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IASB seeks members for new IFRS Taxonomy Consultative Group

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

31 Jan 2014

The IASB is seeking candidates for membership and Chair/Vice-Chair for its IFRS Taxonomy Consultative Group. The newly-created group will provide an advisory and review forum for members to actively assist the IASB in the maintenance and development of the IFRS Taxonomy and related activities.

Due to the integration of XBRL into the IASB standard-setting process and the creation of a new IASB staff group for the Disclosure Initiative, the IASB conducted a review of the IFRS Taxonomy Due Process. As a result, IFRS Taxonomy Consultative Group was created. The group replaces the XBRL Advisory Council (XAC) and the XBRL Quality Review Team (XQRT). The XAC is no longer operational, while the XQRT will only remain in existence until the new IFRS Taxonomy Consultative Group is up and running. In addition, the IFRS Advisory Council has taken on some of the general strategic responsibility of the XAC that specifically relate to how technology may impact standard setting and future corporate reporting. 

The IFRS Taxonomy Consultative Group will consist of 16-20 members, including a Chair and Vice-Chair. Candidates should have an expertise in at least one of the following areas:

  • XBRL
  • General taxonomy design
  • Financial reporting ontology
  • Consumption and preparation of electronically marked-up IFRS financial statements.

Application will be accepted until 28 February 2014.

For more information, see the press release on the IASB website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.