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XBRL Updates Sharing 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. 25% costs reductions for new company registration, 30% for other register updates.
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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 25% costs reductions for new company registration, 30% for other register updates
Law 248/2006….art 21.. ’financial data in structured format’… administrative simplification, market liberalization, fighting against tax evasion for the economic relaunch. 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 art. 21 activated through the official publication of a technical decree
2009 XBRL mandatory for SMEs December 31, 2008: technical decree published XBRL mandatory for SMEs • entities closingtheir fiscal year after 16th ferbruary 2009 • XBRL as an annex to the Annual Account dossier 16 February 2009: official public release of the Italian GAAP taxonomy.
Dealing with taxonomies’ development and updates Taxonomies’ availability on the Ministry’s website will drive the compulsory XBRL deposit to the Business Register. • GAAP Italy Version1.0: PFS • published on February 16th 2009 • GAAP Italy version 1.1: disclosure notes • on development, first tests on July 2009 • IFRS for Italy: …………. • Italian integrations to be done
XBRL as part of the Italian approach to simplification and document dematerialization E-filing to feed an E-Business Register • 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
The first benefits from XBRL adoption costs reduction for the Business Register 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 from 2010(€ 0,60 x 950.000 A.A) = € 570.000
XBRL in the Business Register – new services innovative services from the Chambers of Commerce to SMEs 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
BEXT: a running prototype for statistical services key accounting ratios comparison 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
Company positioning & Benchmark Services by Open Souce platforms (Pentaho/WEKA) for the Business Register Research activity on development efficiency ratio efficiency ratio Return on Equity return on equity return on equity
Salutations … from Padova Thanks for the attention ……… Paola Fumiani < paola.fumiani@infocamere.it >