IFRS Taxonomy Consultative Group (ITCG)
Background
The IFRS Taxonomy Consultative Group (ITCG) is a consultative group established to assist the International Accounting Standards Board (IASB) in its activities related to the IFRS Taxonomy used when tagging financial information using XBRL (eXtensible Business Reporting Language). The ITCG was formed in April 2014 and replaced two advisory groups, the XBRL Advisory Council (XAC) and the XBRL Quality Review Team (XQRT).
The ITCG acts as an advisory and review forum, which involves in-depth reviews of the IFRS Taxonomy, technical advice and strategic implementation guidance, and guidance to IASB staff on financial reporting ontology (a structural framework for organising financial reporting elements and relationships). The ITCG focuses on providing technical advice on the optimal technical architecture, appropriate documentation and supporting materials to facilitate and support the adoption of International Financial Reporting Standards and the IFRS Taxonomy.
Membership and meetings
Under its terms of reference, the ITCG is comprised of 16 to 20 members, including a Chair and Vice Chair, from broad geographic and functional backgrounds. Members are generally appointed for a three year period, and are expected to be able to make a positive contribution to the group's activities by having expertise, skills or practical knowledge in areas related to the XBRL, including technical expertise, taxonomy content domain expertise and taxonomy interest groups. Current members of the group can be found on the IASB's website.
The ITCG usually meets in 'face-to-face meetings' twice a year in London, and also holds four one-hour telephone discussions per year. Meetings are open to the public and are webcast, with the exception of administrative sessions.