18 January 2012
On 17January, the IFRS published for public comment an exposure draft of the IFRS Taxonomy 2012. The proposed Taxonomy is consistent with IFRSs, including IASs and the IFRS for SMEs. The IFRS Taxonomy 2012 is a translation of IFRSs as issued at 1 January 2012 into XBRL (eXtensible Business Reporting Language).
The 2012 Taxonomy also consolidates all IFRS Taxonomy interim releases that were published in 2011 for the use of early adopters wishing to report new IFRSs and improvements to IFRSs issued by the IASB in XBRL format.In addition, the proposed IFRS Taxonomy 2012 will be the first IFRS Taxonomy to include common practice extensions to the IFRS XBRL Taxonomy. These extensions were derived from an analysis of approximately 200 IFRS financial statements and will diminish the need for preparers to customise the Taxonomy to fit their individual business when filing IFRS compliant financial statements online.
Please note the exposure draft IFRS taxonomy 2012 does not include Formula. Formula will be released in a separate bach at the same time as the final IFRS Taxonomy 2012 in March 2012. The IFRS Taxonomy Guide will also be released at the same time as the final IFRS Taxomomy 2012.
The exposure draft is open for comment until 17 March 2012. The comment period is now open.
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All comment letters received will be treated as public documents and will be published on this website unless requested otherwise by the respondent.