2010 IFRS Taxonomy: Is It Ready for Prime Time?

The IFRS Foundation has published the IFRS Taxonomy 2012. The IFRS Taxonomy is a translation of IFRSs (International Financial Reporting Standards) into XBRL (eXtensible Business Reporting Language).

The 2012 taxonomy is nsistent with IFRSs as issued by the International Acunting Standards Board (IASB) at 1 January 2012, and ntains XBRL tags for all IFRS disclosure requirements.

By providing the IFRS Taxonomy, the IFRS Foundation seeks to address the demand for an electronic standard to transmit IFRS financial information.

The architectural framework of the 2012 taxonomy is nsistent with previous versions and nsolidates all IFRS Taxonomy interim releases that were published in 2011. In addition, the IFRS Taxonomy 2012 is the first to include over 700 ncepts reflecting mmon practice. These extensions were derived from an analysis of approximately 200 IFRS financial statements and will rce the need for preparers to customise the Taxonomy to fit their individual needs when filing IFRS mpliant financial statements online.

In acrdance with the IFRS Foundation’s due process for its XBRL activities, the IFRS Taxonomy 2012 has undergone a mprehensive review by the XBRL Quality Review Team, an external advisory mmittee that supports the IFRS Foundation by reviewing taxonomy drafts.

Furthermore, a public review that ended on 18 March 2012 resulted in the submission of approximately 40 mments which were analysed and where relevant, integrated into the final version.

The IFRS Foundation has published the 2012 taxonomy with the IFRS taxonomy guide, feedback statement and a range of acmpanying support materials that have been specifically developed to aid understanding and use of the taxonomy.