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Which Taxonomy to Bundle?

Mai 18, 2006, Madrid. Which Taxonomy to Bundle?. Josef Macdonald IASC Foundation XBRL Practice Fellow Timo Philipp IASC Foundation XBRL Team Bartosz Ochocki IASC Foundation XBRL Team. Introduction to the IFRS Taxonomy Status Indicator. Overview. Issue Solution Benefits Summary

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Which Taxonomy to Bundle?

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  1. Mai 18, 2006, Madrid Which Taxonomy to Bundle? Josef Macdonald IASC Foundation XBRL Practice Fellow Timo Philipp IASC Foundation XBRL Team Bartosz Ochocki IASC Foundation XBRL Team Introduction to the IFRS Taxonomy Status Indicator

  2. Overview • Issue • Solution • Benefits • Summary • Demonstration

  3. Introduction and Issues • Long debate at IASC Foundation whether it should permit vendors to bundle taxonomies with their software • Conflict among the interests of taxonomy developers, user needs and software vendor requirements

  4. Why do Software Vendors want to bundle Taxonomies with their Software? • Advertising purpose: proves that software works with the taxonomy and its extensions • Users don’t have to download taxonomies separately -> more user friendly • Leads to more attractive software!

  5. Why Taxonomy Developers don’t want this? • Subsequent versions of taxonomies are not included in earlier releases of software • Taxonomy developers have no control over which taxonomy is included in a software product • Users blame taxonomy developers for using old or wrong versions. This also reflects badly on the taxonomy itself. • Potential issues with taxonomy developers IP policy

  6. Overview • Issue • Solution • Benefits • Summary • Demonstration

  7. Solution of IASC Foundation XBRL Team These issues lead to the development of theIFRS Taxonomy Status Indicator (I-TSI) • I-TSI allows the taxonomy developer to indicate the location of taxonomies on the web and supporting materials like samples, guidelines and tools • I-TSI is an XML file provide at a fixed position on the web with a specified format • I-TSI includes all information given on taxonomy summary pages

  8. I-TSI I-TSI: How it Works 1. Software download I-TSI file placed on the web Software 2. Process information of I-TSI 3. Download correct taxonomy or link to tools and guidance materials for taxonomy

  9. Two Ways of Implementation IASC Foundation XBRL Team has developed two solutions: • I-TSI as a stand-alone XML file • I-TSI embedded in an Feed (like Edgar Online use RSS to distribute new XBRL instances)

  10. RSS stands for "Really Simple Syndication“ it's a format for distributing and gathering content from sources across the Web, including newspapers and magazines by using the RSS XML file, users can quickly and easily see whenever an update has occurred (e.g. IASC Foundation RSS Feed) What is RSS?

  11. Examples of RSS Feed Reader

  12. I-TSI stand-alone + only contains information that is useful for XBRL applications + smaller than RSS Version - doesn’t support normal RSS feed readers Which Solution is Better? I-TSI as RSS Feed + normal RSS Feed Reader can use it - to process additional information, the software needs to recognise the RSS I-TSI extension

  13. Overview • Issue • Solution • Benefits • Summary • Demonstration

  14. Benefits • Software vendors don’t have to update their products to bundle new taxonomies • Software vendors can provide taxonomy specific materials like guidelines and tools from taxonomy developers in their software • No IP conflict from the taxonomy side • Taxonomy developers control direction to their taxonomies • User can always have confidence they have chosen the right version of the taxonomy • User is notified immediately when new a taxonomy is released Implementing I-TSI makes software more attractive and more user friendly than merely bundling taxonomies. It provides added value.

  15. Overview • Issue • Solution • Benefits • Summary • Demonstration

  16. Summary • I-TSI solves the conflict between taxonomy developer and software vendors/user needs • Provides ability to be “up to date” during fast XBRL taxonomy life cycles • Users are the real winner: • Gain support for taxonomies in the software • Are always provided the correct versions of the taxonomy • For more information on I-TSI, see IASC Foundation website: http://www.iasb.org/xbrl

  17. Overview • Issue • Solution • Benefits • Summary • Demonstration

  18. A presentation by the IASC Foundation XBRL Team

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