reducing the reporting burden in the regulatory environment
DESCRIPTION
19 th XBRL International Conference “Reducing regulatory burden with XBRL: a catalyst for better reporting” June 22-25, 2009 Paris, France. Reducing the Reporting Burden in the Regulatory Environment The Italian Implementation Experience of XBRL Electronic Filing - PowerPoint PPT PresentationTRANSCRIPT
Reducing the Reporting Burden in the Regulatory Environment
The Italian Implementation Experience of XBRL Electronic Filing
Paola Fumiani -InfoCamere June,
25, 2009
• Italian Business Register: held by the Chamber of Commerce network, on a territorial basis:
• UnionCamere, the Union of the 104 Italian Chambers of Commerce, Industry and Handicraft;
• InfoCamere the IT partner of the Chambers of Commerce
• Hosting of the Italian Business Register; • Storing data on the relevant company’s events: establishment, variations,
winding-up, cancellation• Filing of annual financial statements• 6.000.000 of Businesses are registered • Annual accounts deposit by 1 million companies
Filing of annual accounts into the Business Register
Evolution of global e-filing into the Business Register
0
500.000
1.000.000
1.500.000
2.000.000
2.500.000
3.000.000
2000 2001 2002 2003 2004 2005 2006 2007 2008
By CD By Paper By Mail By E-filing PDF Annual Account
Benefits: 25% costs reductions for new company registration, 30% for other register updates
Benefits: 25% costs reductions for new company registration, 30% for other register updates
From transformed XBRL into filed XBRL
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
2.005 2.006 2.007 2.008 2.009
PDF Annual Account Transformed XBRL companies' XBRL filing
available by 2010
YEAR 2006: KICKSTART of XBRL by..
The law has driven several actions
• The tax agency identified the istruments for fighting against tax evasion, avoiding double registrations of financial data
• The accounting application developers have extended the existing packages with XBRL capabilities.
• The BR have set up specific XBRL reporting and filing applications
art. 21 activated through the official publication of a technical decree
art. 21 activated through the official publication of a technical decree
Law 248/2006….art 21.. ’financial data in structured format must be filed into the BR’s repository’…
December 31, 2008: technical decree on the Official Gazzette!
Who will not file XBRL Annual Accounts?
… all entities closing their fiscal year BEFORE 16th february 2009
2009 XBRL mandatory for SMEs
BUT only effective for 10.000 a.a.
2009 XBRL mandatory for SMEs
BUT only effective for 10.000 a.a.
Dealing withtaxonomies’ development and updates
Status of taxonomies:
GAAP Italy Version1.0: PFS published on February 16th 2009
GAAP Italy version 1.1: disclosure noteson development, first tests on July 2009
IFRS for Italy: ………….Italian integrations to be done
• Taxonomies’ availability on the Ministry’s website will drive the compulsory XBRL deposit to the Business Register.
• Updates to the taxonomy don’t require further law provisions
• Taxonomies’ availability on the Ministry’s website will drive the compulsory XBRL deposit to the Business Register.
• Updates to the taxonomy don’t require further law provisions
USERS’ FAQs -1
Who will file XBRL Annual Accounts?
SMEs closing their fiscal year AFTER 16th february 2009 drawing up annual accounts by national GAAP provisions
What will change this year in the Annual Accounts filing procedure?
Business entities will only add the digitally signed XBRL instance document to the Annual Account dossier
How can a company detail extra financial facts not referred in the mandatory taxonomy schema?
Companies needing extra facts definitions are always allowed to add the PDF Annual account to the XBRL instance document
Are the commercial accounting software products compliant with the Italian taxonomy?
Yes, InfoCamere supported the developers with a testing environment, now XBRL documents can be produced “on click”
Beeing “do it yourself” accountants, where can be found free software to produce and render the XBRL document?
Off course… on the web site of the Business Register!
USERS’ FAQs -2
USERS’ FAQs -2b (excel tool sample)
XBRL as part of the Italian approach to simplification and document dematerialization
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
feasible: the tools are all in place (PC + Internet)
The first benefits from XBRL adoption seen by the Business Register
Improuved quality of annual accounts• users can validate XBRL documents before the filing to the register
• the BR back-office removes manual checks
Cost benefits for the 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
from 2010 (€ 0,60 x 950.000 A.A) = € 570.000
XBRL in the Business Register – investments in new services
SMEs’ questions and Chambers of Commerce answers :
Is it a good investment to open a secondary seat in Verona?
Where can I find new partners for my business ?
SMEs’ questions and Chambers of Commerce answers :
Is it a good investment to open a secondary seat in Verona?
Where can I find new partners for my business ?
BEXT: a running prototype for statistical services
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
The business register can supply aggregations of Annual accounts by activity code, turnover, legal form on territorial base
key accounting ratios comparisonkey accounting ratios comparison
Company positioning & Benchmark Services
Return on Equity
return on equity
return on equity
efficiency ratio
efficiency ratio
Research activity on development Research activity on development
Special thanks to the Italian GAAP members:
Doctor Claudio Bodini – Doctor Giuseppe Scolaro
Doctors in commerce, Accountants and commercial estimators
Professor Luca Erzegovesi – Doctor Davide Panizzolo Department of Computer and Management Sciences (Trento University) .
Salutations from Padova! [email protected]