The Filing of Financial Statements service is aimed at corporations that are obliged to file their Accounts within the Italian Business Register.
It is recalled that the filing of the financial statements is not within the requirements included within the Single Communication.
This service allows you to complete and send the filed paperwork, which, in cases scheduled by law, may also contain the list of shareholders.
Furthermore, it is possible to monitor the progress of the file, containing the traceability and transparency of the procedure, via notification to the certified e-mail indicated by the interested party.
The Filing of Financial Statements service allows you to choose between two different operating modes:
- Online Financial Statements: web service that offers a quick and guided method of filing, particularly recommended for Limited Liability Companies.
- Financial Statements on PC: software (to be unloaded on your own computer), which allows the filing of the Financial Statements and the list of shareholders. Specifically indicated for Joint-Stock Companies, which need to file the list of their shareholders.
In any case, the file is signed with the digital signature belonging to the legal representative for the company or the professional in charge.
In 2010 the obligation to file the Financial Statement in an XBRL format came into effect, according to what is scheduled by Prime Ministerial Decree of 10 December 2008, with the exception of some companies that are legally exempted.
The following have been excluded from the obligation to file the Financial Statements in an XBRL format:
- companies that, by their own choice or because they are obliged to do so, apply international accounting principles (IAS/IFRS) amongst which are listed companies, banks and other financial intermediaries supervised by the Bank of Italy and those controlled by the latter;
- companies carrying out insurance and reinsurance activities that use specific systems, as identified by Legislative Decree no. 38 of 28 February 2005;
- companies that file their end of year financial statements before 16 February 2009.
Financial Statements Guide: Unioncamere guide for the filing of accounts and lists of shareholders within the Italian Business Register, with information updated in March 2016.
The Online Financial Statements web service is the simplified method for filing Accounts to the Italian Business Register and also allows you to reconfirm the list of shareholders. It is used by most companies, excluding those who need to file an updated shareholding list.
Please note that Limited Liability Companies, following Art. 16 of Legislative Decree 185/08, converted into Law 2/2009, are no longer obliged to file the list of Shareholders. For these, the easiest way to do the filing is therefore via the Online Financial Statements web service.
Joint-Stock Companies that have not undergone any changes to their company shareholders, who therefore simply need to reconfirm the list of Shareholders, may also use the Online Financial Statements web service.
You can use the Financial Statements Account web service to complete the paperwork to be filed and then send it to the Italian Business Register.
The Financial Statements on PC service enables you to file the accounts and the list of shareholders. Specifically intended for Joint-Stock Companies, which requires the list of shareholders to be filed.
To use the Financial Statements on PC service you will need to install the following programmes:
- Fedra Plus: completion of Italian Business Register forms;
- Tyco: submission to the Italian Business Register.
XBRL, acronym forXtensible Business Reporting Language,is an extensible countersigned language, derived from XML, created expressly for the reporting of economic financial information in a process able electronic format.
The standard, sustained and promoted internationally by XBRL International (not-for-profit consortium of institutional and private entities), created with the intention of promoting trade and transparent communication of accounting and financial information by defining a flexible and internationally shared structure of coding and submission of accounting data.
The use of the XBRL format means that problems linked to the heterogeneity of accounting formats and systems in the different reports can be overcome at source, allowing the exchange and correct interpretation of financial information, including within an international sphere.
For documents, drafted in an electronic XBRL format, each item is unequivocally identified by a tag to which a set of information is associated (metadata), which qualify the legislative references, the submission criteria, the mathematical relations to other items and the possible translation into different languages (essential in an international context).
The hierarchical classification of accounting items and the underlying concepts, has resulted in a specific Taxonomy of the financial statements, the use of which characterises the structure, interpretation and representation of information in a defined and standard manner. At the end of the Application there is a specific accounts document that is drafted based on a defined Taxonomy.
To summarise, financial statements in an XBRL format are able to be displayed using two different components:
1. the XBRL Taxonomy, which defines the "structure" of the document;
2. the XBRL application, in which the accounting facts of the company relating to the specific scope and period are set out, according to the defined Taxonomy system.
