IASB announces members of new IFRS Taxonomy Consultative Group
29 Apr 2014
The IASB has announced the 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.
An overview of the membership is available in the press release on the IASB website.
