The IFRS Foundation has published for public ment an exposure draft of the IFRS Taxonomy 2011. The proposed taxonomy is nsistent with IFRSs (International Financial Reporting Standards), including IASs (International Acunting Standards) and the IFRS for SMEs (Small and Medium-sized Entities).

The IFRS Taxonomy 2011 is a translation of IFRSs as issued at 1 January 2011 into XBRL (eXtensible Business Reporting Language). XBRL is rapidly being the format of choice for the electronic filing of financial information—particularly within jurisdictions reporting under IFRSs—because it facilitates simpler and faster filing and parison of IFRS financial data by panies, regulators, investors, analysts and other users of financial information.

From an architectural framework perspective, the 2011 taxonomy is nsistent with the architecture established for the 2010 taxonomy as part of the Interoperable Taxonomy Architecture project, which will support existing users of the taxonomy and also software developers. In terms of financial reporting ntent, the spe of the 2011 taxonomy has been expanded to include IFRS application and implementation guidance and IFRS illustrative examples that are monly used by entities. This is intended to reflect IFRSs more prehensively, thereby supporting preparers of IFRS financial statements in XBRL format.

The 2011 taxonomy also nsolidates all IFRS Taxonomy interim releases that were published in 2010 for the use of early adopters wishing to report new IFRSs and improvements to IFRSs issued by the IASB (after the release of the 2010 taxonomy on 30 Aprl 2010) in XBRL format.

An interactive webcast on the proposed 2011 taxonomy will be held at 9.00am (UK time) on Thursday, 27 January, and repeated at 3.00pm (UK time) on the same day. To register for the webcast, please click here.

The exposure draft IFRS Taxonomy 2011 is open for ment until 18 March 2011. IFRSs issued by the IASB from 1 January 2011 will be published as interim releases for the 2011 taxonomy following the publication of the final taxonomy at the end of March 2011.