A national project

Development of new XBRL taxonomies for the financial data communication between companies and the Italian banking system, and between companies and the Italian Government Tax agency

The project title is:

Development of new XBRL taxonomies for the financial data communication between companies and the Italian banking system, and between companies and the Italian Government Tax agency.

It’s realized with the participation of CoreFiling, an English company with offices in Oxford that plays an important role in the international market both in the development of the XBRL format and in the marketing of products and software services based on this technology.

The scope of the project relates to the development of new taxonomies to address the needs of the Italian fiscal and banking regulators. The results of the project will trigger the development of software applications based on these taxonomies.

The project is realized through the POR CRO PARTE FESR 2007-2013 AZIONE 5.1.1 “COOPERAZIONE INTERREGIONALE” financing.

Some other important contents of the projects are:

  • Evaluation of the correlation between items already available within the XBRL Italian taxonomy, inclusive of the disclosure note, and, in an experimental phase, the fields mentioned in the project.
  • The use of InLine XBRL (iXBRL), a derivative of the XBRL language , devised by CoreFiling and adopted by XBRL International Inc. (XII is the consortium of organisations that develops and maintains the XBRL Specifications).

iXBRL is now a standard component of the XBRL language and has been adopted in several countries (in particularly the United Kingdom and Ireland) to help the information exchange between filers and their regulators, as it provides a means of rendering the reported data in both human- and machine-readable format.