Formula Linkbase 2012 Available on IASB’s Website
Users who were looking to download IFRS Formula Linkbase 2012 can now download it from the website of IASB. The formula linkbase was designed to enhance the quality of data of taxonomy filings of IFRS and for offering extra guidance to understand the concepts of IFRS and its financial reporting and meaning from a technical point of view.
This particular version of the formula linkbase has been updated from the version that was released in the month of October last year. The formula for 2012 has been developed to work in coordination with IFRS Taxonomy 2012. Almost all the improvements that have been made in comparison to the former version are associated with the content.
Users can utilize the formula linkbase with software related packages that support XBRL formula specification 1.0 as well as gives permission for validating the facts that have been reported. The IFRS Formula Linkbase 2012 has been developed in a general way. Users can use it directly on the filings that have been created by them on the basis of IFRS Taxonomy or the company related extensions that are specific to the IFRS Taxonomy (i.e. instance documents and filer extension taxonomy). Users can also access formula linkbase’s guidance related documentation and they can download it easily.
A number of technical changes in the IFRS Formula Linkbase 2012 have also been incorporated such as the negative and positive validation formula has been put in different files, the members who have become redundant in the filtering of Dimension aggregation formulae have been removed and the expressions pertaining to precondition in the validation have been simplified. Users can use certain software such as Fujitsu formula editor, Reporting Standard XBRL Processor and Arelle in order to carry out this particular formula linkbase.
As far as guidance related documentation is concerned, IFRS Foundation will provide a host of documents such as IFRS Taxonomy Formula Linkbase that will offer guidance for financial and technical reporting users and help them understand the concepts and meaning of IFRS. They will also offer a snapshot of the IFRS Taxonomy, which basically introduces XBRL representation of the IFRS and XBRL.