The preparation of the 2015 XBRL bilancio has brought a stir in the market. All companies having their financial year end on 31-12-2014 or later and approved on or after 03-03-2015 have to file their entire bilancio 2015: Main Prospects and Nota Integrativa to the Italian Business Register in XBRL as per the nuova tassonomia version 17/11/2014. This blog will help you navigate around the nuova tassonomia .What is it? What is Nota Integrativa XBRL and how to prepare XBRL 2015 using XBRL Nota Integrativa?
What is Tassonomia?
The Tassonomia in any XBRL implementation framework represents the business reporting requirements defined in a structured and standard manner. It also establishes interrelationship between the reporting items, the validation rules, associated information like referencing to authoritative literature, ability to read in multiple languages etc.
The reporting items are grouped under recognizable heads which are data sets reported in every report and the related concepts of one data set are grouped together in Extended Link Roles (ELR) in XBRL terminology.
The ELRs are logical groups created to interlink the reporting items as defined in the taxonomy.
Why nuova tassonomia?
The business reporting, and hence the taxonomy undergo a change over a period of time. The changes could be on account of many reasons, the most common being changes in disclosure rules and regulation, and/or expansion in the scope of XBRL coverage.
Over the course of its implementation, Camera di Commercio has released different versions of tassonomia. Camera di Commercio initially mandated in 2009, and the program has been successfully running for a couple of years now. Camera di Commercio started in a small way by introducing XBRL filings only for the main prospects, which consists of balance sheet, income statement and memorandum accounts.
For XBRL 2015, the scope of XBRL coverage has been expanded. Hence, the nuova tassonomia includes Nota Integrativa and many of those are modelled using Tuples.
Work towards enhancing the purview of XBRL reporting to include Nota Integrativa started in 2013. The enhanced taxonomy was tested and in late 2014; nuova tassonomia with Nota Integrativa was released. Entities now need to prepare their Main Prospects and the Nota Integrativa for XBRL 2015.
The nuova tassonomia structure
The nuova tassonomia is an enhancement of the existing taxonomy for main prospects. As indicated earlier, taxonomy represents the reporting requirements. The individual reporting pattern under these requirements changes based on the type of company, the rules and regulations applicable to a particular type of companies and likewise. Hence, the taxonomy has specific entry-points as per report type.
The old tassonomia had 4 entry-points as per the report type they create i.e.
4. Abbreviated Simplified.
An entity, depending on the type of report it prepared, had to choose any of the 4 entry-points mentioned above.
The revised taxonomy has 3 entry points for the report types
2. Consolidated, and
Entities following abbreviated simplified method for their annual reports are now exempt from filing and hence no separate entry-point created.
The Nota Integrativa to the bilancio contains the information necessary to present the financial position of the company and explains the principles of formation of the assets and liabilities of financial statements, analyzing in detail some of the data of the balance sheet and income statement.
The Nota Integrativa to the bilancio provides further information on the criteria applied in preparing the financial statements, particularly important for the evaluation of receivables, sales and assets etc.
The nuova tassonomia has made provisions for capturing of this entire group of information as a single fact, using one single tag from the tassonomia. TextBlocks are used to tag Nota Integrativa XBRL. A TextBlock tag ends with the word “TextBlock” and can be used to tag Nota Integrativa.
Typically before and after each table in Nota Integrativa, there is some textual information. This information as per preparer’s understanding can be attributed to two fields from the taxonomy: one field “introduction” before and a field “comment” after.
You can watch our video on Nota Integrativa XBRL to understand this in detail.
A noticeable change in the nuova tassonomia is with respect to repetitive tabular data reporting. For example Details of associates or subsidiary.
For every associate or a subsidiary, its name, city or state, balance held etc. can be provided using the Tuples defined in the new taxonomy.
You can read our post on Nota Integrativa 2015- Are we missing something to understand the basics of the Tuple Tagging.
Other obvious change in the nuova tassonomia is increase in the number of reportable elements from 500 plus in earlier version of taxonomy to over 2000 in the revised version. The nuova tassonomia is limited to the disclosures required as per Civil Code and further revisions to include information as per national accounting standards can be expected in future.