IFRS Foundation will publish additional tags for the IFRS Taxonomy

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

08 Apr, 2011

The IFRS Foundation has announced that it will publish supplementary tags for the IFRS (International Financial Reporting Standards) Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements.

In March 2011, Hans Hoogervorst, the incoming Chairman of the IASB, had responded to a warning from Mike Starr, SEC Deputy Chief Accountant, that the SEC would continue to refuse to allow company filings under IFRS to use XBRL, by saying that further proposals in April would extend the scope of the taxonomy. At their meeting on 31 March 2011, the Trustees had also concluded that the IFRS Taxonomy needs to be less focused on 'IFRSs as issued' (as now) and more on developing a taxonomy that has more extensions and can be accepted world-wide without jurisdictional amendment/ adaptation. Please click for today's press release on the IASB's website.


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