Enhancing Efficiency Through XBRL Adoption in the Italian Business Register

Over the period of 2009-2013, the Italian Business Register experienced notable improvements in efficiency and accuracy by implementing XBRL filing requirements. This move streamlined back-office activities, reduced errors, and paved the way for cost-effective quality assurance processes. The adoption of XBRL not only facilitated automatic checks and eliminated manual interventions but also opened doors for new services, allowing the Business Register to offer enhanced data analysis and tailored reporting services based on XBRL data.

• Efficiency
• XBRL Adoption
• Italian Business Register
• Data Analysis

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1. Luogo, data 2009 - 2013: four years of XBRL in the Italian Business Register Paola Fumiani Bucharest 14 June 2013

2. 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

3. Some figures 2009: 978.647 balance sheets xbrl instance documents = 25.000 2,5% percentage error = 21,4% 2010: 959.950balance 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 98,9% percentage error = 0,13% 3

4. 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

5. 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

6. 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 Top level automatization reached 400,000 300,000 uro 200,000 100,000 0 6 2010 2011 2012 2013 2014

7. 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

8. New Financial analysis Benchmark Services Example: Comparision of key accounting ratios - Return on Investment Vs. Return on Equity. Segment average Selected company 8

9. Whats 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

10. Registroimprese.it speaks English 10

11. The Italian company profile XBRL version 1 1 1 1 11

12. Thanks for the kind attention! http://www.registroimprese.it/ paola.fumiani@infocamere.it