Call for participation for a voluntary XBRL Industry Practice Project
In 2010 and 2011, the IFRS Foundation has been interacting with companies from various countries and industries to identify and develop extra concepts to the IFRS taxonomyreflecting common practices. The IFRS Foundation is now establishing a new project to examine and develop common industry practice concepts for the IFRS Taxonomy, and is looking to work directly with stakeholders across different industries and regions in order to increase comparability, reduce the number of XBRL extensions, and lower the burden on preparers. The process will be conducted by a joint program of empirical analysis and interaction with industry representatives.
For practical reasons, it has been decided to limit the project in 2012 to the following industries:
- Financial Institutions
- Insurance Entities
- Extractive Industries (ie, Mining, Oil & Gas)
The IFRS Foundation is seeking participation from:
- Users (Investors and Analysts)
- Industry groups
- Regulators and Supervisors
Participation from any of these groups operating in all geographical regions is welcome.
The first face to face meeting is currently scheduled to take place on Tuesday 26 June, 2012 at the IFRS Foundation officesin London.
Process and requirements
Participants will be expected to engage with the IASB XBRL Teamand to research and address inquiries concerning industry practices and items they consider relevant to the IFRS Taxonomy. They will be expected to share the results of this work with the XBRL Team via conference calls or face-to-face meetings. Participants should also be prepared to attend a one-day workshop which will be held in London. It goes without saying that all information will be treated strictly confidentially.
Benefits for participating companies
The industry-practice project will result in the addition of new elements to the IFRS Taxonomy that are representative of the reporting practices of the industry in question. Participants will have the opportunity to help guide this process and contribute to the creation of an IFRS Taxonomy that better fits their reporting needs. Additionally, participants will be able to learn from industry peers and other stakeholders about common reporting practices and concerns.
Companies interested in participating in the task force are invited to express their interest:
- in writing to Olivier Servais, Director of XBRL Activities, IASB, 30 Cannon Street, London EC4M 6XH, United Kingdom; or
 Intentionally, we shall only interact with issuers, neither with service companies nor with software vendors