27 March 2013
The IFRS Foundation has published the IFRS Taxonomy 2013. The IFRS
Taxonomy is a translation of International Financial Reporting Standards (IFRSs)
into eXtensible Business Reporting Language (XBRL). The 2013 taxonomy is
consistent with Standards as issued by the International Accounting Standards
Board (IASB) at 1 January 2013, and contains XBRL tags for disclosure
requirements.
By providing the IFRS Taxonomy, the IFRS Foundation
seeks to address the demand for an electronic standard to transmit IFRS
information.
The architecture framework of the 2013
taxonomy is consistent with previous versions and consolidates all IFRS
Taxonomy
interim releases that were published in 2012. In addition, the IFRS
Taxonomy 2013 includes concepts that reflect some industry practices. These
concepts have been derived from an analysis of financial statements prepared by
companies' representatives from the banking, insurance and extractive (mining
and energy) industries.
In accordance with the IFRS Foundation's due
process for its XBRL activities, the IFRS Taxonomy 2013 has undergone a
comprehensive review by the XBRL
Quality Review Team which is an external advisory committee that
supports the IFRS Foundation by reviewing taxonomy drafts. Furthermore, a public
review that ended on 18 March 2013 resulted in the submission of comments, which
were analysed and, where relevant, integrated into the final version.
The IFRS Foundation has published the 2013 taxonomy with the updated
IFRS Taxonomy Guide, Feedback Statement and a range of accompanying materials
that have been specifically developed to aid understanding and use of the IFRS
taxonomy.