Luogo, data
2009 - 2013: four years of XBRL
in the Italian Business Register
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
 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
2
Some figures
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 
percentage error
= 0,13%
3
98,9%
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 !!
4
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
5
The BR back-office removes manual checks
Annual accounts submitted to the
Quality Assurance Process
1,000,000
900,000
800,000
700,000
600,000
500,000
Annual Accounts
400,000
300,000
200,000
100,000
0
2010
2011
2012
2013
2014
Costs for the Quality Assurance
Process
From year 2013

600,000
500,000
Only very complex files processed
400,000

Top level automatization reached
300,000
€uro
200,000
100,000
6
0
2010
2011
2012
2013
2014
Setting up a new service
The business register can supply single annual accounts or
aggregations by activity code, turnover, legal form on territorial base
7
New Financial analysis
Benchmark Services
Example: Comparision of key accounting ratios Return on Investment Vs. Return on Equity.
Segment average
Selected company
8
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
9
Registroimprese.it speaks English
10
The Italian company profile XBRL version
11
1
1
Thanks for the kind attention!
http://www.registroimprese.it/
paola.fumiani@infocamere.it