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
reporting.
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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.
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