New Zealand Stock Exchange and Project Firstep

1
New Zealand Stock Exchange and Project Firstep

• Graeme Sinclair
• Co-Chair of XBRL NZ

2
What is Project Firstep?

• To implement XBRL into eight of the largest
  companies on the NZX to enable them to send their
  market announcement updates to NZX electronically

3
Who is involved in Project Firstep?

• Collaboration involving
• 8 of the largest listed companies on the NZX
• The Big 4
• NZX
• ICANZ

4
Why Project Firstep?

• Risk identified in a full XBRL implementation
• Low levels of experience in NZ with XBRL
  implementations
• An opportunity for a quantum leap through
  collaboration
• To get the ball rolling in NZ

5
How is Project Firstep tracking?

• Eight listed companies have agreed to particpate
• Representatives attended a briefing on 22 October
  2003
• Briefing discussed the costs and benefits of the
  project
• A full media launch is planned for 22 November
  2003
• Implementation is expected to occur between
  November 2003 and March 2004

6
Other interested parties?

• Statistics NZ
• NZ Securities Commission

7
The result?

• Will be delivered at the Ninth XBRL Conference in
  May 2004 in Auckland, New Zealand
• See you all there!!