Exposure Draft of the IFRS Taxonomy 2012
18 January 2012
The IFRS Foundation has published for public comment an exposure draft of the International Financial Reporting Standards (IFRS) Taxonomy 2012. The proposed Taxonomy is a translation of IFRSs and interpretations as issued at 1 January 2012 into XBRL (eXtensible Business Reporting Language).
The 2012 Taxonomy consolidates all IFRS Taxonomy interim releases that were published in 2011.
In addition, the proposed IFRS Taxonomy 2012 will be the first IFRS Taxonomy to include common practice extensions to the IFRS XBRL Taxonomy. These extensions were derived from an analysis of approximately 200 IFRS financial statements and will diminish the need for preparers to customize the taxonomy to fit their individual business when filing IFRS compliant financial statements online.
The exposure draft IFRS Taxonomy 2012 is open for comment until 17 March 2012. IFRSs issued by the International Accounting Standards Board (IASB) from 1 January 2012 onwards will be published as interim releases to the Taxonomy.