ECRF2006 XBRL: a new standard for financial reporting XBRL a new standard for financial reporting by...

ECRF2006 XBRL: a new standard for financial reporting

XBRL a new standard for financial reporting

by Paola Fumiani (InfoCamere Italy)


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?


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


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


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


XBRL Italy: a case study

XBRL by the Business Register:annual accounts filing pilot 2006


• 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


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


The XBRL filing project actors

National Accountants association

Assosoftware :

accounting software developers

Company Registration Authority


The pilot 2006 operational flow

Accounting software output

XBRL

PDFPDF

excel

GAAP taxonomy

e-filing dossier

InfoCamere legacy system

mapping &converting

process


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


Recommended link

• www.XBRL.org

thanks for the attention [email protected]

ECRF2006 XBRL: a new standard for financial reporting XBRL a new standard for financial reporting by...

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