The IFRS Foundation will issue supplementary
tags for the IFRS Taxonomy 2011 to reflect disclosures commonly
reported by entities in their financial statements.

The supplementary common-practice tags are
being developed through the analysis of more than 200 financial
statements that have been prepared in accordance with IFRSs by
entities from a broad range of geographical areas and industries,
including financial institutions and insurance companies.

The analysis will look specifically at line
items from statements of financial position, comprehensive income,
cash flows and changes in equity and block-tagged notes and
accounting policies.

The IFRS Foundation said the tags will enhance
the comparability of information by enabling entities to create
IFRS financial statements in eXtensible Business Reporting Language
(XBRL) with fewer entity-specific taxonomy tags.

The launch of the tags is the first part of
the Foundation’s plans to enhance the usability of the IFRS
Taxonomy by reflecting common reporting practice. The next
part of the process will involve examining financial statement note
disclosures in detail and identifying common reporting practice in
these note disclosures. 

As part of this effort, the Foundation has
published a call for listed IFRS filers to participate in a
voluntary task force on XBRL detailed tagging.  The results of
this initiative are expected later this year and will also be used
to improve the common-practice tags.

The new tags will be published in the coming
weeks as a draft supplements to the IFRS Taxonomy 2011 for public
review and consultation.


Related article

IFRS Foundation issues taxonomy 2011