The IFRS Foundation has published for public ment an exposure draft of the IFRS Taxonomy 2011 interim release: mon-practice ncepts.  The proposed interim release ntains supplementary tags for the IFRS Taxonomy that reflect disclosures that are monly reported by entities in their IFRS financial statements.  The supplementary tags are intended to enhance the parability of financial information, and are nsistent with IFRSs and with the XBRL (eXtensible Business Reporting Language) architecture of the IFRS Taxonomy 2011.

In April the IFRS Foundation announced its intention to enhance the usability of the IFRS Taxonomy by providing additional elements that reflect mon reporting practice across the world and across industries.  The proposed interim release is the first part of this process. 

Once these initial mon-practice tags are finalised, entities will be able to apply these tags to line items in their primary financial statements and to notes and acunting policies within these financial statements (using text blocks) with fewer entity-specific tags.  It is expected that rcing the need for entity and jurisdiction-specific tags will rce divergence in reporting practice, thereby enhancing the parability of IFRS financial information.  The next part of the process will involve the detailed analysis of disclosures within notes to financial statements and identifying mon reporting practice in these note disclosures.

The exposure draft of the IFRS Taxonomy 2011 interim release: mon-practice ncepts is open for ment until 2 August 2011. The IFRS Foundation will nsider the feedback received from this nsultation, after which a final version of the interim release will be published. The supplementary tags will be nsolidated into the IFRS Taxonomy 2012.