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March 27, 2011

IFRS Foundation issues taxonomy 2011

The IFRS Foundation has published this years IFRS taxonomy consistent with all IFRSs issued by the IASB at 1 January 2011.

The IFRS Foundation said the architectural framework of the 2011 taxonomy is consistent with the architecture established for the 2010 taxonomy, while the financial reporting content scope of has been expanded to include IFRS application and implementation guidance and illustrative examples. 

“The 2011 taxonomy also consolidates all IFRS taxonomy interim releases that were published in 2010,” the standard-setter said.

The IFRS taxonomy is intended for use by entities reporting in IFRS with XBRL software taxonomies available for most of the major national financial reporting standards around the world. “It is an open core taxonomy, which means that it has been developed to allow entities to tailor it to their specific needs by adding their own tags,” IFRS Foundation said.

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