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About the IFRS Taxonomy Consultative Group

The aim of using a single, high quality, easily enforceable and globally accepted IFRS Taxonomy to mark up digital reports is to facilitate the efficient dissemination, processing and accessing of IFRS financial statements. In April 2014, the Board established a new consultative group to help provide a technical advisory and review forum in which members can contribute towards the development of the IFRS Taxonomy.

Members of the IFRS Taxonomy Consultative Group:

  • review in depth the IFRS Taxonomy and ensure that it meets expected market standards and best practices from both a data content and architectural perspective;
  • provide technical advice and strategic implementation guidance on matters relating to the IFRS Taxonomy and the Board digital reporting activities; and
  • provide guidance to IASB staff on matters relating to financial reporting ontology

The ITCG replaced the two advisory bodies established in 2007 by the IFRS Foundation for its XBRL-related activities. These were the XBRL Advisory Council and the XBRL Quality Review Team.

The ITCG generally meets face to face twice a year for one day, normally in London, and additionally four conference calls per year of one hour are scheduled. More calls may be convened at the request of the Board or Chair. The meetings of the IFRS Taxonomy Consultative Group are open to the public, and those interested in attending can register as an observer.