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Volunteers wanted for the 2013 XBRL industry practice project

The International Accounting Standards Board (IASB) eXtensible Business reporting language (XBRL) team is re-establishing a project to examine and develop common industry practice concepts for the IFRS taxonomy.

The team wants to work directly with companies from a variety of industries and regions in order to increase comparability, decrease the number of XBRL extensions, and reduce the burden on preparers. The process will be conducted by a joint programme of empirical analysis and interaction with industry representatives.

This year's Industry Practice Project focus on four industries: pharmaceuticals, real estate, telecommunications, and transport. Participation is sought from preparers, users (investors and analysts), industry groups, and regulators and supervisors.

Participants will engage with the IASB XBRL team and research and address inquiries concerning industry practices and items they consider relevant to the IFRS taxonomy. They will share the results of this work with the XBRL team via conference calls or face-to-face meetings and also attend a one-day workshop in London. All information will be treated strictly confidentially.

The IASB said in a statement: "The Industry Practice Project will result in the addition of new elements to the IFRS taxonomy that are representative of the reporting practices of the industry in question. Participants will have the opportunity to help guide this process and contribute to the creation of an IFRS taxonomy that better fits their reporting needs. Additionally, participants will be able to learn from industry peers and other stakeholders about common reporting practices and concerns."

The IASB said it will only seek to interact with issuers, not with service companies or software vendors.
For the past three years, the IASB XBRL team has co-operated with companies and industries around the world to identify and develop extra concepts to add to the IFRS taxonomy.

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