IFRS Foundation publishes proposed IFRS Taxonomy 'common-practice' enhancements

The IFRS Foundation has published for public comment an exposure draft of the IFRS Taxonomy 2011 interim release: common-practice concepts.

The proposed interim release contains supplementary tags for the IFRS Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements. The supplementary tags are intended to enhance the comparability of financial information, and are consistent with IFRSs and with the XBRL (eXtensible Business Reporting Language) architecture of the IFRS Taxonomy 2011.

The supplementary tags result from the IFRS Foundation previously announced intention to extend the IFRS Taxonomy. This was partially a response to United Statements Securities Exchange Commission (SEC) concerns about the suitability of the existing IFRS Taxonomy 2011 for US filing purposes, together and the outcomes of an pilot XBRL study. The SEC has issued a 'no action' letter in which it states foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB are not required to submit XBRL information to the SEC until it endorses an IFRS Taxonomy it considers suitable.

The proposals are open for comment until 2 August 2011. Click for IFRS Foundation announcement (link to IASB website). More information about XBRL is available on our XBRL page.