IFRS is Warned off XBRL in Standards
Respondents to a consultation on the IFRS Foundation have warned it against developing business reporting language as part of the standard-setting process for new accounting rules.
Minutes released following a meeting of the foundation, which oversees the International Accounting Standards Board, reveal that many respondents support the development of an IFRS XBRL taxonomy.
But "nearly all" of the participants cautioned against the foundation's recommendation that XBRL, or eXtensible Business Reporting Language, be integrated into the formal standard-setting process.
Instead, XBRL should be viewed as a "complementary, but secondary activity, that should not impair the ability of the IASB to make the necessary standard-setting decisions", the minutes state.
XBRL is a standards-based way to communicate and exchange business information between business systems, even if it is submitted in different languages or uses alternative accounting standards.
Start free ReadyRatios
reporting tool now!
Last Accounting News
- IASB consults Regarding Accounting Changes Concerning Interest Rate Benchmarks
- IASB Confirms One-year Delay for IFRS 17
- IFRS Foundation Publishes IFRS Taxonomy 2018
- IASB Urged to Improve Standards-setting Processes
- FSB Encourages Insurers to Act on the New Insurance Standard
- IFRS Foundation Trustees and the IASB Meets with the Japanese Stakeholders in the Wake of More Japanese companies Adopting IFRS Standards
- IASB Replaces IFRS 4 with the Issuance of a New Standard on Insurance Accounting