The goal of the IFRS Foundation is to provide the world's integrating capital markets with a common language for financial reporting.  XBRL was developed to provide a common, electronic format for business and financial reporting. 

Because both IFRSs and XBRL are intended to standardise financial reporting in order to promote transparency and to improve the quality and comparability of business information, the two form a perfect partnership.

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The IFRS Foundation XBRL Team

The IFRS Foundation XBRL Team is responsible for developing and maintaining the XBRL representations of the IFRSs, known as the IFRS Taxonomy. The IFRS Taxonomy is used around the world to facilitate the electronic use and exchange of financial data prepared in accordance with IFRSs.

The mission of the IFRS Foundation XBRL Team is to: create and provide a framework for the consistent adoption and implementation of IFRSs with a high-quality IFRS Taxonomy in the same languages and at the same time as the IFRSs. This mission is part of the adoption and implementation strategy of the IFRS Foundation and is integrated with the development of IFRSs.

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Advisory committees

The IFRS Foundation XBRL Team is supported by two external committees

XBRL Advisory Council (XAC)

The XAC provides strategic advice on the IFRS Foundation's XBRL activities and on the adoption and implementation of the IFRS Taxonomy throughout the world.

XBRL Quality Review Team (XQRT)

The XQRT reviews developed taxonomies in order to achieve the highest level of quality by providing input and offering practical recommendations on the usability of the IFRS Taxonomy from both an XBRL technology and a financial reporting perspective.