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Extending the IFRS 2005 Taxonomy: The Australian Experience

Extending the IFRS 2005 Taxonomy: The Australian Experience. Presenters: Trevor Pyman (CEO, Director, XBRL Australia) Jim Richards (Director, XBRL Australia). Sponsors:. Agenda. Lessons Learned. Final Questions. 1. Getting Started. Identify the Need Identify Stakeholders Who Really Care

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Extending the IFRS 2005 Taxonomy: The Australian Experience

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  1. Extending the IFRS 2005 Taxonomy:The Australian Experience Presenters: Trevor Pyman (CEO, Director, XBRL Australia) Jim Richards (Director, XBRL Australia) Sponsors:

  2. Agenda Lessons Learned Final Questions

  3. 1. Getting Started • Identify the Need • Identify Stakeholders Who Really Care • Are prepared to pay • Will suffer if it doesn’t work • Have a long term view/need • Contract the Team • Nail the Scope • Minimum Mandatory v. Common Practice • Taxonomy Purpose (reporting v. filing) • Set up Governance

  4. 2.0 Gathering Data • Incremental Build • Start with AIFRS (most elements) • Then ASIC (Corps Law) • Then ASX Listing Rules • Consultative approach – work with domain experts • Document, document, document • Consistent structure • Record alternatives considered • Capture each decision and REASONS for it • Document final element attributes and location

  5. 3.0 Development • Software applications • Approach • Starting point • Gradual Build Up • Completion • Technical Decisions • Placement • Extending Tuples • Extended Link Roles • Director/Officer Disclosures

  6. 3.0 Development – 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

  7. 3.0 Development – 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

  8. 4.0 Testing and Release • 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 • File Naming • FRTA: au-ifrs-gp-2007-10-31.xsd • Actual: au-2007-10-31.xsd • Embedded Linkbases

  9. 4.0 Testing and Release– Embedded linkbases Instance document DTS – IFRS only

  10. 4.0 Testing and Release– Embedded linkbases Instance document DTS – IFRS and AIFRS

  11. 4.0 Testing and Release– Embedded linkbases Instance document DTS – Embedded linkbases

  12. 5.0 Lessons learned • Requires a bigger/broader-based team • Only 2 main developers plus short-term visits • No real testing outside of development group • Develop a complete set of test data • Test, test and test again • No real testing by development group • Lack of time and funding (related) • 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/...

  13. Extending the IFRS 2005 Taxonomy:The Australian Experience Questions ??? Sponsors:

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