On 2 June, the IFRS Foundation published for public comment an exposure draft of the IFRS Taxonomy 2011 interim release: common-practice concepts. The proposed interim release contains supplementary tags for the IFRS Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements. The supplementary tags are intended to enhance the comparability of financial information, and are consistent with IFRSs and with the XBRL (eXtensible Business Reporting Language) architecture of the IFRS Taxonomy 2011.
These initial common-practice tags are intended for use by entities to tag line items in their primary financial statements and to notes and accounting policies within these financial statements (using text blocks). The IFRS Foundation is now beginning the detailed analysis of disclosures within notes to financial statements and identifying common reporting practice in these note disclosures.
Comment letter deadline
The exposure draft is open for comment until 2 August 2011. The IFRS Foundation will consider the feedback received from this consultation, after which a final version of the interim release will be published. The supplementary tags will be consolidated into the IFRS Taxonomy 2012.
All comment letters received will be treated as public documents and will be published on this website unless requested otherwise by the respondent.
Any questions email comment letters to: firstname.lastname@example.org.