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.
The IASB XBRL initiative was launched in 2001 when the IFRS Foundation recognised the potential impact that XBRL could have on financial reporting. The Foundation also realised that if XBRL were applied in conjunction with IFRSs, it could improve access for users to financial information and could also support IFRS adoption and implementation.
For more information about XBRL and how it works, please click here.