The Second Publication of the IFRS Taxonomy 2013

Wednesday, January 29, 2014 Print Email

The XBRL (Extensible Business Reporting Language) is the IFRS Taxonomy that is a representation of the IFRS which entails Interpretations, International Accounting Standards (IAS) and also the International Financial Reporting Standards for Small and Medium Entities.

The foundation of the IFRS seeks ways for addressing the demand for an electronic standard intended for the transmission of financial information of IFRS.

On 15th January 2014, the foundation of IFRS made a publication for public comment purposes the Proposed Interim Release Package 2 regarding the International Financial Reporting Standards 2013 Taxonomy. The interim release on IFRS Taxonomy has got some additional concepts in taxonomy that reflects the latest IFRSs and advancements to the IFRS which have been published by the IASB. This has consequently allowed those entities with the desire to make reports electronically by use of the modern IFRS to do so without these organizations creating their own concepts in taxonomy. Technical updates, modern common practice elements or even improvements in general taxonomy may also be contained here.

This interim release that has been proposed facilitate a timeline that is accelerated for the IFRS Taxonomy 2014 release. It is expected that the final version of the IFRS taxonomy 2014 will be published in March 2014.

There are three interim release documents that will be incorporated in the Proposed Interim Release Package 2 that are intended for consultation with the public.

a) Hedge Accounting-IFRS 9 Financial Instruments- These are amendments to IAS 39, IFRS 7 and IFRS 9 that were issued in the month of November 2013.

b) Annual Improvements to IFRS 2010-2012 Cycle-These are amendments reflecting improvements to IFRS on guidance and conclusions at the IASB annual improvement process

c) The Common Practice Telecommunications and Real Estate-These are amendments for reflecting the 2013 empirical analysis of the financial statements IFRS of the organizations that are concerned with telecommunication and real estate.

The IFRS Taxonomy showed element Excel definitions, versioned reports and other support materials for the XBRL files.

It is until Friday 14th Feb 2014 that the proposed Interim Release will be open for any comments. All the comment letters will be submitted online through an online upload

Source: ReadyRatios

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