IASC Foundation publishes 2010 architecture for the IFRS and IFRS for SMEs Taxonomies
09 December 2009
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The International Accounting Standards Committee (IASC) Foundation today published The IFRS Taxonomy 2010 Architecture Draft for public comment. It also published a project summary and feedback statement on Architectural improvements to the IFRS Taxonomy. The feedback statement summarises the architectural improvements that will be implemented in the next release of the IFRS Taxonomy in 2010 as a result of consultations in July 2009. |
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The IFRS Taxonomy 2010 Architecture Draft documents in detail the XBRL (eXtensible Business Reporting Language) architecture of the IFRS Taxonomy 2010, including the IFRS for Small and Medium-Sized Entities (SMEs) Taxonomy. It explains the design rationale of the IFRS Taxonomy architecture, how the architecture satisfies the requirements of the Taxonomy, and the use of axes (dimensions), taxonomy modularisation, taxonomy framework, extensions framework and instantiation in the Taxonomy. It also addresses new XBRL technologies such as formulae, rendering and versioning, and the technical aspects of the IFRS Taxonomy relevant to software vendors.
The project summary and feedback statement summarise the consultations that followed the release of the IFRS Taxonomy 2009 and the outcome of two Requests for Information (RfIs) that were published in July 2009 by the IASC Foundation to receive additional input on Concept Naming and Change Management in the IFRS Taxonomy and Extending the Use of Dimensions in the IFRS Taxonomy. The RfIs were published in the light of feedback on the IFRS Taxonomy 2009 that suggested that the IFRS Taxonomy architecture could be improved by extending the use of axes (dimensions) in the Taxonomy, and by reconsidering the IASC Foundation’s approach for concept naming and its principle of deleting deprecated concepts.
The IASC Foundation has also decided to publish a single architecture for the IFRS and the IFRS for SMEs Taxonomies, which reflects the outcome of the wide consultations that followed the release of the exposure draft of the IFRS for SMEs Taxonomy in September 2009. Consequently, architectural improvements to the IFRS Taxonomy 2010 will be implemented in the IFRS for SMEs Taxonomy, and will therefore affect the release of the final IFRS for SMEs Taxonomy, previously scheduled for December 2009.
The exposure draft of the IFRS Taxonomy 2010 will be released in February 2010 and will include an improved version of the IFRS for SMEs Taxonomy. A final version of the IFRS and IFRS for SMEs Taxonomy will be released in April 2010. Any comments submitted on the exposure draft of the IFRS for SMEs Taxonomy released in September 2009 that are unrelated to the impending architectural improvements remain valid, and will be considered in the usual way and in accordance with due process.
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Item released |
Draft release date |
End of comment period |
Final release date |
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IFRS Taxonomy 2010 Architecture Draft |
9 December 2009 |
31 December 2009 |
April 2010 |
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IFRS for SMEs Taxonomy |
Original: 28 September 2009
Improved: February 2010 |
Original: 27 November 2009
Improved: April 2010 |
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IFRS Taxonomy 2010 |
February 2010 |
April 2010 |
Submit a comment
Comments on the IFRS Taxonomy 2010 Architecture Draft should be submitted by 31 December 2009 to xbrl@iasb.org.