The IFRS Foundation today released the first interim release for the International Financial Reporting Standards (IFRS) Taxonomy 2010, which is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language).  This IFRS Taxonomy interim release reflects Improvements to IFRSs for the 2008-2010 project cycle, which was published in May 2010 as part of the IASB's annual improvements process.

IFRS Taxonomy interim releases contain additional taxonomy items that reflect new IFRSs as well as improvements to IFRSs published by the IASB.

Until now, the IFRS Foundation has released a single, core IFRS Taxonomy each year, following the publication of the IFRS Bound Volume.  As a result, entities wishing to report using new IFRSs and the IFRS Taxonomy were required to create their own taxonomy items, or to wait until the next annual Taxonomy became available.

The decision to issue IFRS Taxonomy interim releases will support the early adoption of IFRSs, by providing taxonomy items earlier for reporting electronically using the latest IFRSs.  It will also eliminate the need for entities to create their own taxonomy items.

From an XBRL technology perspective, IFRS Taxonomy 2010 interim releases are consistent with the XBRL architecture of the IFRS Taxonomy 2010.

Contact

• Olivier Servais, Director of XBRL Activities, IFRS Foundation 
  Telephone: +44 (0)20 7246 6927
  Email: oservais@ifrs.org