Paola Fumiani Sundsvall 23th Jannuary 2007

2. A bit of history : year 2005 The Italian Business Registration Authority creates the XBRL working group gives life to the Italian XBRL taxonomy based on the Civil Code Borsa Italiana (Italian stock exchange) Develops the XBRL project to improve Financial Services reporting. Associazione Bancaria Italiana Organizes the first XBRL conference in Italy

3. A bit of history : year 2006 The Italian Business Registration Authority runs the XBRL AAs filing pilot project The Italian government Approves the law decree (n. 223 of July 2006) providing for the mandatory deposit of annual financial statements related to the year 2006 via electronic support and with a processable format. The sanctioned “processable” format is XBRL The Association of XBRL Italy is formally established

4. The Italian XBRL Association participants Its main characteristics and advantage is to have gathered all the main institutional players - preparers, accountancy professional bodies, chambers of commerce and users. It can therefore provide and assure a synergic view and approach to all the possible XBRL applications with a balanced and independent analysis of the market needs Present participants Associazione Bancaria Italiana - Chair Camere Italiane – Deputy Chair Organismo Italiano di Contabilità – Secretary A Associazione italiana analisti finanziari Confederazione Generale dell’Industria Italiana Associazione Nazionale fra Imprese Assicuratrici Consiglio Nazionale Dottori Commercialisti Associazione fra le società italiane per azioni (Association of Italian Limited by shares companies) Banca D’Italia (Central Bank of Italy) Borsa Italiana (Italian stock exchange) Istituto Italiano Vigilanza Assicurazioni Other potential participants who have already expressed interest in the project: Major banks and financial groups Insurance companies Italian Institute of Statistics; Ministry of Finance – Department of income Italian authority for technology and innovation in the public administration; National Committee for Economics and Labour (a public institution with consultancy function to the government) Research department of State universities Research centres on IT issues; Its main characteristics and advantage is to have gathered all the main institutional players - preparers, accountancy professional bodies, chambers of commerce and users. It can therefore provide and assure a synergic view and approach to all the possible XBRL applications with a balanced and independent analysis of the market needs Present participants Associazione Bancaria Italiana - Chair Camere Italiane – Deputy Chair Organismo Italiano di Contabilità – Secretary A Associazione italiana analisti finanziari Confederazione Generale dell’Industria Italiana Associazione Nazionale fra Imprese Assicuratrici Consiglio Nazionale Dottori Commercialisti Associazione fra le società italiane per azioni (Association of Italian Limited by shares companies) Banca D’Italia (Central Bank of Italy) Borsa Italiana (Italian stock exchange) Istituto Italiano Vigilanza Assicurazioni Other potential participants who have already expressed interest in the project: Major banks and financial groups Insurance companies Italian Institute of Statistics; Ministry of Finance – Department of income Italian authority for technology and innovation in the public administration; National Committee for Economics and Labour (a public institution with consultancy function to the government) Research department of State universities Research centres on IT issues;

5. The Italian XBRL Association:action plan Outline the ‘business case’ for XBRL Annual Financial statement taxonomy related to the ‘Principi Contabili Italiani’ of non listed companies ‘PCI taxonomy’ Extension and review of IFRS taxonomy for the financial statement and consolidated accounts of listed companies Data analysis of mandatory communications and information provided by listed companies to the Regulator “Borsa Italiana” Its main characteristics and advantage is to have gathered all the main institutional players - preparers, accountancy professional bodies, chambers of commerce and users. It can therefore provide and assure a synergic view and approach to all the possible XBRL applications with a balanced and independent analysis of the market needs Its main characteristics and advantage is to have gathered all the main institutional players - preparers, accountancy professional bodies, chambers of commerce and users. It can therefore provide and assure a synergic view and approach to all the possible XBRL applications with a balanced and independent analysis of the market needs

6. The PCI taxonomydevelopment : ‘Proof of Concept’ <objectives> Test the draft version of the taxonomy Analysis and test of the process to create an XBRL instance document from a CSV file prove that filing of XBRL annual accounts can be done in a rather simple way for the Users and for the Chambers of Commerce. <action> the AA filing pilot project 2006 by the Italian Business Registration Authority

7. The PCI taxonomydevelopment : ‘Proof of Concept’

8. The PCI taxonomydevelopment : ‘Proof of Concept’ < final considerations> Debugging the incorrect XBRL instance documents was a rather easy task : simple actions produced valid documents Standard validation processes must be planned and activated in order to have Annual Financial Statement documents with a high level of quality Missing items added to the new draft of the taxonomy

9. The PCI taxonomydevelopment : ‘Proof of Concept’

10. Next step: XBRL in the conventional filing process

11. XBRL in the conventional filing process : prerequisites A broadly accepted taxonomy A basic tool for the generation of the xbrl instance document Form based Data entry Import from running accounting applications Revised filing procedure by the Registration Authority

12. XBRL services activation: driving issues

13. Generation of XBRL instance documents ..on the user’s work station using a worksheets package based on MS Office/Open Office by: Data entry on a specific application form Automatic import in the application form of the financial facts directly from the accounting management software

14. Presentation of XBRL instance documents A human readable version of the XBRL instance document is needed by the Italian legal provisions on digital signature Local service Style sheet related to the instance document Need to be upgraded according to the taxonomy version Non extra installation required Style sheet compliant for a Formatting Object Processor Extra java runtime environment installation required

15. Validation of XBRL instance documents A central service is needed to reduce the effort of the Registration Authorities to handle the received dossiers: Correctness of presented data against the presenter identity AA documents missing key data (i.e. Total profit/loss) Locally distributed service For the same functions listed above

16. XBRL open issues Digital signature on xml (xbrl) files October 2006 :CNIPA National Center fot the Information Technology in the Public Administration delivers the technical rules to allow interoperability among xml digitally signed documents Promotion of xbrl-filing E-filing previous experience: Cost saving on filing 90 € in person 60 € for e-filing Time saving on travel, seals, post …

17. The status of XBRL in Italy The Italian Business Registration Authority is facing XBRL from every side! Thanks for your attention paola.fumiani@infocamere.it