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Reducing the Reporting Burden in the Regulatory Environment

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

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Reducing the Reporting Burden in the Regulatory Environment

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  1. 19th XBRL International Conference“Reducing regulatory burden with XBRL: a catalyst for better reporting”June 22-25, 2009Paris, France Reducing the Reporting Burden in the Regulatory Environment The Italian Implementation Experience of XBRL Electronic Filing Paola Fumiani -InfoCamere June, 25, 2009

  2. Filing of annual accounts into the Business Register • 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

  3. Evolution of global e-filing into the Business Register Benefits: 25% costs reductions for new company registration, 30% for other register updates

  4. From transformed XBRL into filed XBRL available by 2010

  5. YEAR 2006: KICKSTART of XBRL by.. Law 248/2006….art 21..   ’financial data in structured format must be filed into the BR’s repository’… 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

  6. December 31, 2008: technical decree on the Official Gazzette! 2009 XBRL mandatory for SMEs BUT only effective for 10.000 a.a. • Who will not file XBRL Annual Accounts? … all entities closingtheir fiscal year BEFORE 16th february 2009

  7. Dealing with taxonomies’ development and updates • 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 • Status of taxonomies: • 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

  8. USERS’ FAQs -1 • Who will file XBRL Annual Accounts? SMEs closingtheir 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

  9. USERS’ FAQs -2 • 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!

  10. USERS’ FAQs -2b (excel tool sample)

  11. 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)

  12. 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

  13. 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 ?

  14. 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

  15. Company positioning & Benchmark Services Research activity on development efficiency ratio efficiency ratio Return on Equity return on equity return on equity

  16. 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! paola.fumiani@infocamere.it

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