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IFRS Foundation’s XBRL bodies

Date recorded:

Olivier Servais (IFRSF-XBRL Director) explained the history and background of the IFRS Foundation’s XBRL bodies, the XBRL Advisory Council (XAC) and XBRL Quality Review Team (XQRT).  The IFRS XBRL Taxonomy has now been adopted in 28 countries for 35 projects.  He reviewed the membership of the respective bodies and their meeting frequency; terms of reference, etc.

He noted that the XAC completed a self-assessment earlier in 2013.  The primary objective has been achieved – the IFRS Taxonomy can be considered a stable and mature product.  The XAC recommended closer integration of standard-setting and XBRL activities, which is now being done.  Some challenges remain, including adoption by securities regulators and users; taxonomy interoperability and consistent implementation, and the engagement of the IASB.

The XAC favours closer interaction with the IFRS Advisory Council.  In connection with this, Mr Servais noted that many XAC/ XQRT members turning over during 2013.

A Council member expressed concern about the absence of preparers on the XBRL advisory committees.  How are preparers involved, and why are there so few on the committees?  Mr Servais replied that there were very few applications/ expressions of interest from preparers.

Another member asked how had the XAC “supported the adoption and implementation of the IFRS Taxonomy throughout the world”?  In an oblique answer, Mr Servais noted that the Group had been very active in Asia.

A Council member asked whether it would be possible to align membership and meeting dates of the XAC and the Council.

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