Project X-DIS/XBRL pilot project PROJECT 14400/2005/005-2006/066 – CS 1
Monthly Progress Report
Project Ref No 14400/2005/005-2006/066 – CS 1 Acronym X-DIS/XBRL Full Title X-DIS/XBRL Pilot Project Reporting Period 1st of September 2006 – 30th of September 2006 Code name QM06 Date of issue 05/10/2006 Project Officer from Name: Giuseppe Sindoni Eurostat Institution/Company: Eurostat Address: BECH A3/143 Jean Monnet-Building, L-2920 Luxembourg-Kirchberg Phone: +352 43 0137291 Fax: e-Mail:[email protected] Public project web site: Project Officer from Name: Pedro J. Jiménez Software AG España Institution/Company: Software AG Address: Ronda de la Luna, 22 – Tres Cantos (Madrid) zip 28660 Spain Phone: + 34 91 8079778 Fax: e-Mail: [email protected] Public project web site:
X-DIS/XBRL XBRL Pilot Project Contract Number:14400/2005/005-2006/066 –CS1 Monthly Progress Report no.6 Page ii
Table of Contents
1. PROGRESS______1 1.1 Statement of progress______1 1.2 Project Meetings______1 2. DEVIATIONS______2 2.1 Issues or Problems______2 2.2 Red Flags______2 2.3 Deviations from Plan______2 2.4 Others______2 3. RESOURCES______4 4. CUMULATIVE______4 4.1 Status and schedule of Deliverables______4 4.2 Cumulative Resources______5 PLAN FOR THE NEXT PERIOD______5
X-DIS/XBRL XBRL Pilot Project Contract Number:14400/2005/005-2006/066 –CS1 Page 1 Monthly Management Report no.6
1. Progress
1.1 Statement of progress
The following table indicates the activities and achievements during the period of September 2006:
Task Achievements T56 Interim Report Delivered See Note 1.1 (*) Request for proposals delivered to Statbel See Note 1.2 (*) Revision of the SBS taxonomy by INE See Note 1.3 (*) Agreement for Project Extension to 30th March See Note 1.4 (*) Participation in the Pilot TF meeting of 27th September
Task Delayed Note (*) Release an updated Project Plan See Note 1.5
Task In Progress Note X-DIS IFRS Taxonomy must be extended to cover the SBS Anexes of Credit Institutions, Pension Funds and T28 See Note 1.6 Insurance T38 Discussions for Test Phase on INE See Note 1.7 (*) Determining requirements for Statbel See Note 1.2 (*) Create a document exposing the functionalities that are offered by XBRL validation software. See Note 1.8 (*) Creation of proof of concept software for XBRL collection See Note 1.9
NOTE: The Task id is refered to the project plan version 10. Tasks id tagged as (*) corresponds to new tasks, being created during the project execution. They which will be included in following versions of the project plan.
1.2 Project Meetings
The following project meetings have been held in this period:
Date Issue Place Description
Progress Video Work Meeting between Software AG and Eurostat Teams mainly to the 21/09/2006 Meeting Conference TF meeting and project status
Task Force Task Force Meeting for presenting the latest advances on XBRL and the 27/09/2006 Eurostat Venue Meeting status of the current Pilot Project
X-DIS/XBRL XBRL Pilot Project Contract Number:14400/2005/005-2006/066 –CS1 Monthly Progress Report no.6 Page 2
2. Deviations
2.1 Issues or Problems
Task Issue description Action Items - - -
2.2 Red Flags
2.3 Deviations from Plan
2.4 Others
Note 1.1 – Eurostat has notified that Interim Reports are documents targeted for management, delivered on the project interim and containing information for project tracking purposes. The report delivered by Software AG as Interim Report contains detailed information beyond that required for management purposes. Eurostat has stated that the document has been accepted. However, the official acceptance will be communicated by letter issued to the Contractor address (the one appearing on the contract). In the meantime, the Interim Report has been temporally stored in the CIRCA database. Note 1.2 – In order to narrow the requirements down and determine the scope of the implementation required by Statbel, Software AG has issued a document requesting further information in order to fine tune requeriments. Such a questionnaire, which intends to work as a basis for raising issues and discussions, has been emailed to Mr. Goddeeris. From the responses, the project Team expects to collect enough information to size the required efforts and schedule the tasks accordingly. Note 1.3 – INE has revised the implementation of the XBRL taxonomy for SBS based on a GAAP scenario and on INE’s current questionnaires. Due to the revision process, INE made some remarks to Software AG Team. Software AG has scheduled to solve the problems as soon as possible to allow the taxonomy can be included in the next INE collection plans as an