Current XBRL Projects
e-GIF XBRL Standards Working Group
An XBRL Standards Working Group has been formed. The first meeting
was in late August 2005.
The following organisations agreed to participate:
- Inland Revenue (Lead Agency)
- State Services Commission
- Ministry of Economic Development
- Ministry of Social Development
- Statistics New Zealand
- The Treasury
- Accident Compensation Corporation
- XBRL New Zealand
- Office of the Auditor-General (Observer)
- New Zealand Institute of Chartered Accountants
Scope
The scope of the Working Group includes:
- Assess the suitability of XBRL in the New Zealand government environment.
- Develop and adapt XBRL Specification 2.1 for the New Zealand government use.
- Test XBRL Specification 2.1 and associated schema for:
- Soundness - the business requirements of agencies are met
- Practicality and efficiency - fits with new and existing business processes
- Flexibility - the outcome is able to be applied by all agencies
- Maintainability - can be modified as needs change.
- Document XBRL Specification 2.1, associated schema, and implementation guidelines.
- Consider a standard approach to a government XBRL taxonomy.
- Consult the public sector on the draft report.
- Report a recommendation for XBRL Specification 2.1 to the e-GIF Management committee for inclusion in the e-GIF, together with the ratification level:
- Mandatory
- Recommended Practice
- 'Under Review'
- No standard should be included for the time being
- Create a NZ Government XBRL Taxonomy design, if a standard is to be adopted.
- Develop and identify continued governance and monitoring of XBRL standards in to the future.
- Assess any other specific aspects of XBRL standards.
Targets
The targets of the working group are:
- Feasibility Study completed by October 2006
- Business Case by October 2006
- Pilot Studies completed by December 2007
- Report to e-GIF recommending XBRL standard status by March 2008
- Create a NZ Government Taxonomy design by September 2008
- Documentation of XBRL standard, future governance and monitoring arrangements completed by December 2008.
Progress To Date
XBRL feasibility study with Statistics NZ (2006)
A significant feasibility study between IR and Statistics New Zealand took place in late 2006, sharing IR10 information in XBRL format.
The Accounts Information (IR10) form provides a summary of information about an organisation's operations and finances, collected for statistical and tax purposes. IR10 information is usually sent to Statistics NZ on a monthly basis, encoded on magnetic tape.
The B2B connection commenced on 27 July 2006 and ran until September 2006.
Over 220,000 IR10 records were successfully translated into an XBRL format and transferred to Statistics NZ during the feasibility study period.
IR10 pilot taxonomy (2008)
Work on the IR10 pilot taxonomy has been completed and validated against XBRL Specification 2.1 and XML standards. The taxonomy has the potential to be easily scalable and reusable.
The project achieved this by basing the taxonomy architecture on the International Financial Reporting Standard (IFRS) XBRL taxonomy, which prepares the IRD XBRL taxonomy to be aligned with common business and commercial accounting practise, and therefore accommodate scalability and reusability.
The taxonomy has been shared with Statistics New Zealand. Statistics New Zealand will store the IR10 data in their data warehouse.
Next Steps
The Working Group analysed the data from the feasibility study and the IR10 pilot taxonomy and has determined that the XBRL standard move from 'under development' to 'recommended'.
A paper has been prepared for the August meeting of the e-GIF Management Committee outlining the work undertaken by the Working Group and the benefits of the XBRL standard. It has highlighted any risks of the standard and described how the standard can be implemented
Contact
For information about the work of the e-GIF XBRL Standards Working Group contact:
Max Cummock
Phone: 04 8902826
