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Chairman Hans Hoogervost speech on XBRL

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Apr 25, 2012

On April 25, 2012, IASB Chairman Hoogervost gave a speech on XBRL during the IFRS Taxonomy Annual Convention held in London.

In his speech, the chairman gave a high-level overview of the potential benefits of XBRL. He notes that XBRL can potentially supplement financial statements to give users an extract of only the information they need, eliminate re-keying of financial information, allowing users a choice of which language to use.

Chairman Hoogervost also noted that XBRL should not define the Board's standard-setting activities and that additional work needs to be done before XBRL is more widely used. The chairman outlines three XBRL priorities, which will help it gain wider acceptance:

    1. Ensure IFRS Taxonomy is of the highest quality.
    2. Be more sensitive to XBRL requirements throughout the lifecycle of the Board's standard-setting activities.
    3. Work with members of the XBRL community to improve the technology.

Click to view Chairman Hans Hoogervorst's speech (link to the IASB's Web site).

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