Mai 18, 2006, Madrid
Which Taxonomy to Bundle?
Introduction to the
IFRS Taxonomy Status Indicator
Josef Macdonald
IASC Foundation XBRL Practice Fellow
Timo Philipp
IASC Foundation XBRL Team
Bartosz Ochocki
IASC Foundation XBRL Team
Overview
Issue
Solution
Benefits
Summary
Demonstration
Introduction to the IFRS Taxonomy Status Indicator
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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
Introduction to the IFRS Taxonomy Status Indicator
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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!
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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
Introduction to the IFRS Taxonomy Status Indicator
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Overview
Issue
Solution
Benefits
Summary
Demonstration
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Solution of IASC Foundation XBRL Team
These issues lead to the development of
the IFRS 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
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I-TSI: How it Works
1. Software download I-TSI file placed on the web
Software
2. Process information of I-TSI
I-TSI
3. Download correct taxonomy
or link to tools and guidance
materials for taxonomy
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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)
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What is RSS?
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)
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Examples of RSS Feed Reader
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Which Solution is Better?
I-TSI stand-alone
+ only contains information that
is useful for XBRL applications
+ smaller than RSS Version
- doesn’t support normal RSS
feed readers
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
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Overview
Issue
Solution
Benefits
Summary
Demonstration
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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.
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Overview
Issue
Solution
Benefits
Summary
Demonstration
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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
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Overview
Issue
Solution
Benefits
Summary
Demonstration
Introduction to the IFRS Taxonomy Status Indicator
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A presentation by the IASC Foundation XBRL Team