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XBRL Industry Practice Project — Call for participants

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

17 Apr 2012

The IASB intends to establish a voluntary XBRL Industry Practice Project and is looking for participants.

In 2010 and 2011, the IFRS Foundation has been interacting with companies from various countries and industries to identify and develop extra concepts to the IFRS taxonomy reflecting common practices. The IFRS Foundation is now establishing a new project to examine and develop common industry practice concepts for the IFRS Taxonomy, and is looking to work directly with stakeholders across different industries and regions in order to increase comparability, reduce the number of XBRL extensions, and lower the burden on preparers. The process will be conducted by a joint programme of empirical analysis and interaction with industry representatives.

For 2012, the project will be limited to the following industries:

  • Financial Institutions,
  • Insurance Entities,
  • Extractive Industries (Mining, Oil & Gas).

The IASB is looking for participation from the following groups:

  • Preparers,
  • Users (Investors and Analysts),
  • Industry groups,
  • Regulators and Supervisors.

Application from all geographical regions is encouraged.

Companies interested in participating in this project should express their interest by 30 April. Participants will be chosen and notified by 7 May. The first meeting will take place on 18 May.

For further information please go to the press release on the IASB's website.

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