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Australian Annual Report Extension Taxonomy

Description: This Project commenced on 1 February 2006 to build the required extension to the latest IFRS Taxonomy (May 2005 for standards effective 31 December 2004) for the additional reporting requirements of Australian Accounting Standards, Corporations Act requirements and Stock Exchange Listing Rules.

XBRL Australia and its members would like to thank the following organisations (in alphabetical order) for their kind donations of software to help build the taxonomy: Fujitsu, Rivet Software, Semansys, UBMatrix.

Potential users of this taxonomy will be:

Regulators - to automatically review and analyse pre-validated annual filings. Accountants - to prepare and publish annual reports and regulatory filings. Much of this work can be automated with XBRL enabled software thus reducing the cost of this to business, or increasing the value of the work done (e.g. more time spent on professional judgement instead of number crunching). Banks - to automatically consume and analyse pre-validated customer financial statements for loan covenant monitoring and ongoing credit risk assessment. Analysts - to automatically import pre-validated and consistent company financial information for comparison to other investment alternatives.

Will allow direct comparison to other IFRS based reports.

Investors - will allow any investor with XBRL enabled software (from $300 Excel Add in to sophisticated analysis packages) to access corporate reporting data and analyse it a low cost. Management - because consistent, valid data is available (potentially free, if companies publish XBRL versions of annual reports online)management can benchmark their performance against competitors and peers, anywhere in the world. Cross Tasman flow of financial data can be streamlined via a single taxonomy (or set) so that differences and similarities between NZ and Australian reporting concepts are immediately obvious to the consumer of the data.

Website: AIFRS Annual Reports Taxonomy Extension