Post on 01-Jan-2016
ECRF2006 XBRL: a new standard for financial reporting
XBRL a new standard for financial reporting
by Paola Fumiani (InfoCamere Italy)
ECRF2006 XBRL: a new standard for financial reporting
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.
What is XBRL?
ECRF2006 XBRL: a new standard for financial reporting
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
ECRF2006 XBRL: a new standard for financial reporting
Standardization
Validation
XBRL – More Than Just Definitions
CalculationCash = Currency +
Deposits
CalculationCash = Currency +
DepositsFormulas
Cash ≥ 0Formulas
Cash ≥ 0Contexts
US $FY2004
Budgeted
ContextsUS $
FY2004Budgeted
LabelcashCashEquivalentsAndShortTermInvestment
s
LabelcashCashEquivalentsAndShortTermInvestment
s
ReferencesGAAP I.2.(a)Instructions
Ad Hoc disclosures
ReferencesGAAP I.2.(a)Instructions
Ad Hoc disclosures
PresentationCash & Cash Equivalents
PresentationCash & Cash Equivalents
XBRLItem
XBRLItemXMLItemXMLItem
XBRLItem
"400"
XBRLItem
"400"
PresentationComptant et Comptant
Equivalents
PresentationComptant et Comptant
EquivalentsPresentationGeld & Geld nahe Mittel
PresentationGeld & Geld nahe Mittel
PresentationKas en Geldmiddelen
PresentationKas en Geldmiddelen
PresentationДеньги и их эквиваленты
PresentationДеньги и их эквиваленты
PresentationГроші та їх еквіваленти
PresentationГроші та їх еквіваленти
ECRF2006 XBRL: a new standard for financial reporting
XBRL International, independent non-profit consortium
Japan
UnitedStates
Australia
Germany
Canada
UnitedKingdom
IASB
China
Sweden
Denmark
SwitzerlandNetherlands
NewZealand
Brazil
South Africa
Korea
Colombia
Argentina
SingaporeSpain
Ireland
Russia
Italy
France
Belgium
Poland
United Arab Emirates
•Develops and maintains the XBRL Standard
•Recognizes and encourages XBRL best practices (approves taxonomies)
•Facilitates knowledge sharing with members & supports XBRL Jurisdictions
ECRF2006 XBRL: a new standard for financial reporting
XBRL Italy: a case study
XBRL by the Business Register:annual accounts filing pilot 2006
ECRF2006 XBRL: a new standard for financial reporting
• 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 850.000 businesses
The Italian Company Registration Authorities network
ECRF2006 XBRL: a new standard for financial reporting
Italian Company Registration Authority
•creates the XBRL working group•gives life to the Italian GAAP XBRL taxonomy
2005 2006
•starts the XBRL filing pilot project•becomes founding member for the Italian XBRL Jurisdiction
2007
• commits for the global XBRL filing project
ECRF2006 XBRL: a new standard for financial reporting
The XBRL filing project actors
National Accountants association
Assosoftware :
accounting software developers
Company Registration Authority
ECRF2006 XBRL: a new standard for financial reporting
The pilot 2006 operational flow
Accounting software output
XBRL
PDFPDF
excel
GAAP taxonomy
e-filing dossier
InfoCamere legacy system
mapping &converting
process
ECRF2006 XBRL: a new standard for financial reporting
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
ECRF2006 XBRL: a new standard for financial reporting
Recommended link
• www.XBRL.org
thanks for the attention paola.fumiani@infocamere.it