extending the ifrs 2005 taxonomy: the australian experience presenters: trevor pyman (ceo, director,...

Extending the IFRS 2005 Taxonomy:Extending the IFRS 2005 Taxonomy:The Australian ExperienceThe Australian Experience

Presenters:Trevor Pyman (CEO, Director, XBRL Australia)

Jim Richards (Director, XBRL Australia)

Sponsors:

Slide # 2

AgendaAgenda

Lessons Learned

Final Questions

Slide # 3

1.1. Getting StartedGetting Started

a) Identify the Need

b) Identify Stakeholders Who Really Care• Are prepared to pay• Will suffer if it doesn’t work• Have a long term view/need

c) Contract the Team

d) Nail the Scope• Minimum Mandatory v. Common Practice• Taxonomy Purpose (reporting v. filing)

e) Set up Governance

Slide # 4

2.02.0 Gathering DataGathering Data

a) Incremental Build• Start with AIFRS (most elements)• Then ASIC (Corps Law)• Then ASX Listing Rules

b) Consultative approach – work with domain experts

c) Document, document, document• Consistent structure• Record alternatives considered• Capture each decision and REASONS for it• Document final element attributes and location

Slide # 5

3.03.0 DevelopmentDevelopment

a) Software applications

b) Approach• Starting point• Gradual Build Up• Completion

c) Technical Decisions• Placement• Extending Tuples• Extended Link Roles• Director/Officer Disclosures

Slide # 6

3.03.0 Development – Technical decisionsDevelopment – Technical decisions

Tuples for Directors/Executive [Officer]Disclosures Disclosure requirements detailed and complex Hard to find common ground in Big4 samples Conflicting terms between AIFRS and Corporations Law

IFRS – Categories AIFRS – Categories broken down into Components ASIC – Elements of compensation

Elements = Categories or components?

Categories

Components

Slide # 7

3.03.0 Development – Technical decisionsDevelopment – Technical decisions

Tuples for Directors/Executive [Officer]Disclosures Rendering versus Capturing

Tuples used (no dimensions) Single tuple so Officer name only entered once

Many levels of nesting Multiple tuples to reduce nesting

Problem in inconsistent names as fact values within an instance

Requested assistance from XBRL community Virtually none received

Slide # 8

4.04.0 Testing and ReleaseTesting and Release

a) Workshops• First held after initial consultations• Second just prior to public exposure period• Explain development process, decisions, content, review process• Discuss technical recommendations on final structure

b) File Naming• FRTA: au-ifrs-gp-2007-10-31.xsd• Actual: au-2007-10-31.xsd

c) Embedded Linkbases

Slide # 9

4.04.0 Testing and Release– Embedded linkbasesTesting and Release– Embedded linkbases

Instance document DTS – IFRS only

Slide # 10

4.04.0 Testing and Release– Embedded linkbasesTesting and Release– Embedded linkbases

Instance document DTS – IFRS and AIFRS

Slide # 11

4.04.0 Testing and Release– Embedded linkbasesTesting and Release– Embedded linkbases

Instance document DTS – Embedded linkbases

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5.05.0 Lessons learnedLessons learned

a) Requires a bigger/broader-based team• Only 2 main developers plus short-term visits• No real testing outside of development group

b) Develop a complete set of test data• Test, test and test again• No real testing by development group

• Lack of time and funding (related)

c) None seemed to want ownership of output• Future enhancements• Maintenance• Led to problems of location of files

• Currently residing on http://www.xbrl.org/au/...

Extending the IFRS 2005 Taxonomy:Extending the IFRS 2005 Taxonomy:The Australian ExperienceThe Australian Experience

Questions ???Questions ???

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