IASC Foundation invites public comment on the proposed IFRS Taxonomy 2010 and releases a new IFRS viewing tool
18 March 2010
The International Accounting Standards Committee (IASC) Foundation invites public comment on the exposure draft of the International Financial Reporting Standards (IFRSs) Taxonomy 2010, which was published on 19 February. The proposed taxonomy contains significant architectural improvements when compared with the 2009 version, and for the first time, integrates the IFRSs and the IFRS for SMEs into a single taxonomy.
To facilitate review of the proposed taxonomy, the IASC Foundation is pleased to provide a new tool, xIFRS (IFRS with XBRL). Available to eIFRS subscribers only, xIFRS supports viewing and understanding of the IFRS Taxonomy, without requiring any knowledge of XBRL. xIFRS provides a view of the electronic IFRSs with embedded XBRL, and it is available for both the IFRSs and the IFRS for SMEs.
The IFRS Taxonomy 2010 is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language). XBRL is rapidly becoming the format of choice for the electronic filing of financial information - particularly within jurisdictions reporting under IFRSs - because it facilitates simpler and faster filing and comparison of IFRS financial data by companies, regulators, investors, analysts and other users of the IFRS Taxonomy.
Interested parties are invited to comment on the exposure draft of the IFRS Taxonomy 2010 by 22 April 2010. The proposed taxonomy and xIFRS can be accessed here.