The International Auditing and
Assurance Standards Board (IAASB) and the Federation of European
Accountants (Fédération des Experts Comptables Européens – FEE)
have released new information about how XBRL relates to financial
The IAASB released a question and answer
publication, XBRL: The Emerging Landscape, which explains that ISAs
were not developed with XBRL in mind and do not require auditors to
perform procedures on XBRL-tagged data as part of a financial
It also clarifies how XBRL may lead to demand
for various types of assurance and related services.
The document outlines the IAASB’s plan to
launch a formal consultation in the middle of this year to
determine whether it should develop official material addressing
The publication can be downloaded from the
IAASB section of the International Federation of Accountants’
publication and resources website.
FEE’s six-page XBRL policy briefing paper
explains the electronic tagging system and sets out the
The European body said it supports the idea of
a “one-stop shop” where jurisdictions require a reporting entity to
deliver information only once, combining financial statements, tax
returns and other data using XBRL, rather than making multiple
filings of the same information.
FEE expects to publish more detailed work on
XBRL in the future. This will cover issues including the
expectation gap that may exist around assurance on XBRL-generated
The Accountant reported last month that
although XBRL is becoming mandatory in many countries, knowledge of
it remains limited.