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July 27, 2011

IFRS Taxonomy 2011 is updated

The IFRS Foundation has published two IFRS Taxonomy 2011 interim releases.

The IFRS 12 Disclosure of Interests in Other Entities and IFRS 13 Fair Value Measurement were issued by the International Accounting Standards Board (IASB) in May.

The IFRS Taxonomy 2011 is a translation of IFRSs issued on 1 January into eXtensible Business Reporting Language (XBRL).

IFRS Taxonomy interim releases contain supplementary concepts that reflect new IFRSs and improvements to IFRSs submitted by the IASB. This allows firms to report electronically using the latest IFRS without creating their own taxonomy concepts.

All IFRS Taxonomy 2011 interim releases will be incorporated into the IFRS Taxonomy 2012 due to be published at the start of 2012.


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