We continue to support the efforts of the IASC Foundation to create and maintain a high-quality taxonomy that will meet the needs of stakeholders seeking to use XBRL for financial reporting and analysis. At the same time, we believe that there are some fundamental issues regarding the taxonomy's architecture, versioning, and update process that need to be addressed separately from the 2010 update. Click to
download our Comments on Draft XBRL IFRS Taxonomy for 2010 (PDF 27k). Below is an excerpt.
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The proposed approaches to (1) referencing different versions of IFRSs from the two publications cited in the exposure draft and (2) differentiating the deprecated schema from the core schema may be viable in the short term, but they raise fundamental questions regarding taxonomy and concept-versioning that are not addressed in the exposure draft. The discussion below highlights certain limitations of the approach proposed in the exposure draft, and we therefore encourage the IASCF to consider whether a 'perpetual taxonomy' construct might be better suited for long-term use and extensibility and whether such an approach would mitigate version-management-related issues. We also recognize, however, that other approaches may address these issues.
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All of our past comment letters to IASB, IFRIC, and IASCF are
Here.