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IFRSs and XBRL
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, therefore the two form a perfect partnership.
The IASB XBRL Team is responsible for developing and maintaining the XBRL representation of the IFRSs, known as the IFRS Taxonomy. The IFRS Taxonomy is used around the world to facilitate the electronic use and exchange of financial data prepared in accordance with IFRSs.
The IASB's XBRL activities include:
- Taxonomy development - for companies reporting in IFRS, the Foundation publishes tags for each IFRS disclosure. These tags are organised and contained within the IFRS Taxonomy.
- Support materials - the Foundation produces support materials to facilitate use and understanding of the IFRS Taxonomy.
- Translations - translations of the IFRS Taxonomy into key languages are provided to support users of IFRSs and the IFRS Taxonomy whose primary language is not English.
- Global outreach - the Foundation makes a concerted effort to promote the use of XBRL in conjunction with IFRSs around the world. The Foundation also encourages co-operation and communication with users of the IFRS Taxonomy.
XBRL (eXtensible Business Reporting Language) is a digital 'language' that was developed to provide a common, electronic format for business and financial reporting. In XBRL, mark-up tags are used to make business information computer-readable and consumable.