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Revision as of 19:30, 16 February 2009


Italian Business Register

Italy adopted XBRL for the deposit of Annual Financial Statements in 2008. Approximately 850,000 Italian Companies are subject to a mandatory filing of their annual financial statements to the Italian Business Register via the Chambers of Commerce under provisions of the Italian Civil Code.

Monte dei Paschi di Siena - Italy

Banca MPS has adopted the XBRL international format and, first among Italian banks, publishes the Bank's financial statements and the consolidated financial statements in the Investor Relations section of the site.

XBRL is a markup language of the XML group and aims at becoming the standard language for business reports. It can codify all contents of business reporting through standard taxonomies (dictionaries of contents) according to hierarchical but flexible and extensible criteria.

Thanks to its interoperability this format is particularly useful for electronic transmission and automatic processing of business reports. Moreover, its multidimensional structure enables the automation of business information flows through processes managing XBRL not only for report issuing purposes but also for other commercial and financial functionalities. The main reason for adopting XBRL business reports is to achieve transparency and timeliness in financial reporting from MPS Group to analysts and investors.

The XBRL reporting is experimental, pending the official taxonomy of the Italian jurisdiction, which is currently being implemented. The initiative aims at promoting the diffusion of XBRL standards among companies and the stakeholders interested to automatically process financial reports. The XBRL reporting of MPS Group has been implemented in co-operation with Mr. Stefano Zambon of the Ferrara University, and Ms. Schiavina who has translated the taxonomy complying with IAS/IFRS standards into Italian for IAS Committee Foundation, in co-operation with the MPS Group Consorzio Operativo, that has transposed the financial statements schemes into XBRL format and also in co-operation with Fujitsu that has supplied the SW application to generate the XBRL financial reports.

Special thanks are due to the Associazione Bancaria Italiana that organized a meeting on the subject in Rome on 11th and 12th April 2005 focusing on the opportunities deriving from the use and the spread of XBRL standard in the Italian banking system.

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