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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. Xbrl filing in the Italian Business Register. The rules Mandatory for all companies except companies that produce Annual Financial Reports according to IFRS

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2009 - 2013: four years of XBRL in the Italian Business Register

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  1. 2009 - 2013: four years of XBRL in the Italian Business Register Luogo, data Paola Fumiani Bucharest 14 June 2013

  2. Xbrl filing in the Italian Business Register • 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

  3. Some figures • 2009: 978.647 balance sheets • xbrl instance documents = 25.000 2,5% • percentage error = 21,4% • 2010: 959.950balance 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%

  4. Benefits from XBRL adoption • 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 !!

  5. Speeding up back-office activity • 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

  6. The BR back-office removes manual checks • From year 2013 • Only very complex files processed • Top level automatization reached

  7. Setting up a new service • The business register can supply single annual accounts or aggregations by activity code, turnover, legal form on territorial base

  8. New Financial analysis • Benchmark Services • Example: Comparision of key accounting ratios - • Return on Investment Vs. Return on Equity. Segment average Selected company

  9. What’s next ? • 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

  10. Registroimprese.it speaks English

  11. The Italian company profile XBRL version XEBR-taxonomy is under evaluation for the multilingual version of the company reports

  12. Thanks for the kind attention! http://www.registroimprese.it/ paola.fumiani@infocamere.it

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