1 / 13

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

asher-mcgee
Download Presentation

Extending the IFRS 2005 Taxonomy: The Australian Experience

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  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:

More Related