Development of CODEx Inline XBRL viewer

Description

Summary of work The CODEx iXBRL Viewer is being developed using agile methodology with Discovery, Alpha, Beta, and Live phases, as defined in the Government Service Manual (https://www.gov.uk/service-manual). The FRC requires software development services for the Alpha, Beta and Live phases, in compliance with the Technology Code of Practice (https://www.gov.uk/guidance/the-technology-code-of-practice). The supplier will implement the requirements extrapolated from user needs established during the Discovery phase, including software architecture design, feature development, testing, deployment, and product delivery. For the CODEx Viewer user interface development, the supplier will provide wireframes and prototypes for relevant user needs to understand how users will interact with the iXBRL viewer during the Alpha phase and will do the development during the Beta phase. The timeline for software development during the project phases is as follows: - Alpha: Mar - May 2024 - Beta: Jun - Sept 2024 - Live: Oct - Dec 2024 - Post implementation and monitoring: Jan 2025 – Feb 2025 The CODEx project is financed through the Regulators Pioneer Fund and the Viewer work package is subject to CDDO spend control assurance (https://www.gov.uk/guidance/digital-and-technology-spend-controls-version-5). The grant funding does not allow for any over-spend or any expenditure after February 2025. Note: The FRC reserves the right to exclude suppliers from further evaluation if they do not meet the Essential Requirement. The FRC reserves the right (within Stage 2) to conduct tender clarification / interview sessions if required. Where the supplied staff will work No specific location (for example they can work remotely) Who the organisation using the products or services is N/A - this will be a public tool Why the work is being done UK agencies and regulators, such as the FCA and Companies House, are collecting and publishing company reports in inline XBRL format. Users need an iXBRL viewer tool to open those reports and see the tagged data in situ in the human-readable report. The CODEx project provides an opportunity to optimise accessibility and usability of data to support economic growth in the UK, without imposing additional burden on companies by: - facilitating investors’ access to information about UK companies to inform their investment decisions, thereby supporting investment in UK companies; - helping businesses across the UK economy make better decisions about their suppliers and creditors; and - allowing regulators and government agencies to utilise existing data about UK companies more effectively and efficiently in their activities, without additional costs for companies. The business problem Make machine readable structured data in digital reports (iXBRL) accessible. The people who will use the product or service User type: Checker Definition: Based on findings from our user interviews four user personas are identified based on common user needs, behaviours, goals, motivations, and pain points when interrogating financial reports: (1) Checker: Checks the report format and quality to identify iXBRL tagging errors or best practices. This persona is reflective of two user groups in particular: a) supervisory roles at regulatory bodies, such as the FRC, who review the quality of corporate reporting in iXBRL format, and b) companies or design agencies preparing and filing reports in iXBRL. User type: Investigator Definition: Based on findings from our user interviews four user personas are identified based on common user needs, behaviours, goals, motivations, and pain points when interrogating financial reports: (2) Investigator: Reviews the contents of the report, using iXBRL tags to navigate around the report. This persona incorporates a range of people from various user groups who are looking at company reports to find information. Particularly, this includes the general public who typically lack prior familiarity and experience with iXBRL, but also some of the supervision staff responsible for scrutinising compliance of individual companies against statutory requirements. User type: Analyst/Researcher Definition: Based on findings from our user interviews four user personas are identified based on common user needs, behaviours, goals, motivations, and pain points when interrogating financial reports: (3) Analyst/Researcher: Analyses corporate and organisational data from reports for wider research, investment, regulation, or policy development. This persona is prevalent among policy staff, investors, and academia, reflecting the fact that many users turn to individual company reports as part of wider, more advanced analyses. While Analysts/Researchers often have access to commercial company databases or analysis tools, they routinely cross-check with information in individual company reports to ensure data completeness and inquire into specific details when necessary (for example if data is missing from databases). User type: Developer Definition: