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IFRS Foundation issues exposure draft of updated XBRL taxonomy

  • XBRL — gray Image

Jan 20, 2012

The IFRS Foundation has published an exposure draft of the IFRS Taxonomy 2012. The proposed taxonomy is consistent with IFRSs, including IASs, and the IFRS for SMEs.

The IFRS Taxonomy 2012 is a translation of IFRSs as issued as of January 1, 2012, into eXtensible Business Reporting Language (XBRL).

The proposed taxonomy includes "common practice" extensions, which were derived from an analysis of IFRS financial statements and are designed to diminish the need for preparers to customize the taxonomy to fit their individual businesses. The need for these extensions originally arose from SEC concerns about the suitability of the existing IFRS taxonomy for U.S. filing purposes and the outcomes of a pilot XBRL study conducted in 2011.

The proposed taxonomy is open for comment until March 17, 2012. Click for more information (link to the IASB's Web site). The FASB has also recently announced the 2012 U.S. GAAP taxonomy.

Related Topics

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.