9th XBRL International Conference "Getting an XBRL project up

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  • 1. 9th XBRL International Conference
    • Getting an XBRL project up and running
  • Presenter:
  • Mr. John Morgan
  • UBmatrix Australia
  • [email_address]

2. There needs to be ..

  • Approval to commence!
  • To achieve this, you need:
    • Vision
    • Goals & Objectives
    • Sponsor/finance (with sufficient budget!)
    • Committed stakeholders
    • Organisational capability
      • Undertake project
      • Manage
      • Embrace change
  • Wrapped into a Business Case for approval

3. Benefits of XBRL

  • This Conference will show benefits:
    • Financial (eg less cost, greater profitability)
    • Organisational
      • Promotes organisation as easy to work with
      • Use of Standards, promoting
        • Ease of use
        • Interoperability i.e. IT integration
        • Adoption of existing standard
      • Technical (eg system performance, lower support costs)
    • Operational
      • Improved internal & external processes
      • Improved decision making (better data quality!)
    • Improved data collection (Timely, Accurate, Reasonable, Transforming, Efficient, Relevant)
      • (Source: KPMG International, 2004)

4. Making the Business Case

  • Who prepares the case?
    • The Sponsor, with a Business Analyst You?
  • Getting the budget?
    • Show the results if sufficiently funded.
  • Show your organisation the real business benefits.
  • Instil an urgency to adopt and commence a project now.

5. Managing a successful project

  • A project is atemporaryendeavour to create auniqueproduct or service
  • What is needed?
    • A Steering Committee (Governance) comprising major Stakeholders (Sponsor, Users, PM)
    • Project Management an experienced Project Manager who is fully accountable
    • Defined and agreed Project Management Plan
    • Clear objectives and deliverables
    • Required Work broken down to level required to manage. Project broken into Phases
    • Project metrics and ability to measure & monitor
    • Change Management process (for Project Scope/requirements as well as Organisational change systems)

6. Project Management Plan

  • Project Charter (Approval to project and PM authority)
  • Project approach/strategy
  • Scope statement (Objectives & Deliverables)
  • Work, broken down into controlling components (WBS)
  • Performance measurement requirements
  • Milestones
  • Statement of Work - what is being done & who is doing it (SOW)
  • Required staff (plus effort and cost)
  • Plans for Scope, Risk, Quality, Communication, Procurement, Cost and Schedule management
  • If I knew nothing about this project, would I be able to understand what is to happen by reading the Project Management Plan?

Significant effort should be spent on planning what is to be done, and how, before Execution. 7. Project Management

  • Project Management Institute (PMI,PMBOK) is the global standard. PMI requires the PM toconstantly address :
    • Projectintegrationmanagement
    • Projectscopemanagement (functional, technical & Organisational)
    • Projecttimemanagement (schedule)
    • Projectcostmanagement (finance)
    • Projectqualitymanagement (standards, assurance, governance)
    • Projecthuman resourcemanagement
    • Projectcommunicationsmanagement (HR, measurement, reporting)
    • Projectriskmanagement
    • Projectprocurementmanagement (cost reduction, probity)
  • Note:PMBOK is a trademark of the Project Management Institute, Inc. which is registered in the United States and other nations.

8. Project Management

  • Initiating Set up and obtain authorisation to the project
  • Planning define and refine objectives and select the best of the alternative courses of action to attain the projects objectives
  • Executing Carry out the plan by co-ordinating resources (people and other)
  • Controlling Monitor & Measure progress to ensure project objectives are being met. Identify variances from plan so that corrective action can be taken when necessary
  • Closing Formalise acceptance of the projectand bring it to an orderly end

9. An XBRL Project

  • Business Case
    • Objectives (Scope, constraints, exclusions, assumptions, )
    • Develop
    • Obtain approval for pilot/total solution
  • Pilot (Manual or Static)
    • Create a taxonomy for a component, with some instance documents
    • To prove:
      • Technology
      • Concepts
    • Project approach, plan and budget
  • Project
    • IT Integration Change Project
    • Standard Operating Environment
    • Web Services
    • Components of a solution:
      • Always produce a 2.1 taxonomy and some instance documents
      • Integration with other existing systems and processes
      • Change to existing systems and processes
  • Deployment
  • Post Implementation Review

10. Project Management Metrics

  • Given that our project objectives are SMART:
    • Stated
    • Measurable
    • Agreed
    • Realistic
    • Timely
  • Then Milestones can be set to achieve these objectives, and progress can be measured.

11. Milestones & Metrics

  • Key milestonesmustbe identified along the paths in reaching the projects objectives
    • Each major deliverable may be a milestone, eg
      • Business Case approval
      • Project Management Plan
      • Pilot Taxonomy
      • Instance documents
  • Metricsmustbe taken to assist in managing and controlling cost, schedule, risk and opportunity.
    • Many methods available where work performed and work scheduled are measured.
    • The PM can now report:
      • How much work should be done by now?
      • How much work has actually been completed?
      • How much has the completed work cost so far?
      • How much more will it take to finish?
      • What do we now expect the total cost to be?
  • If you cannot measure it, you cannot manage it!

12. Conclusion

  • Where is your organisation?
    • Vision, Pilot, Existing systems, XBRL preparation
  • What will it take for your organisation to proceed?
  • You can help get it up and running
  • Key documents required:
    • Spec 2.1
    • FRTA
    • IFRS taxonomy
    • Your taxonomy
    • Your Instance documents
    • PMBOK
    • Your Busi