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

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

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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Thanks for the kind attention!

http://www.registroimprese.it/

paola.fumiani@infocamere.it