For the last three years, the IASB eXtensible Business reporting language (XBRL) team has been co-operating with companies and industries around the world to identify and develop extra concepts to add to the IFRS taxonomy that will reflect common practices.
As a result of this process, the IASB XBRL team is now re-establishing a project to examine and develop common industry practice concepts for the IFRS taxonomy. The team is looking to work directly with companies representing a variety of industries and regions in order to increase comparability, decrease the number of XBRL extensions, and reduce the burden on preparers. The process will be conducted by a joint programme of empirical analysis and interaction with industry representatives.
In 2013, the Industry Practice Project will be focused on the following industries:
- real estate;
- telecommuincations; and
The IASB XBRL team is seeking participation(1) from:
- users (investors and analysts)
- industry groups; and
- regulators and supervisors
Participation from any of these groups operating in any geographical region is welcome.
Applications are due by Friday 28 June. the introductory face-to-face meeting is currently scheduled to take place on Monday 8 July at the IASB offices in London.
Process and requirements
Participants will be expected to engage with the IASB XBRL team and 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. 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 interes by Friday 28 June:
- in writing to Olivier Servais, Director of XBRL Activities, IASB, 30 Cannon Street, London EC4M 6XH, United Kingdom; or
(1) We shall deliberately interact only with issuers, not with service companies or software vendors.