Italian Taxonomy for Financial Notes
Following a two year testing period, an extension of the Italian GAAP Taxonomy to include Notes to financial statements has been completed. The initial version of the taxonomy will only cover information explicitly provided for in the Civil Code, with further integration with national accounting standards to come. The tagging of notes will come into effect in 2015 through the existing InfoCamere mandate and impact approximately one million companies. This development will, according to XBRL Italy President Marco Conte, provide the opportunity to “further modernize the financial communication in our country using the opportunities offered by technology to improve the transparency, comparability and usability of financial statement information”. Read more (in Italian).