costs reductions for new company registration, 30% for other register updates

25% costs reductions for new company registration, 30% for other register updates

Law 248/2006….art 21..   ’financial data in structured format’…

The law has driven several actions

• The tax agency identified the istruments for fighting against tax evasion, avoiding double registrations of financial data

• The BR have improved the gathering of financial reports by requesting the filing of Annual Accounts into a structured format

• The accounting application developers have extended the existing packages with XBRL capabilities to allow Business Entities to fulfil the new bylaw.

• The BR have set up specific XBRL reporting and filing applications

administrative simplification, market liberalization, fighting against tax evasion for the economic relaunch. administrative simplification, market liberalization, fighting against tax evasion for the economic relaunch.

art. 21 activated through the official publication of a technical decree

art. 21 activated through the official publication of a technical decree

2009 XBRL mandatory for SMEs

XBRL mandatory for SMEs

• entities closing their fiscal year after 16th ferbruary 2009

• XBRL as an annex to the Annual Account dossier

December 31, 2008: technical decree published December 31, 2008: technical decree published

16 February 2009: official public release of the Italian GAAP taxonomy.

16 February 2009: official public release of the Italian GAAP taxonomy.

Dealing with taxonomies’ development and updates

GAAP Italy Version1.0: PFS published on February 16th 2009

GAAP Italy version 1.1: disclosure noteson development, first tests on July 2009

IFRS for Italy: ………….Italian integrations to be done

Taxonomies’ availability on the Ministry’s website will drive the compulsory XBRL deposit to the Business Register.

Taxonomies’ availability on the Ministry’s website will drive the compulsory XBRL deposit to the Business Register.

XBRL as part of the Italian approach to simplification and document dematerialization

Acts, as company incorporation and general deeds • will be presented as structured documents (XML files)

• attachments will also be added in PDF/A(archive) format

Annual accounts

• must be in the processable XBRL format

E-filing to feed an E-Business Register E-filing to feed an E-Business Register

The first benefits from XBRL adoption

Improuved quality of annual accounts• users can pre-check XBRL documents before the filing to the register

• the BR back-office activates authomatic entries in the diary

Cost benefits for the final Quality Assurance process•cost saving on transition from PDF to XBRL from next 2010

costs reduction for the Business Register

costs reduction for the Business Register

from 2010 (€ 0,60 x 950.000 A.A) = € 570.000

from 2010 (€ 0,60 x 950.000 A.A) = € 570.000

XBRL in the Business Register – new services

Businesses can now make use of their data

•Economic and statistical analysis

•Trends Analysis report for fiscal years 2005-2006-2007

• Data mining for benchmarking of relevant economic indicators

innovative services from the Chambers of Commerce to SMEs

innovative services from the Chambers of Commerce to SMEs

BEXT: a running prototype for statistical services

Quelle der Daten: Handelsregister der Handelskammer Bozen

The business register can supply aggregations of Annual accounts by activity code, turnover, legal form on territorial base

The business register can supply aggregations of Annual accounts by activity code, turnover, legal form on territorial base

key accounting ratios comparisonkey accounting ratios comparison

Company positioning & Benchmark Services by Open Souce platforms (Pentaho/WEKA) for the Business Register

Return on Equity

return on equity

return on equity

efficiency ratio

efficiency ratio

Research activity on development Research activity on development

Thanks for the attention ………Paola Fumiani < paola.fumiani@infocamere.it >

Salutations … from Padova