XBRL Updates Sharing XBRL good practices for Business Registers at the European Level – A step towards convergence Paola Fumiani - InfoCamere

Evolution of e-filing in Italy into the Business Register 25% costs reductions for new company registration, 30% for other register updates 25% costs reductions for new company registration, 30% for other register updates

Law 248/2006….art 21.. ’financial data in structured format’… The law has driven several actions The tax agency identified the istruments for fighting against tax evasion, avoiding double registrations of financial data The BR have improved the gathering of financial reports by requesting the filing of Annual Accounts into a structured format The accounting application developers have extended the existing packages with XBRL capabilities to allow Business Entities to fulfil the new bylaw. The BR have set up specific XBRL reporting and filing applications administrative simplification, market liberalization, fighting against tax evasion for the economic relaunch. art. 21 activated through the official publication of a technical decree

2009 XBRL mandatory for SMEs XBRL mandatory for SMEs entities closing their fiscal year after 16th ferbruary 2009 XBRL as an annex to the Annual Account dossier December 31, 2008: technical decree published 16 February 2009: official public release of the Italian GAAP taxonomy.

Dealing with taxonomies’ development and updates 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 Taxonomies’ availability on the Ministry’s website will drive the compulsory XBRL deposit to the Business Register.

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 E-filing to feed an E-Business Register

The first benefits from XBRL adoption Improuved quality of annual accounts users can pre-check XBRL documents before the filing to the register the BR back-office activates authomatic entries in the diary Cost benefits for the final Quality Assurance process cost saving on transition from PDF to XBRL from next 2010 costs reduction for the Business Register costs reduction for the Business Register from 2010 (€ 0,60 x A.A) = € from 2010 (€ 0,60 x A.A) = €

XBRL in the Business Register – new services Businesses can now make use of their data Economic and statistical analysis Trends Analysis report for fiscal years Data mining for benchmarking of relevant economic indicators innovative services from the Chambers of Commerce to SMEs innovative services from the Chambers of Commerce to SMEs

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 comparison

Company positioning & Benchmark Services by Open Souce platforms (Pentaho/WEKA) for the Business Register Return on Equity return on equity efficiency ratio Research activity on development

Thanks for the attention ……… Paola Fumiani Salutations … from Padova