Convergence update: IFRS taxonomy goes public
The road to international financial reporting standards has just passed another mile marker with the release of a near-final version of the IFRS taxonomy.
The taxonomy is the translation of IFRS into eXtensible Business Reporting Language, or XBRL, a language that helps companies electronically communicate their business and financial data.
"The move," writes WebCPA, "follows the translation last year of U.S. generally accepted accounting principles into XBRL and the release of the GAAP taxonomy by the Securities and Exchange Commission and the American Institute of CPAs."
According to the IASB, the taxonomy "represents a complete review of past taxonomies and is also the first taxonomy to undergo an extensive external review by the XBRL Quality Review Team," which is made up of 20 experts from the preparer community, securities regulators, central banks, financial institutions and software companies.
The IASB is inviting interested parties to submit comments about the taxonomy. Comments must be submitted by May 30. Download the taxonomy here.
- Read more about the implications of IFRS on the accounting profession.
- Hear what Mike Willis, founding chair of XBRL International, has to say about the ABCs of XBRL.
Learn more at the Expo
You can find out more about IFRS and XBRL at the first-ever Maryland Business and Accounting Expo, slated for June 17-18 at the Baltimore Convention Center. Get details about the Expo here, then pre-register here.