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August 31, 2011

IFRS issues taxonomy release for common practice concepts

The IFRS Foundation has published an IFRS Taxonomy 2011 interim release for common-practice concepts.

The interim release aims to provide extensions for the most commonly used concepts to reduce the work load for preparers when electronically filing financial statements in accordance with the IFRSs.

IFRS Taxonomy interim releases contain additional taxonomy concepts that reflect new IFRSs and improvements to IFRSs published by the International Accounting Standards Board, allowing entities wishing to report electronically using the latest IFRSs to do so without the need to create their own taxonomy concepts.

These additional items are consistent with the XBRL architecture of the 2011 Taxonomy as outlined in The IFRS Taxonomy 2011 Guide and the Global Filing Manual.

All IFRS Taxonomy 2011 interim releases will be incorporated and consolidated in the IFRS Taxonomy 2012. The public draft of the 2012 taxonomy is due to be published in Q1 2012.

 

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