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Membership application | Overview | News | Contact Us | Home |
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The project has commenced with funding from the Australian Government Information Management Office and the Australian Stock Exchange. In the first month (February 2006) we set up the project structure and governance, arranged meetings with the various stakeholders and prepared for the first section of the taxonomy - the Australian Accounting Standards additions to IFRS. The process for this first section was to identify every additional paragraph in the Australian equivalent standards to IFRS and assess whether or not the existing IFRS Taxonomy covered the Australian requirement. Where there was any doubt at all, it was referred to staff of the Australian Accounting Standards Board for clarification. This latter activity was undertaken in the first week of March, 2006. In the remainder of March, we created the required elements in the draft taxonomy and then met with ASIC staff to work through their requirements. The bulk of the work is in the extraordinarily complex additional requirements related to Directors' and Officers' remuneration required by Australian Law and Standards. April has been spent arranging the finances for the project and finalising the details of the taxonomy, which was published for internal review on 21 April. Progress was slow as the funding promised in January was not actually paid until the end of May. The contractors had been working unpaid for 3 months in good faith and for this we thank them enormously. Funding finally arrived late May and contractors have all been paid up to date.
On 11 May we held a workshop in Melbourne to discuss the issues with the taxonomy extension draft. This was well attended and a great help to the project team. Notes from the meeting are available for download from this link: May was also the month when we assessed the ASX requirements. Most of their annual reporting requirements were already included from the work on AASB and ASIC requirements. Due to the generous financial support they have provided to the project, we decided to extend the scope slightly to include their Quarterly Reporting requirements and 3 of their Continuous Reporting appendices so that ASX stakeholders obtain benefits commensurate with their contribution. In June we will be finalising the additional elements and posting the final draft of the taxonomy extension for review. For more details, please follow this link to the ATTX Project Home Page. XBRL Australia Ltd. |