On 18 January, the IFRS Foundation published for public comment an exposure draft of the IFRS Taxonomy 2011. The proposed taxonomy is consistent with IFRSs, including IASs and the IFRS for SMEs. The IFRS Taxonomy 2011 is a translation of IFRSs as issued at 1 January 2011 into XBRL (eXtensible Business Reporting Language).
From an architectural framework perspective, the 2011 taxonomy is consistent with the architecture established for the 2010 taxonomy as part of the Interoperable Taxonomy Architecture project, which will support existing users of the taxonomy and also software developers.
In terms of financial reporting content, the scope of the 2011 taxonomy has been expanded to include IFRS application and implementation guidance and IFRS illustrative examples. This is intended to reflect IFRSs more comprehensively, thereby supporting preparers of IFRS financial statements in XBRL format.
The 2011 taxonomy also consolidates all IFRS Taxonomy interim releases that were published in 2010 for the use of early adopters wishing to report new IFRSs and improvements to IFRSs issued by the IASB in XBRL format.
Comment letter deadline
The exposure draft was open for comment until 18 March 2011. The comment deadline has passed and the comment period is now closed.
All comment letters received will be treated as public documents and will be published on this website unless requested otherwise by the respondent.
Click here to listen to the webcast on the proposed taxonomy from 27 January 2011