Exposure Draft of the IFRS Taxonomy 2013
On 18 January, the IFRS Foundation published for public comment an exposure draft on the IFRS Taxonomy 2013. The proposed Taxonomy is consistent with IFRSs, including IASs and the IFRS for SMEs. The IFRS Taxonomy 2013 is a translation of IFRSs as issued at 1 January 2013 into XBRL (eXtensible Business Reporting Language).
The 2013 Taxonomy consolidates all IFRS Taxonomy interim releases that were published in 2012 for the use of early adopters wishing to report new IFRSs and improvements to IFRSs issued by the IASB in XBRL format. In addition, the proposed IFRS Taxonomy 2013 includes concepts reflecting some industry practices derived from an analysis of financial statements prepared by companies' representatives from the banking, insurance and extractive (mining and energy) industries.
The IFRS Foundation hosted a webinar on Monday 4 February to provide details and answer questions related to this publication. To listen to the webinar, please click here.
Please note that the IFRS Taxonomy Guide will be released at the same time as the final IFRS Taxomomy 2013.
The Exposure Draft comment deadline closed on Monday 18 March 2013
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