The IFRS Foundation has published the IFRS Taxonomy 2013. The IFRS Taxonomy is a translation of International Financial Reporting Standards (IFRSs) into eXtensible Business Reporting Language (XBRL). The 2013 taxonomy is consistent with Standards as issued by the International Accounting Standards Board (IASB) at 1 January 2013, and contains XBRL tags for disclosure requirements.
By providing the IFRS Taxonomy, the IFRS Foundation seeks to address the demand for an electronic standard to transmit IFRS information.
The architecture framework of the 2013 taxonomy is consistent with previous versions and consolidates all IFRS Taxonomy interim releases that were published in 2012. In addition, the IFRS Taxonomy 2013 includes concepts that reflect some industry practices. These concepts have been derived from an analysis of financial statements prepared by companies' representatives from the banking, insurance and extractive (mining and energy) industries.
In accordance with the IFRS Foundation's due process for its XBRL activities, the IFRS Taxonomy 2013 has undergone a comprehensive review by the XBRL Quality Review Team which is an external advisory committee that supports the IFRS Foundation by reviewing taxonomy drafts. Furthermore, a public review that ended on 18 March 2013 resulted in the submission of comments, which were analysed and, where relevant, integrated into the final version.
The IFRS Foundation has published the 2013 taxonomy with the updated IFRS Taxonomy Guide, Feedback Statement and a range of accompanying materials that have been specifically developed to aid understanding and use of the IFRS taxonomy.