05 March 2014
The IFRS Foundation has published the IFRS
Taxonomy 2014. The IFRS Taxonomy is a translation of International Financial
Reporting Standards (IFRS) into eXtensible Business Reporting Language (XBRL).
The IFRS Taxonomy 2014 is consistent with IFRS as issued by the
International Accounting Standards Board (IASB) at 1 January 2014, including
Standards published but not yet effective at that
date.
By providing the IFRS Taxonomy, the IFRS
Foundation seeks to address the demand for an electronic standard to transmit
IFRS information.
The IFRS
Taxonomy 2014 consolidates all IFRS Taxonomy
Proposed Interim Releases issued since the publication of the
IFRS Taxonomy 2013. These releases mainly related to IFRS 9 Financial
Instruments (Hedge Accounting and amendments to IFRS 9, IFRS 7 and IAS 39),
Recoverable Amount Disclosures for Non-Financial
Assets (Amendments to IAS 36), and two sets of
Annual Improvements to IFRSs (2009–2011 and 2010–2012 Cycles), as well as
new concepts that reflect some industry practices. These common practice
concepts have been derived from an analysis of IFRS financial statements
prepared by companies engaged in real estate and telecommunication activities.
The IFRS Taxonomy 2014 follows a different architecture to the IFRS Taxonomy 2013, with separated modules for full Standards, IFRS for SMEs and IFRS Practice Statement Management Commentary.
In accordance with the updated IASB´s due process for XBRL activities, the team will now issue Proposed Interim Releases for all taxonomy changes during the year. Interim taxonomies will now be the primary documents for public consultation, rather than the annual compilation.
The IFRS Foundation has published the IFRS Taxonomy 2014 with the updated IFRS Taxonomy Guide and a range of accompanying materials that have been specifically developed to aid understanding and use of the IFRS Taxonomy.