IFRS Foundation publishes XBRL examples, SEC issues 'no action' letter for US IFRS filers

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

13 Apr 2011

The IFRS Foundation has published a set of 12 illustrative examples in XBRL for the IFRS Taxonomy 2011. These examples illustrate how the IFRS Taxonomy 2011 should be used to tag IFRS financial statements (including notes) in XBRL, and in accordance with the XBRL architecture outlined in The IFRS Taxonomy 2011 Guide and The Global Filing Manual.

The examples are intended to help preparers understand how to apply the taxonomy to create instance documents and entity-specific extensions using both block tagging and detailed tagging, and also XBRL and Inline XBRL.

In response to United Statements Securities Exchange Commission (SEC) concerns about the suitability of the existing IFRS Taxonomy 2011 for US filing purposes and the outcomes of an pilot XBRL study, the IFRS Foundation has announced the taxonomy is to be extended to include more terms that are commonly used in practice. In the meantime, the SEC has issued a 'no action' letter, in which it states:

"... we are of the view that foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB are not required to submit to the Commission and post on their corporate websites, if any, Interactive Data Files until the Commission specifies on its website a taxonomy for use by such foreign private issuers in preparing their Interactive Data Files."

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