The IFRS Foundation has published today for public comment an exposure draft of the International Financial Reporting Standards (IFRS) Taxonomy 2012. The proposed Taxonomy is a translation of IFRSs and interpretations as issued at 1 January 2012 into XBRL (eXtensible Business Reporting Language).
The 2012 Taxonomy consolidates all IFRS Taxonomy interim releases that were published in 2011.
In addition, the proposed IFRS Taxonomy 2012 will be the first IFRS Taxonomy to include common practice extensions to the IFRS XBRL Taxonomy. These extensions were derived from an analysis of approximately 200 IFRS financial statements and will diminish the need for preparers to customize the taxonomy to fit their individual business when filing IFRS compliant financial statements online.
An interactive webcast on the proposed 2012 Taxonomy will be held at 10.00am (London time) on Thursday, 2 February, and repeated at 3.00pm (London time) on the same day. To register for the webcast, please click here.
Comment letter deadline
The exposure draft is open for comment until 17 March 2012. The comment period is now open.
Click here to submit a comment letter.
All comment letters received will be treated as public documents and will be published on this website unless requested otherwise by the respondent.