alternative channel. Note 1.4 – Considering the execution of Test Phases on NSIs involved in the Pilot Project, the project deadline has been extended to 30th March. The extension includes the implementation of some pieces of software as demanded by Statbel. This software mainly focuses on creating infrastructure to allow enterprise reporting over the Web as well as enabling further processing of the received information. Note 1.5 – Due to the extension in the project scope, the project requires an updated version of the Project Plan. Software AG has agreed with Eurostat, to release a new version which will include the scheduling of tasks required for implementing the software for Statbel. Software AG is currently waiting for the response of the document sent by the project team to Statbel (see Note 1.2). The aim of the document is to determine the size of the possible project and clarify Statbel necessities. Note 1.6 – Although the mapping document has already been finished, the SBS IFRS taxonomy has not yet been implemented. The Bank of Spain has proposed to collaborate on the review of the mappings done in the credit entities section and, as a consequence, the document containing the proposed mapping set has been forwarded to The Bank of Spain in order to obtain their feedback. Concerning the insurance and pension funds annexes, we found that the general purpose taxonomy (IFRS-GP) which is being used as a basis for reporting concepts, does not currently include concepts from the “IFRS 4. Insurance Contracts” framework belonging to the IAS/IFRS. This issue will be raised in the next project meeting but prevents re-using information from the IFRS-GP taxonomy and, on the other hand, demands the creation of all the concepts from scratch. Note 1.7 – Software AG is currently holding some meetings with INE to understand and determine the scope of the Test Plan. The meetings are being held mostly with representatives of the IT departments.
X-DIS/XBRL XBRL Pilot Project Contract Number:14400/2005/005-2006/066 –CS1 Monthly Progress Report no.6 Page 3
Note 1.8 – An open source XBRL validator is not currently being offered by the market. In order to help NSIs on decide on the most suitable XBRL technology to meet their necessities, Software AG is preparing a document with the specifications of the commercial XBRL validators available. Note 1.9 – In order to launch the implementation of software for NSIs, Software AG is currently defining the requirements. Software AG intends to create a proof of concept software program where NSIs including some built-in features as a proposed workflow and forms. It can serve NSIs as a basis to determine their needs. On the other hand, the outcome will be offered to Statbel and other NSIs as open source software.
X-DIS/XBRL XBRL Pilot Project Contract Number:14400/2005/005-2006/066 –CS1 Monthly Progress Report no.6 Page 4
3. Resources
The following table indicates the total effort per Partner and Work-Package in the reporting period: Project effort for the reporting period (in Hours) Month 6 (September - 21 working days - 168 h.) Year 2006
Participant's name Task 31 Task 32 Task IR Task MR Management TF Meeting Total Project Manager: Pedro J. Jiménez 48 59 14 40 161
XBRL 2nd Consultant 40 40 48 40 168 0 0 0
TOTAL 40 40 96 59 14 80 329
Task IR : Interim Report Tasks Task MR : Management Tasks
4. Cumulative
4.1 Status and schedule of Deliverables
The deliverables initially scheduled for this period and their current state are:
Status of deliverables On Actual/planned Deliverable Current status Original completion date schedule completion date Proposed mapping between T12 IFRS framework 09/09/2006 Pending and SBS characteristics Delivery of Interim T56 12/09/2006 Released Report
X-DIS/XBRL XBRL Pilot Project Contract Number:14400/2005/005-2006/066 –CS1 Monthly Progress Report no.6 Page 5
4.2 Cumulative Resources
Project effort in person-hours Participant's name Previous Cummulative Current Period New Total Project Manager 474 161 635 1st XBRL Consultant 160 0 160 2nd XBRL Consultant 694 168 694
Total 1328 329 1489
Plan for the next Period
Task Plan for the Next Period (*) Release an updated Project Plan T28 X-DIS IFRS Taxonomy works to cover the SBS Annexes of Credit Institutions, Pension Funds and Insurance (*) Determining requirements for Statbel (*) Creation of a proof of concept for the software to the offered to Statbel (*) Creation of a document exposing the state of arts on XBRL validation implementations. T38 Test Phase on INE
X-DIS/XBRL XBRL Pilot Project Contract Number:14400/2005/005-2006/066 –CS1