IASC Foundation releases IFRS Taxonomy 2010

30 April 2010


The International Accounting Standards Committee (IASC) Foundation today released the International Financial Reporting Standards (IFRS) Taxonomy 2010. The 2010 taxonomy is consistent with IFRSs and with the IFRS for Small and Medium-sized Entities (SMEs), and for the first time both have been integrated into a single taxonomy.

The IFRS Taxonomy 2010 is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language). XBRL is rapidly becoming the standard format for the electronic filing of financial information - particularly within jurisdictions reporting under IFRSs - because it facilitates simpler and faster filing and comparison of IFRS financial data by companies, regulators, investors, analysts and other users of financial information.

The 2010 taxonomy contains significant architectural improvements when compared with the 2009 version, which include an extended use of axes (dimensions) in the taxonomy, and reconsideration of the IASC Foundation's approach for concept naming and of its principle of deleting redundant (deprecated) concepts.

To accompany the release of this taxonomy, the IASC Foundation is undertaking a consultation with companies using IFRSs and filing with the US Securities and Exchange Commission. This consultation will help to establish and demonstrate that the IFRS Taxonomy is practical for filers and for users of filed XBRL content. Based upon the results of the consultation, the IASC Foundation XBRL team will determine whether revisions in the taxonomy are required.

Commenting upon the release Olivier Servais, the IASC Foundation's Director of XBRL Activities, said

The IFRS Taxonomy 2010 has been through the most thorough public testing of any taxonomy developed by the Foundation to date, with consultations beginning in July 2009. We have received comments from a broad range of stakeholders, and are very pleased with the input received from organisations and individuals in both the global financial reporting and XBRL communities.

Roland Hommes, Chairman of the IASC Foundation's XBRL Quality Review Team (XQRT), added

In 2009 the IASC Foundation defined a formal due process for its XBRL activities. The XQRT has endeavoured to ensure that the Foundation has operated in strict accordance with this due process. I believe that the result is a high-quality taxonomy that is consistent with IFRSs, but which also reflects XBRL best practice.

Click below for 2010 Taxonomy

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