Compliance Xpressware reminds us that foreign private issuers reporting to the SEC using IFRS will be required to begin filing XBRL data as exhibits to forms 20-F and 40-F for fiscal years that end on or after June 15, 2011. Currently, there are about 120 nations and reporting jurisdictions that accept IFRS filings.

But while this rule remains in effect, the SEC acknowledges that "it would be impossible for foreign private issuers, or those who file their financial statements with the SEC following International Financial Reporting Standards, to file in XBRL following SEC rules. That's because the SEC has yet to specify the XBRL taxonomy that IFRS filers should follow," notes Compliance Week.

A taxonomy was proposed on Mar. 25 by the IFRS Foundation, but it's unclear when the SEC will approve it or if the proposed taxonomy is still a work in progress.

The SEC told the Center for Audit Quality that it will not recommend enforcement action against companies that are required to file in XBRL but cannot due to the delay. So as of now, companies remain in limbo.

At some point, however, a taxonomy will be approved and the XBRL push can resume. We just don't know when that will be.

That hasn't stopped vendors like Compliance Xpressware from marketing software tools that support IFRS. "We are ahead of the game because many foreign private issuers have been asking about IFRS and wish to begin preparing for the forthcoming SEC mandate," CX CEO Fuad Rahman said in a statement. "Additionally, there is significant interest in the IFRS taxonomy from international companies as the global acceptance of this standard increases."

Read more: IFRS filers to face XBRL delays - FierceComplianceIT

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