The International Accounting Standards Committee (IASC) Foundation’s XBRL Team has released a ‘near final’ version of the International Financial Reporting Standards (IFRS) Taxonomy 2008. A complete translation of the IFRS taxonomy is now available in XBRL, an XML dialect used in financial reporting.
Review
The IFRS Taxonomy 2008 represents a complete review of past taxonomies and has an extensive review by the XBRL Quality Review Team (XQRT), set up by the IASC Foundation last year. The XQRT comprises 20 experts from the preparer community, securities regulators, central banks, financial institutions and software companies.
Zalm
IASC chairman Gerrit Zalm said, ‘XBRL is rapidly becoming the format of choice for the electronic filing of financial information—particularly within jurisdictions reporting under IFRSs. However, this will require IFRS Taxonomy updates to be synchronised with publication of the IFRS bound volume and I congratulate the team on their achievements.’
Comments
Interested parties are invited to access IFRS Taxonomy 2008 and send comments by 30 May 2008. The ‘near final’ version of the Taxonomy is available on www.iasb.org/xbrl/taxo.asp. The final version is expected to be released at the end of June 2008 and will also be freely available.
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