Managing the IFRS-GP Taxonomy Mai 17, 2006, Madrid Overview of the IFRS-GP Extension Framework, Versioning Issues and Maintenance Considerations Josef.

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Presentation transcript:

Managing the IFRS-GP Taxonomy Mai 17, 2006, Madrid Overview of the IFRS-GP Extension Framework, Versioning Issues and Maintenance Considerations Josef Macdonald IASC Foundation XBRL Practice Fellow IASC Foundation XBRL Practice Fellow Maciej Piechocki Michal Piechocki Harald Schmitt IASC Foundation XBRL Team IASC Foundation XBRL Team

2 Managing the IFRS-GP Taxonomy Background IFRS-GP: Contributors & Users Taxonomy Development & Publication Process PFS & EDAP Phase 1: Taxonomy Maintenance IFRS-GP Taxonomy Update Taxonomy Architecture IFRS-GP Taxonomy Modules Manager Phase 2: Taxonomy Enhancements Extension Framework Versioning Framework Translations Education & Guidance Overview

3 Managing the IFRS-GP Taxonomy Background IFRSs adoption: over 90 countries XBRL adoption: 21 XBRL Jurisdictions IFRS-XBRL Jurisdictions: 15 Global financial and business reporting standards Transparent and independent IFRS-GP Taxonomy eXtensible Business Reporting Language International Financial Reporting Standards

4 Managing the IFRS-GP Taxonomy IFRS-GP Taxonomy: Contributors & Users XBRL Consortium Issues, Comments, New Technologies Institutions & IFRS Jurisdictions Demo Projects 15 IFRS-XBRL Jurisdictions Projects, Feedback Issues, Comments IFRS-XBRL Mailing List Feedback Issues, Comments IFRSs Strategy Objectives IASC Foundation XBRL Team

5 Managing the IFRS-GP Taxonomy IFRS-GP: Development & Publication Process IFRS Standards Release IASCF / IASB Initial Taxonomy Drafts Internal Review & Validation Taxonomy Release IFRS Requirements Business Entities Review XBRL TRP / TAP Taxonomy Update Issues & Comments Business EntitiesIASCF XBRL TeamXBRL Consortium

6 Managing the IFRS-GP Taxonomy IFRS-GP Taxonomy: PFS & EDAP XBRL Global Common Document (GCD) IASCF Explanatory Disclosures & Accounting Policies (EDAP) IASCF Primary Financial Statements (PFS) National Extension Industry Extension National Industry Extension Company Extension Entity Instance Document Imports Extends/ Limits Extends /Limits Describes Accountant Report (AR)

7 Managing the IFRS-GP Taxonomy Background IFRS-GP: Contributors & Users Taxonomy Development & Publication Process PFS & EDAP Phase 1: Taxonomy Maintenance IFRS-GP Taxonomy Update Taxonomy Architecture IFRS-GP Taxonomy Modules Manager Phase 2: Taxonomy Enhancements Extension Framework Versioning Framework Translations Education & Guidance Overview

8 Managing the IFRS-GP Taxonomy Phase 1: Taxonomy Maintenance Accounting Updates Revisions for 2005 IFRS amendments, new standards and interpretations (that is, standards approved by the IASB as at 1 January 2006) Revisions for feedback received since May 2005 release Technical Updates Modularisation of the Explanatory Notes Disclosure section Address issues of taxonomy versioning: Extension versus stand-alone version?

9 Managing the IFRS-GP Taxonomy IFRS-GP Taxonomy: Architecture

10 Managing the IFRS-GP Taxonomy IFRS-GP Taxonomy Modules Manager

11 Managing the IFRS-GP Taxonomy Background IFRS-GP: Contributors & Users Taxonomy Development & Publication Process PFS & EDAP Phase 1: Taxonomy Maintenance IFRS-GP Taxonomy Update Taxonomy Architecture IFRS-GP Taxonomy Modules Manager Phase 2: Taxonomy Enhancements Extension Framework Versioning Framework Translations Education & Guidance Overview

12 Managing the IFRS-GP Taxonomy Phase 2: Taxonomy Enhancements Restructuring the Taxonomy to simplify its use Content additions, richer references, labels Update Taxonomy for New XBRL Specifications (Dates subject to XBRL International release) Preparers Guidance Address issues of Versioning the Taxonomy

13 Managing the IFRS-GP Taxonomy IFRS-GP Management: Extension Framework Issues How to build an extension of a 4000-elements, modularised IFRS-GP Taxonomy? Multiple IFRS-GP Extensions are created by various jurisdictions, entities Extensions should be compliant with the IFRS-GP Taxonomy Users should know which extension to use and when Solution Extension Framework will foster the adoption of IFRS-GP Guidance on how to build IFRS-GP extensions is required A common extensions framework is required

14 Managing the IFRS-GP Taxonomy IFRS-GP Management: Versioning Framework How to version modularised IFRS-GP Taxonomy? How to version extensions of IFRS-GP Taxonomy? Should new versions of the IFRS-GP Taxonomy be released as extensions or as stand-alone? How to document versioning information (no solution so far)? IFRS-GP Taxonomy Versioning Framework

15 Managing the IFRS-GP Taxonomy IFRS-GP Management: Translation Taxonomy labels translation Quality assurance required Timing restrictions Multiple label linkbases foster the adoption of the IFRS-GP Taxonomy IP issues

16 Managing the IFRS-GP Taxonomy IFRS-GP Management: Education & Guidance New website launched February 2006 XBRL Library XBRL Lab for new technologies RSS I-TSI XBRL News: main XBRL mailing lists Issues, summaries, announcements RSS feed IFRS-GP Guidance Materials

A Presentation by the IASC Foundation XBRL Team