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22 nd XBRL International Conference “Sharing Economic Information in a Global World: the XBRL Contribution” 17-19 May

22 nd XBRL International Conference “Sharing Economic Information in a Global World: the XBRL Contribution” 17-19 May 2011 Brussels, Belgium. XBRL Italy XBRL for Small Business Reporting in Italy: Already a Reality

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22 nd XBRL International Conference “Sharing Economic Information in a Global World: the XBRL Contribution” 17-19 May

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  1. 22nd XBRL International Conference“Sharing Economic Information in a Global World: the XBRL Contribution”17-19 May 2011Brussels, Belgium XBRL Italy XBRL for Small Business Reporting in Italy: Already a Reality Andrea Fradeani (Associate Professor of Accounting, University of Macerata, Italy) Francesco Campanari (TemporaryProfessor of Accounting, University of Macerata, Italy)

  2. Main features of the Italian economic context: • Wide prevalence of SMEs; • Few partners considering the preponderance of • family businesses; • Low number of employees on the average; • Tight relationship between companies and banks; • High tax pressure and tax compliance problems.

  3. The mandatory use of XBRL: In 2006, the Italian Government approved Act no. 223 which provides for the mandatory use of XBRL in order to deposit annual financial statements to the Italian Business Registration Authority ... but this decision needed an implementing decree, finally signed on 10 December 2008 by the Italian Prime Minister.

  4. the Decree divides Italian limited companies in two sets:

  5. About XBRL for companies that use IFRS: The Decree postponed the mandatory adoption of XBRL until an adequate taxonomy will be available. XBRL Italy is working on a National Extension of IFRS Taxonomy to meet the requirements of Italian Law

  6. The results of XBRL filing: Here is the final data of filing campaign 2010

  7. XBRL had involved most of the Italian companies BOTTOM-UP PHILOSOPHY Vs TOP-DOWN (American model) 2009 mandatory filing in USA impacted around 1000 domestic and foreign companies (just the biggest ones)

  8. About XBRL for companies that use Italian GAAPs: The Decree provides two phases

  9. Why two phases? The current taxonomy (“Principi ContabiliItaliani” v1.10) can codify only the Balance Sheet and the Income Statement but not the Notes … but XBRL Italy has recently approved a draft version of a new taxonomy capable of tagging the financial statement notes (to be tested later this year).

  10. XBRL Instance Creation Tools: Free software from InfoCamere (it’s not easy to import data from your accounting software) Commercial software (integrated with or part of your accounting software)

  11. Where are my data? Under the Italian law, Company Financial Statements are public … so you can download them from the Italian Business Register website. In XBRL, CSV or PDF/A (according to the official Italian stylesheet and translated in English, French or German )… so you can use your Data Analysis Tools

  12. The future of Italian GAAPs Taxonomy: We have to face two challenges The Notes to Financial Statements The need for a improved flexibility

  13. The Notes to Financial Statements The key word is modularity: the Core of the taxonomy tags only the essential concepts required by the Italian Civil Code, but in the future …

  14. The Notes to Financial Statements The essential concepts required by the Italian Civil Code are divided in two sets: The tableshavebeencodified in the taxonomy Information reportablevia tables (i.e. Changes in Property, Plant and Equipment) Discursive information (i.e. Principles, Methods and Accounting Estimates) Itwill use text blocks

  15. The need for a improved flexibility Our current taxonomy (“Principi ContabiliItaliani” v1.10) is not extensible … but no two businesses are the same! two temporary workarounds: use of footnoteLink or back to PDF filing* *According to the Decree, the filer must use PDF filing if the taxonomy is not able to present fairly the financial position, financial performance and cash flows of the entity. The “X” in XBRL stands for “extensible”: in the near future we have to take into consideration to enable entity-specific extension.

  16. Thank you for your attention a.fradeani@unimc.it francesco.campanari@unimc.it

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