As of 1 September 2011, The IFRS Foundation published the International Financial Reporting Standards (IFRS) Taxonomy 2011 interim release for Common-Practice Concepts.
The IFRS Taxonomy 2011 interim release: Common-practice concepts completes the first part of a project to enhance the IFRS Taxonomy with common-practice extensions. It provides common- practice extensions for the face of financial statements. The objective of the project is to provide extensions for the most commonly used concepts, thus reducing the work load for preparers when electronically filing financial statements in accordance with the IFRSs.
IFRS Taxonomy interim releases contain additional taxonomy concepts that reflect new IFRSs and improvements to IFRSs published by the IASB, thereby allowing entities wishing to report electronically using the latest IFRSs to do so without the need for these entities to create their own taxonomy concepts. From an XBRL technology perspective, these additional items are consistent with the XBRL architecture of the 2011 taxonomy as outlined in The IFRS Taxonomy 2011 Guide and The Global Filing Manual.
On 2 June 2011, the IFRS Foundation published for public comment an exposure draft for the interim release: Common-practice concepts. This interim release contained supplementary tags for the IFRS Taxonomy that reflected disclosures commonly reported by entities in their IFRS financial statements. To find out more about this exposure draft click here.
All IFRS Taxonomy 2011 interim releases will be incorporated and consolidated in the IFRS Taxonomy 2012. The public draft of the 2012 taxonomy is due to be published in Q1 2012.