XBRL (eXtensible Business Reporting Language)
(morning only) 12 Board Members were present (Sir David Tweedie was not present).
The Board participated in a session on the eXtensible Business Reporting Language (XBRL) project led by staff of the XBRL team of the IASC Foundation. The session was designed to refresh Board members' knowledge of the XBRL project and to bring them up to date on developments within the IFRS-related aspects of the project.
In particular, the IASCF staff noted that its XBRL project team has expanded and now includes technical, accounting, and translation specialists. The XBRL team has put in place procedures that should enable it to ensure that revised IFRS XBRL taxonomies are released at the same time as the annual Bound Volume.
Although the session was informational, several Board members expressed the hope that there could be even more cooperation between the XBRL project team and the IASB staff such that potential problems or inconsistencies in IASB standards could be identified through the XBRL tagging/taxonomy process, before the standard is issued.