The IFRS Foundation will use two new
Extensible Business Reporting Language (XBRL) advisory committees,
in a push to support a common electronic vocabulary for business
and financial reporting.
The committees – XBRL Advisory Council (XAC)
and the XBRL Quality review team – provide advice on the global
IFRS implementation of the Foundation’s taxonomy and review
developed taxonomies through XBRL technology and financial
The committees have gained international
stakeholder support from auditors and preparers, financial
institutions, accounting bodies, standard-setters, regulators and
software vendors, according to IFRS Foundation.