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ATTX Project Governance
The members of the consortium established to complete the development of the Australian extension to the IFRS Taxonomy are:
A recent development in this project has been the discussions we have entered into with XBRL New Zealand. At first glance there appear to be significant synergies in developing a taxonomy to cater for the requirements of both jurisdictions. Talks are continuing with a view to including NZ representatives in the project, provided that doing so does not add to the cost or timing of the project for the original participants.
From past experience, we have learned that a purely volunteer effort takes way too long and lacks the focus of a paid professional assignment. Each of the consortium members listed above are contributing the time and costs of domain area experts to build the taxonomy. Accounting and XBRL experts from some of the Big4 firms have also committed their time to review and test the taxonomy. The key resources being contracted are:
- Jim Richards, Murdoch University - to work with the domain experts from AASB, ASIC and ASX to design and build the taxonomy;
- Geoff Shuetrim, Galexy.net - to undertake a technical review of the taxonomy; and
- Trevor Pyman, XBRL Australia - to project manage the development.
New Zealand have yet to identify resources to cover their requirements.
We have secured grant funding from ASX for the project, to be administered in trust by CPA Australia for the consortium. AGIMO have contracted directly with XBRL Australia to provide their share of the development budget. NZ participants will fund their participation from their own resources.
The process of administering the funds is as follows :
- The contractors (Trevor Pyman, Jim Richards and Geoff Shuetrim) will develop the taxonomy in accordance with the project plan. This plan separates the tasks into those that are funded by ASX and those by AGIMO.
- The contractors will submit invoices to XBRL Australia Ltd at the end of each month and the Project Manager (Trevor Pyman) will approve the invoices of the other 2 contractors.
- The Project Manager (Trevor Pyman) will produce a progress report setting out the achievements to date in support of these invoices.
- The CPA Australia Senior Policy Advisor (Dr Mark Shying) will approve the Project Manager's invoice.
- Within 2 business days of receipt of the contractors’ invoices, XBRL Australia will invoice AGIMO for the relevant amount according to the AGIMO Contract Schedule and request ASIC to provide funds for the balance of the total of the invoices. The Project Manager will circulate the Progress Report and all invoices via email to the Project Steering Committee.
The Reporting Pack for May 2006 (492KB zipped) can be downloaded from this link.
- The Steering Committee members will review the Progress Report, funding request and invoices and raise any concerns within 5 business days of receipt of the email.
- In the absence of any concerns raised, CPA Australia will pay the requested funds to XBRL Australia within 3 business days of the expiry of the 5 day notice period above and forward the invoice to AGIMO for payment. If concerns are raised, they must be dealt with promptly by the Project Steering Committee and resolved. CPA Australia are to be advised via email of the resolution and any instructions as to payment of the funding request, such instructions to be followed within 3 business days.
- XBRL Australia will pay the total of each of the invoices to the contractors within 2 business days of receipt of cleared funds from CPA Australia and AGIMO.
The COMMONWEALTH OF AUSTRALIA, acting through and represented by the DEPARTMENT OF FINANCE AND ADMINISTRATION will retain all intellectual property rights in the taxonomy so that it is protected from commercial exploitation.
XBRL Australia Ltd.
Copyright © 2002-2006 [XBRL Australia Ltd]. All rights reserved.
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