IASB calls for participants in XBRL task force

  • IASB (International Accounting Standards Board) (blue) Image
  • XBRL (eXtensible Business Reporting Language) (mid blue) Image

22 Mar, 2011

The IFRS Foundation is establishing a task force to examine detailed XBRL (eXtensible Business Reporting Language) tagging in IFRS financial statements, and is looking to work directly with preparers from listed companies from different industries and regions.

The aim of the task force is for listed companies to produce fully-tagged financial statements using the IFRS Taxonomy. Detailed tagging up to 'Level 4' will be applied to participants' financial statements, whereby all primary financial statement line items and notes disclosures will be tagged using the IFRS Taxonomy 2011.

The establishment of the task force follows a pilot initiative launched in April 2010 to work with US-listed foreign companies to produce IFRS financial reports in XBRL that are compliant with United States Securities and Exchange Commission (SEC) requirements. The pilot initiative involved the use of 'Level 1' XBRL tagging, i.e. all items in the primary financial statements were tagged while notes were tagged using a single text block. The 'Level 4' tagging in this initiative therefore represents a more in-depth test of the XBRL Taxonomy.

Entities interested in participating in the task force should express their interest by 10 April 2011, with participants to be chosen and notified by 15 April 2011. Click for IFRS Foundation press release (link to IASB website).

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