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IFRS Foundation enhances stakeholder representation in IFRS XBRL advisory committees

  • XBRL (eXtensible Business Reporting Language) (mid blue) Image

18 Nov 2010

The Trustees of the IFRS Foundation today announced the new membership of the Foundation's two IFRS XBRL advisory committees – the XBRL Advisory Council (XAC) and the XBRL Quality Review Team (XQRT).

The existing membership base of the two committees has been enhanced through increased representation from auditors and preparers, financial institutions, accounting bodies, standard-setters, regulators and software vendors from around the world.
  • The XBRL Advisory Council provides strategic advice to the Trustees and the Foundation's XBRL team on the future development and adoption of the XBRL Taxonomy for International Financial Reporting Standards (IFRSs).
  • The XBRL Quality Review Team helps to assure the quality of XBRL taxonomy by reviewing taxonomies developed by the IFRS Foundation.

XBRL (eXtensible Business Reporting Language) is an XML-based computer software language that is developed specifically for the automation of business information requirements, such as the preparation, sharing and analysis of financial reports, statements, and audit schedules. XBRL labels companies' financial and other data with codes from standard lists (taxonomies) so that investors and analysts can more easily locate and analyse desired information. XBRL makes the analysis and exchange of corporate financial information easier and more reliable by allowing data to be extracted and processed automatically by XBRL-aware applications.

Click for IFRS Foundation Press Release and our XBRL Project Page.

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