Should Taxonomies be Open-Source?

Panel DebatePanel DebateDavid Bray

IASC Foundation Contracts Coordinator

Michal PiechockiIASC Foundation XBRL Team

2Should Taxonomies be Open-Source?

IntroductionOpen and Closed Source

Open SourceSource code is publicly availableVoluntary participation, open projectsIdea of cooperationOpen to all contributorsSource code is “Free” – Additional services can be charged forSample projects: Linux, Mozilla Firefox, Eclipse

Closed SourceClosed projects, source code not required to be publicly availableProject usually managed by a single legal entityOnly selected members contribute (restricted)Contribution only from within the groupProprietary products for saleSample products: Windows, Oracle etc.

3Should Taxonomies be Open-Source?

Taxonomy License

4Should Taxonomies be Open-Source?

The author(s) of the taxonomy

GNU General Public License

IASC Foundation

IASC Foundation Taxonomy License

Who owns the taxonomy?

Ownership

5Should Taxonomies be Open-Source?

Anyone can modify (extend) The author owns the extension

The GNU GPL applies to the modifications

GNU General Public License

Anyone can modify (extend) The author owns the extension

The owner can licence the taxonomy under any terms they choose

IASC Foundation Taxonomy License

Who can extend? Who owns the extension?

Extensions

6Should Taxonomies be Open-Source?

Anyone can translate The author owns the translation

GNU GPL applies to the translation

GNU General Public License

Only with IASC Foundation consent IASC Foundation coordinates translation

IASC Foundation owns the translation and releases it under IASC Foundation Licence

IASC Foundation Taxonomy License

Who can translate? Who owns translation?

Translations

7Should Taxonomies be Open-Source?

Anyone can use or implement the taxonomy, extensions or translations The GNU GPL does not restrict use

Distribution may be charged for, but is of limited valueRelated services may be charged for

GNU General Public License

Anyone can use or implement the Taxonomy, translation is restrictedUse is restricted, but IASC Foundation allows most potential uses

Cannot charge for supplying the taxonomyMay charge for related products and services

IASC Foundation Taxonomy License

Who can implement? The scope of implementation?

Implementation

8Should Taxonomies be Open-Source?

Anyone GNU GPL should be mentioned

GNU General Public License

Anyone Under XBRL IP Policy

Unrestricted

IASC Foundation Taxonomy License

Who can publish information about the taxonomy?

Publication

9Should Taxonomies be Open-Source?

Anyone – unrestricted

GNU General Public License

No one from the taxonomy Possible from services

IASC Foundation Taxonomy License

Who can generate revenue from the taxonomy?

Profits

10Should Taxonomies be Open-Source?

Taxonomy Development Process

11Should Taxonomies be Open-Source?

IFRS XBRL Taxonomy Internal life cycle

IFRS Standards Release

IASCF / IASBInitial Taxonomy

Drafts

Internal Review & Validation

Taxonomy Release

IFRS Requirements

BusinessEntitiesReview

XBRLTRP / TAP

Taxonomy Update

Issues & CommentsIssues & Comments

Business Entities IASCF XBRL Team XBRL Consortium

12Should Taxonomies be Open-Source?

IFRS XBRL Taxonomy Publication process

Taxonomy Release

Internal issues evaluation

Issue corrected / rejected

Corrections Improvements

New TaxonomyRelease

BusinessEntitiesReview

Issues submission

XBRLTRP / TAP

Issues submission

Business Entities IASCF XBRL Team XBRL Consortium

13Should Taxonomies be Open-Source?

Potential Open Source Development CycleIFRS Standards

Release

IASBIASCF Publish necessary

developments to the Taxonomy

Internal Review & Validation of community submissions

Taxonomy Release

IASCF scope necessaryamendments to taxonomy

Community Review of proposed developments

Issues & Comments

Volunteer groups undertakethe work required

The Community

IASCF XBRL Team

IASCF XBRL TeamInclude accepted submissions

into IASCF Taxonomy

Adoption by Companies

using IFRS XBRL

14Should Taxonomies be Open-Source?

Open Source Collaboration

XBRL Taxonomy

•IASCF carries out quality control.

•Publishes an ‘official’ version of the

Taxonomy which it endorses.

•IASCF contributes the current taxonomy.

•Manages the versioning.•Coordinates the

Community.

Other IFRS Users

XBRL Services Providers

Jurisdictions

RegulatorsCompanies

15Should Taxonomies be Open-Source?

Should Taxonomies be Open-Source?

Panel Debate

Moderator: Josef MacdonaldParticipants:

Joanne Locke (University of Waikato)Marc Van Hilvoorde (XII Domain Working Group Chair)

Bill Swirsky (XII Executive Committee) David Bray (IASC Foundation Contracts Coordinator)

Timo Philipp (IASC Foundation XBRL Team)Michal Piechocki (IASC Foundation XBRL Team)

A presentation by the IASC Foundation XBRL Team