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Tuesday 21 October 2014

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XBRL Detailed Tagging Task Force 2012 - Call for Participants

 17 April 2012


Call for listed IFRS filers to participate in a voluntary XBRL Detailed Tagging Task Force

Together with the Industry Practice Project, t he IFRS Foundation is establishing a task force to examine detailed XBRL tagging in IFRS financial statements, and is looking to work directly with preparers from public companies from different industries and regions. [1] The Foundation is re-initiating this task force as a follow-up to the Detailed Tagging Task Force (DTTF) that was set up last year and which proved to be very successful and mutually beneficial.

 

Objectives

The aim of the task force is for public companies[2] to produce fully-tagged XBRL financial statements and selected footnotes using the 2012 IFRS Taxonomy.

The task force will be a means for the IASB XBRL teamto engage directly with filers and obtain feedback on the ease of use and completeness of the IFRS Taxonomy. Your input is very important as it will contribute to the setting of a high quality taxonomy that meets the needs of all stakeholders.

 

Participants

The IFRS Foundation is seeking participation from preparers of financial statements for public companies who report in IFRS. Participation from companies operating in all industries and geographical regions are welcome.

 

Time line

The first face to face meeting is currently scheduled to take place on Tuesday 26 June at the  IFRS Foundation offices in London.  

 

Process

Participating companies will:

  • Examine the main statements and major sections within the notes to the financial statements - such as operating segments, share-based payments, property, plant and equipment - and the corresponding parts of the IFRS Taxonomy that relate to disclosures within those sections, with support and feedback from the IFRS Foundation XBRL Team.
  • Apply IFRS Taxonomy tags to financial statement disclosures either in Microsoft Excel or Word or directly in XBRL, again with support and feedback from the IFRS Foundation XBRL Team.
  • Generate an XBRL file using their preferred software.

 

Resource requirements

Participants will be expected to examine each of their financial statement note disclosures in detail, to undertake the tagging process and to share the results of this work with other participants via fortnightly one-hour conference calls and two one-day meetings which will take place in London.

 

Benefits for participating companies

Although participating companies will retain ultimate responsibility for preparing the XBRL filings, they will be working directly with the authors of the IFRS Taxonomy who will provide assistance throughout the XBRL tagging and document creation process on tagging and disclosure choices;

Compliance with filing rules and regulatory requirements; Filing review and rendering.

Participating companies will also be able to share and learn from the filings and from the experiences of other participants.

 

What software should be used?

The IFRS Taxonomy 2012has been developed and tested using a number of XBRL tools. However the IFRS Foundation does not recommend or endorse particular products. The IFRS Foundation XBRL Team is familiar with most XBRL products that are currently available on the market and is therefore happy to work with the software tools chosen by participating companies.

Will the filings be made public?

All information and filings will remain confidential, and will not be shared without the consent of participating companies. However, the IFRS Foundation encourages participating companies to publish their filings.

 

Contact details

Companies interested in participating in the task force are invited to express their interest:

  • in writing to Olivier Servais, Director of XBRL Activities, IFRS Foundation, 30 Cannon Street, London EC4M 6XH, United Kingdom; or


 

 


[1]The Industry Practice Project focuses on activity specific disclosure whereas the Detailed Tagging Detailed Task Force considers financial disclosures that are common across all activities.

[2] Intentionally, we shall only interact with issuers, neither with service companies nor with software vendors