The eXtensible Business Reporting Language (XBRL) is an IT language, based on XML, developed to improve the way in which financial data is communicated, making it easier to compile and share this data.
The XBRL standard was adopted to guarantee:
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availability and circulation of financial data, so that it is immediately legible and usable by all those who are concerned;
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significant advantages in terms of streamlining formalities and automation of industrial processes.
A new version of the taxonomy, called 2016-11-14, was developed to allow stock companies to prepare their financial statements in XBRL, in accordance with the provisions of the Legislative Decree 139/2015. The new taxonomy shall be applied to financial statements for the year ended 31 December 2016 or later.
The new taxonomy was approved by the Board of Directors of XBRL Italy with the favourable opinion of the Italian Accounting Body. From 21 November 2016 the new vocabulary has been made available.