Based on findings from our user interviews four user personas are identified based on common user needs, behaviours, goals, motivations, and pain points when interrogating financial reports: (4) Developer: Aggregates corporate and organisational data from reports, serving as an intermediary for customers. The persona is reflective of developers and engineers of FinTech companies integrating either data or an iXBRL viewer into their products or services, as well as data scientists at investment institutions and academia. The four personas also include users with limited digital access and confidence and users with a range of visual, hearing, motor and cognitive impairments. Any pre-market engagement done A pre-tender market engagement webinar was held on 01/11/2023 to provide all suppliers with more detailed background on the requirements. With regards to the recording of the pre-market engagement webinar the link is available here: https://www.frc.org.uk/library/frc-lab/frc-lab-overview/pre-tender-market-engagement-webinar-seeking-information-from-xbrl-software-providers/ The information shared during the event is available in the attached document. Work done so far The project entered the Discovery phase in November 2023. This phase focused on capturing user needs through detailed user research - understanding who our users are, what they need, and any problems they face. We have identified 4 distinct priority areas of high-level user need: 1. Finding information efficiently: Users spend an unacceptable amount of time and effort accessing relevant information from company reports and need a tool that optimises this. 2. Understanding iXBRL tags and navigating confidently: The level of familiarity with iXBRL viewers across research participants is typically low, emphasising the need for concise, accessible, and consistent explanations and user guide elements to maximise usability and navigability. 3. Accessing company reports easily and quickly: Across user groups, users expressed a common, overarching need for a free, centralised, and searchable repository of company reports in iXBRL format so that they can easily identify specific reports. 4. Exporting data for offline analysis: When needing to conduct more complex data analysis, users struggle to extract specific information from company reports into human-readable format for offline use. We will provide the detailed user needs from Discovery phase at stage 2. Additionally, the open source viewer Arelle was considered as a product to build upon, but the supplier may suggest using another product.The project is now in the Alpha phase where the MVP will be developed. Which phase the project is in Alpha Existing team The existing team consists of accounting and taxonomy subject matter experts and a project manager. The User Research Team was procured via the Crown Commercial Services’ Digital Outcome 6 framework to conduct user research in compliance with the UK Government service manual. The supplier is captured in the Contract Award Notice (https://www.contractsfinder.service.gov.uk/Notice/eaeb7c4a-4059-467f-970a-d3ffbfeb0490) User research for CODEx Inline XBRL viewer - Contracts Finder This supplier will continue to provide user research support during the Alpha, Beta, and Live phases of the project. This continuous feedback loop will ensure that the Viewer evolves to meet user needs effectively. Address where the work will be done Remotely Working arrangements The supplier's staff will work in their own premises and FRC is not responsible for providing any work infrastructure. Virtual meetings can be arranged to work with FRC between 9.00am and 5.00pm BST Monday to Friday. However, the FRC is willing to facilitate face-to-face meetings at the London Wall office if required and agreed by both parties. Security and vetting requirements Baseline Personnel Security Standard (BPSS) Latest start date 7 March 2024 Expected contract length Contract length: 0 years 11 months 0 days Special terms and conditions special term or condition: TBC Budget Indicative maximum: £150000 Indicative minimum: The contract value is not specified by the buyer Further information: The maximum budget is £150,000 (excluding VAT) for the combined deliverables of the Alpha, Beta and Live phases. Contracted out service or supply of resource? Contracted out service: the off-payroll rules do not apply Terms and acronyms Term or acronym: FRC - Financial Reporting Council Definition: UK regulator for auditors, accountants and actuaries, which also sets the UK's Corporate Governance and Stewardship Codes. Term or acronym: CODEx - Company and Organisational Data Explorer Definition: A project run by the FRC to develop a regulatory toolkit to simplify access to, and analysis of public structured data, including a viewer. Term or acronym: XBRL - eXtensible Business Reporting Language Definition: A data standard for business reporting Term or acronym: iXBRL/inline XBRL Definition: Open standard that enables a single document to provide both human-readable and structured XBRL data