As of 2010 in Italy is mandatory to file financial statements in XBRL with the relative notes.
Before explaining the approach of each country, we’ll briefly explain what is XBRL.
XBRL (acronym of eXtensible Business Reporting Language) is a language based on XML, and it is mainly employed for the communication and the electronic exchange of financial information.
The creators of XBRL defined a series of specific tags for each concept appearing in the statements so as to each one corresponds a specific budget item, that permits to a specific software to use these matches.
Afterwards, they organized these tags in taxonomies – data dictionaries that define the several concepts in the balance sheet items of various companies.
Every taxonomy includes tags, definitions and references so that data are marked with a specific meaning.
Specifically, we focused on the fiscal domain. Starting from IRAP and IRES 2014 forms iXBRL and from the filing procedure established by the Italian income revenue authority, we have analyzed the tracciato record employed for the importation of statements in the software and consequently created a taxonomy, inclusive of the fiscal forms and other elements from the IT-GAAP taxonomy.
Furthermore, we have added specific elements from the fields already present in the statements. Then, we have created several examples of annual reports, in InLine XBRL format, in relation to fiscal statements.
The project proved a useful occasion to envision a possible widening of the XBRL technology applications, and gave us the possibility to verify that such technology actually bears all the potentialities that are already exploited in the strongest countries of the international market.