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XBRL a new standard for financial reporting

XBRL a new standard for financial reporting. by Paola Fumiani (InfoCamere Italy). What is XBRL?. ?. An international standard information format that moves business reporting fully onto the Internet

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XBRL a new standard for financial reporting

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  1. XBRL a new standard for financial reporting by Paola Fumiani (InfoCamere Italy)

  2. What is XBRL? ? • An international standard information format that moves business reporting fully onto the Internet • The core technology for XBRL (eXtensible Business Reporting Language) is provided by XML • A collaboration among the business information supply chain participants. XBRL

  3. XBRL structure • Taxonomy = Dictionary & Rules • A Standard semantic description for business information • Communication of business performance more effectively to analysts and investors • Specification = Technology • Technical definition of how XBRL works

  4. Standardization Presentation Cash & Cash Equivalents References GAAP I.2.(a) Instructions Ad Hoc disclosures Label cashCashEquivalentsAndShortTermInvestments Calculation Cash = Currency + Deposits FormulasCash ≥ 0 Contexts US $ FY2004 Budgeted Validation XBRL – More Than Just Definitions Presentation Comptant et Comptant Equivalents Presentation Geld & Geld nahe Mittel Presentation Деньги и их эквиваленты Presentation Гроші та їх еквіваленти Presentation Kas en Geldmiddelen XBRL Item XMLItem XBRL Item "400"

  5. XBRL International, independent non-profit consortium • Develops and maintains the XBRL Standard • Recognizes and encourages XBRL best practices (approves taxonomies) • Facilitates knowledge sharing with members & supports XBRL Jurisdictions Russia United Kingdom United States France IASB Sweden Belgium Japan Canada Korea Denmark Poland Ireland China Germany Spain Netherlands Singapore Switzerland New Zealand Colombia Italy Brazil Australia United Arab Emirates South Africa Argentina

  6. XBRL Italy: a case study XBRL by the Business Register: annual accounts filing pilot 2006

  7. The Italian Company Registration Authorities network • Unioncamere, the Union of the 103 Italian Chambers of Commerce, Industry and Handicraft • InfoCamere, the technology provider • Hosts the Italian Business Register ‘Registro Imprese’, the public global registry of the enterprises in Italy storing data on the relevant company’s events: constitution, variations, cancellation. • The Italian ‘Registro Imprese’ lists about 6.000.000 of enterprises • Receives annual accounts from more than 850.000businesses

  8. Italian Company Registration Authority creates the XBRL working group gives life to the Italian GAAP XBRL taxonomy starts the XBRL filing pilot project becomes founding member for the Italian XBRL Jurisdiction commits for the global XBRL filing project 2005 2006 2007

  9. The XBRL filing project actors National Accountants association Company Registration Authority Assosoftware : accounting software developers

  10. The pilot 2006 operational flow GAAP taxonomy Accounting software output XBRL mapping &converting process excel PDF PDF e-filing dossier InfoCamere legacy system

  11. The first outcomes from the pilot • 1 running week in May2006 • 3 Chambers of Commerce involved • 6 volunteer accountants • 32 instance documents .. ... and we are expecting more in July

  12. Recommended link • www.XBRL.org thanks for the attention paola.fumiani@infocamere.it

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