Transcript Slide 1
XBRL Updates Sharing XBRL good practices for Business Registers at the European Level – A step towards convergence Paola Fumiani - InfoCamere Evolution of e-filing in Italy into the Business Register 25% costs reductions for new company registration, 30% for other register updates 3.000.000 2.500.000 2.000.000 1.500.000 1.000.000 500.000 0 2000 By CD 2001 By Paper 2002 By Mail 2003 2004 By E-filing 2005 2006 PDF Annual Account 2007 2008 Transformed XBRL A.A Law 248/2006….art 21.. ’financial data in structured format’… administrative simplification, market liberalization, fighting against tax evasion for the economic relaunch. The law has driven several actions • The tax agency identified the istruments for fighting against tax evasion, avoiding double registrations of financial data • The BR have improved the gathering of financial reports by requesting the filing of Annual Accounts into a structured format • The accounting application developers have extended the existing packages with XBRL capabilities to allow Business Entities to fulfil the new bylaw. • The BR have set up specific XBRL reporting and filing applications art. 21 activated through the official publication of a technical decree 2009 XBRL mandatory for SMEs December 31, 2008: technical decree published XBRL mandatory for SMEs • entities closing their fiscal year after 16th ferbruary 2009 • XBRL as an annex to the Annual Account dossier 16 February 2009: official public release of the Italian GAAP taxonomy. Dealing with taxonomies’ development and updates Taxonomies’ availability on the Ministry’s website will drive the compulsory XBRL deposit to the Business Register. GAAP Italy Version1.0: PFS published on February 16th 2009 GAAP Italy version 1.1: disclosure notes on development, first tests on July 2009 IFRS for Italy: …………. Italian integrations to be done XBRL as part of the Italian approach to simplification and document dematerialization E-filing to feed an E-Business Register Acts, as company incorporation and general deeds • will be presented as structured documents (XML files) • attachments will also be added in PDF/A(archive) format Annual accounts • must be in the processable XBRL format The first benefits from XBRL adoption costs reduction for the Business Register Improuved quality of annual accounts • users can pre-check XBRL documents before the filing to the register • the BR back-office activates authomatic entries in the diary Cost benefits for the final Quality Assurance process •cost saving on transition from PDF to XBRL from next 2010 from 2010 (€ 0,60 x 950.000 A.A) = € 570.000 XBRL in the Business Register – new services innovative services from the Chambers of Commerce to SMEs Businesses can now make use of their data •Economic and statistical analysis •Trends Analysis report for fiscal years 2005-2006-2007 • Data mining for benchmarking of relevant economic indicators BEXT: a running prototype for statistical services key accounting ratios comparison Quelle der Daten: Handelsregister der Handelskammer Bozen The business register can supply aggregations of Annual accounts by activity code, turnover, legal form on territorial base Company positioning & Benchmark Services by Open Souce platforms (Pentaho/WEKA) for the Business Register Research activity on development efficiency ratio efficiency ratio Return on Equity return on equity return on equity Salutations … from Padova Thanks for the attention ……… Paola Fumiani < [email protected] >