XBRL technology is based on a number of pre-existing standards, defined by W3C (Word Wide Web Consortium): XML, Namespace, XML Scheme, Xlink, Taxonomy and Report.
Links of interest:
- DECREE BY THE CHAIRMAN OF THE COUNCIL OF MINISTERS 10 December 2008: Specific techniques of the process able electronic format (XBRL) for the submission of year end and consolidated financial statements and other documents to the Italian Business Register. (text published in Official Gazette no. 304 of 31/12/2008)
- Communication from the Ministry of Economic Development - Official Gazette no. 48 of 27/02/2009 : Indication of the availability of the XBRL taxonomy on the site of reference www.DigitPA.gov.it.
- XBRL Italia: official website of the Italian XBRL Association
- Business studies and IT department of the University of Trento, Smefin Project:
- Introduction to the XBRL standard (Erzegovesi L. - Bonetti E.)
- The XBRL standard and company financial communication (Aste W. - Panizzolo D.)
An XBRL Taxonomy is set out like a "dictionary" of accounting items containing the definitions, translations, reports, rules and items that underlie the information that is noted within the accounts document, in order to allow for specific submission, interpretation and processing. For the definition of an XBRL taxonomy, the standard ‘XML scheme' syntax is used, therefore reference is made to one: Taxonomy System.
The "Italian Accounts Principles" Taxonomy system currently defined according to the Italian Accounting Principles established for the drafting of the statutory financial statements, relates to:
- Balance Sheet
- Profit and Loss Account
- Memorandum accounts
in relation to:
- End of year financial statements
- Consolidated financial statements
- Summarised financial statements
- Simplified summarised financial statements
All the files that constitute the Taxonomy of Reference, the related documentation and a summary introduction to the XBRL standard may be downloaded using this link:
"Italian Accounting Principles" taxonomy
Official information is available at the XBRL Italia site.
The tool is an application for the production of the XBRL application, according to the specifications of the Taxonomy of reference, together with the related instructions for use and an indication for the system requirements, able to be downloaded for the following environments:
- Microsoft Windows XP + Microsoft Excel 2003/2010 from the link:Draft_application_XBRL (1,6 MB) ver.3.1.1
- Microsoft Windows XP + OpenOffice.org from the link: Draft_application_XBRL (ver.OpenOffice.org Calc) (1,4 MB) ver.3.1.1
- Microsoft Windows 7 + Microsoft Excel 2010 from the link:Draft_application_XBRL (1,6 MB) ver.3.2.0
- Microsoft Windows 7 + OpenOffice.org from the link:Draft_application_XBRL (ver.OpenOffice.org Calc) (1,4 MB) ver.3.2.0
- Linux Ubuntu + OpenOffice.org o LibreOffice.org from the link:Draft_application_XBRL (ver.Linux) (1,8 MB) ver.3.2.0 (*)
(*) Linux Ubuntu 12.04 operating system localized IN ITALIAN, and LibreOffice 3.5 application package - or, otherwise, OpenOffice 3.4 - with ITALIAN LOCALIZATION. (For installation and set up, read the manual within the ZIP package)
To use these tools you need to activate your Excel/Calculation macro
Information on the use and requirements of this tool are available at the following link: Help.
Some information about errors that have been most commonly found in invalid applications filed during the Investigation:
FAQ - Common errors.
With TEBE you can check the formal validity of an XBRL application before being filed within the Italian Business Register, immediately identifying any discrepancies or anomalies.
Moreover, TEBE may be used to generate an HTML or PDF copy of the XBRL application (rendering), in order to obtain a legible copy of the Financial Statements.
For the use of TEBE you will need to have an active Internet connection.
Per accedere cliccare sul link:
TEBE: Online validation and visualisation service
The operating instructions for the use of TEBE are available on the service's home page.
With this tool you can transform an XBRL application into an HTML format (rendering). The transformation is according to the predefined style sheets associated with the taxonomy of reference.