The IFRS Foundation, the oversight body of the International Aounting Standards Boards (IASB), have pleted the first part of its project to address requests by regulators and preparers to extend the full International Financial Reporting Standards (IFRS) XBRL Taxonomy, along with the release of the proposed 2012 U.S. GAAP Financial Reporting Taxonomy by the Financial Aounting Standards Board (FASB) for public ment.

The IFRS XBRL Taxonomy is used to help those filing IFRS financial statements electronically to ‘tag’ the information with identification tags (called ‘ncepts’ in an XBRL taxonomy). Currently, the IFRS taxonomy includes all re ncepts included in IFRSs as issued by the IASB.

However, preparers often need to provide more detailed financial information than is reflected by the re IFRS ncepts. To ensure that those creating and using electronic filings do not need to create their own extensions to the IFRS taxonomy, the IFRS Foundation has created an ‘extension taxonomy’ by analysing and drawing from mon practice.

For instance, although IFRSs require the disclosure of an analysis of expenses, the IFRSs do not include a prescriptive listing of all the possible categories of expenses. The mon-practice taxonomy includes ncepts for the most monly used types of expenses, such as ‘sales and marketing’.

The interim taxonomy provides about 350 extensions for the most mon ncepts used in the financial statements. Work is ntinuing on extensions to the detailed tagging of the footnotes to the financial statements. The IFRS XBRL team expect to publish proposals in October 2011.

The mon-practice ncepts are in line with IFRS requirements and will help to alleviate the burden on preparers and to increase the parability between financial statements in aordance with IFRSs that are electronically submitted.

On the other hand, the U.S. GAAP Financial Reporting Taxonomy is a list of puter-readable financial reporting labels ded in XBRL, an open-source puter language that allows panies to tag precisely the thousands of pieces of financial data included in typical long-form financial statements and related footnote disclosures. The tags allow users of financial statements to electronically search for, assemble, and process data so that the data can be readily aessed and analyzed by investors, analysts, journalists, and regulators.

The proposed 2012 U.S. GAAP Financial Reporting Taxonomy ntains updates for aounting standards and other remended improvements to the official taxonomy, which is used by public issuers registered with the U.S. Securities and Exchange mission (SEC).

The 60-day ment period is intended to solicit feedback on these updates from users of the taxonomy and to provide SEC filers, service providers, software vendors, and other interested parties with the opportunity to bee familiar with and suggest revisions to the taxonomy, including inrporating new elements for current filings.

The 2012 U.S. GAAP Financial Reporting Taxonomy is expected to be finalized and published in early 2012.

In early 2010, the Financial Aounting Foundation (FAF), parent anization to the FASB and the ernmental Aounting Standards Board, assumed maintenance responsibilities for the taxonomy. The FAF and the FASB assembled a team of technical staff dedicated to updating the taxonomy for changes in U.S. GAAP, identifying best practices in taxonomy extensions, and technical enhancements.

The deadline to submit written ments is October 31, 2011.