2009 - 2013: four years of XBRL in the Italian Business Register
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Transcript of 2009 - 2013: four years of XBRL in the Italian Business Register
2009 - 2013: four years of XBRL in the Italian Business Register
Luogo, data
Paola Fumiani
Bucharest 14 June 2013
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The rules
Mandatory for all companies except companies that produce Annual Financial Reports according to
IFRS
Filing limited to Primary Financial Statements Balance sheet (assets and liabilities) Income statement (profit and loss account)
Companies needing extra facts definition are allowed to add the PDF Annual account to the XBRL instance document
Xbrl filing in the Italian Business Register
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2009: 978.647 balance sheets xbrl instance documents = 25.000 2,5% percentage error = 21,4%
2010: 959.950 balance sheets xbrl instance documents = 940,751 98% percentage error = 2 %
2011 : 1.007.473 balance sheets xbrl instance documents = 978.647 98,66% percentage error = 0,25%
2012 : 1.005.650 balance sheets xbrl instance documents = 976.873 98,9% percentage error = 0,13%
Some figures
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Q: Is XBRL useful for the Italian Business Register?
Q: What does the Register do with all this XBRL data?
…
A: We save money and offer new services !!
Benefits from XBRL adoption
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More than 95% of PDF documents are replaced by XBRL files making possible automatic checks
in the BR back-office Stop end-users from uploading non acceptable dossiers (- 2%)
Warn about inconsistency of annual accounts (- 20%)
Trap instance documents that are invalid or not well-formed
Speeding up back-office activity
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The BR back-office removes manual checks
2010 2011 2012 2013 20140
100,000200,000300,000400,000500,000600,000700,000800,000900,000
1,000,000
Annual accounts submitted to the Quality Assurance Process
Annual Accounts
2010 2011 2012 2013 20140
100,000
200,000
300,000
400,000
500,000
600,000
Costs for the Quality Assurance Process
€uro
From year 2013
Only very complex files processed Top level automatization reached
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Setting up a new service
The business register can supply single annual accounts or aggregations by activity code, turnover, legal form on territorial base
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New Financial analysis
Benchmark Services Example: Comparision of key accounting ratios -
Return on Investment Vs. Return on Equity.
Segment average
Selected company
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The new taxonomy for the complete financial report
extends the present GAAP IT taxonomy with the
disclosure notes produce the navigable financial report
adoption plan
year 2013 -2014 piloting phase first tests from May 2013 year 2015 compulsory for complete XBRL
annual account filing
A
What’s next ?
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Registroimprese.it speaks English
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XEBR-taxonomy is under evaluation for the multilingual version of the company reports
The Italian company profile XBRL version
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