XBRL Consulting (and IAS financial statements)
XBRL transformed the financial reporting throughout the world.
As of the 1st of January 2020 also quoted companies of the EU that draft their financial statements following international principles, must send the financial statement in XBRL.
Not only the Italian taxonomy managed by the Camera di Commercio but also the IAS/ESEF taxonomy defined by international organizations and regulated by European legislation.
This environment implies different levels and a certain complexity if referred to small, medium and big companies, both national and international.
We supply services for statutory financial statement of individual companies or a consolidated financial statement of corporate groups that can be drawn up following Italian local legal requirements or IAS/IFRS, with the distinction between statutory, fiscal and managerial.
We used our deep experience in the financial area to create “BIL-X The Extensive Financial Statement”, our solution for the drafting of financial statements that can be integrated to any administrative system and entirely based on XBRL technology.
In 2012 and 2013 the Veneto Region financed the project for the creation of BIL-X, a solution that is able to work in Cloud with all advantages, particularly for small and medium companies.
If you want to know more, click here to access the official BIL-X website.
Italian and international financial statements are drafted following the respective principles – Italian and international: starting with the main data it is next planned the values extension and quality data.
Companies drafting autonomously their financial statements and professionals offering consulting on the financial data in the informative systems of their customers will have to equip themselves with software tools in order to facilitate administrative processes and to grant data coherence in different formats.
The implications of these changes are not limited to the information technology. Above all, they will affect the normative and the informative domain, consequently involving professional roles (professionals or administrative operators) with a financial background.
The current taxonomy for companies is the PCI_2018-11-04, including annual reports, consolidated financial statements, abbreviated accounts and micro-enterprise accounts.
The requirement of XBRL format applies to all companies filing their statements. Financial, banking and insurance companies are excluded.
Statements in compliance with international principles are not envisaged.
It is not allowed to extend the existing taxonomy that must be simply referred (mapped) to the statement contents without any flexibility in the definition of meanings.
Text contents and tables in the integrative note not pertaining to the ones in the taxonomy are added in XHTML format.
The InLine technology is not employed.
Administrative processes implied in the drafting of balance sheets (being them individual or consolidated, civil or managerial) play a major role in the recognition of reliability, efficiency and clarity to the company financial data. Such processes are considerably wide, as they involve several management unities in a company and therefore several different SAP modules or different management systems. Building a reliable, traceable and complete data flow from basic data collections of general accountancy until the drafting of individual and consolidated balance sheets represents a true challenge.
Our best consulting experiences concern these domains:
- Activation of the best SAP FI functions for the collection all needed details for financial statements and integrative notes.
- Creation of Reporting Packages or web tools for the acquisition of balance sheets from associated companies.
- Automatic transformation of statement values from the individual level to the consolidated one.
- Activation of Business Intelligence SAP structures for the transmission of individual and consolidated financial statements.
- IT procedures for the reconciliation of reciprocal operations that were internal to the group before the consolidated process.
- Configuration of automatic consolidated activities such as:
- Currency conversions;
- Intercompany elisions;
- Investment elisions;
- Changes in the consolidated area;
- Sub-consolidated financial statements.
- Financial statements reporting, including summary reports, statements of changes in equity, cash flow statements and explanatory notes of Italian or IAS/IFRS statements.
- Creation of XBRL instances.
- Creation of budget books and annual reports for financial communication on different media (press, web, other computer platforms).