Foundation has published the IFRS
Taxonomy 2014. The IFRS Taxonomy is a translation of International
Financial Reporting Standards (IFRS) into eXtensible Business Reporting
Language (XBRL). The IFRS Taxonomy 2014
is consistent with IFRS as issued by the International Accounting Standards
Board (IASB) at 1 January 2014, including Standards published but not yet
effective at that date.
By providing the IFRS Taxonomy, the IFRS Foundation seeks to address the demand
for an electronic standard to transmit IFRS information.
IFRS Taxonomy 2014 consolidates all IFRS Taxonomy Proposed Interim Releases issued since the publication of the IFRS Taxonomy 2013. These releases mainly
related to IFRS 9 Financial Instruments
(Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39), Recoverable
Amount Disclosures for Non-Financial Assets (Amendments to IAS 36), and two sets of Annual Improvements to IFRSs (2009–2011 and 2010–2012 Cycles), as
well as new concepts that reflect some industry practices. These common
practice concepts have been derived from an analysis of IFRS financial
statements prepared by companies engaged in real estate and telecommunication
The IFRS Taxonomy 2014 follows a different
architecture to the IFRS Taxonomy 2013,
with separated modules for full Standards, IFRS
for SMEs and IFRS Practice Statement Management
accordance with the updated IASB’s due process for XBRL activities, the team will
now issue Proposed Interim Releases for all taxonomy changes during the year. Interim
taxonomies will now be the primary documents for public consultation, rather
than the annual compilation.
The IFRS Foundation has published the IFRS Taxonomy 2014 with the updated IFRS Taxonomy Guide and a range of accompanying materials that have been specifically
developed to aid understanding and use of the IFRS Taxonomy.