The IFRS Foundation said it will publish supplementary tags for the IFRS Taxonomy that reflect disclosures that are commonly reported by entities in their IFRS financial statements. The foundation, the IASB’s parent organization, said the common-practice tags will enhance the comparability of information by enabling entities to create IFRS financial statements in XBRL (extensible business reporting language) with fewer entity-specific taxonomy tags.
The foundation is developing the common-practice tags through the analysis of more than 200 financial statements—that is, line items from statements of financial position, comprehensive income, cash flows and changes in equity, and block-tagged notes and accounting policies—that have been prepared in accordance with IFRS by entities in a broad range of geographical areas and industries, including financial institutions and insurance companies. The tags are being published as a draft supplement (that is, as an interim release) to the IFRS Taxonomy 2011, which is available at tinyurl.com/3pvredy. The tags will be subject to the same due process applied to development of the core IFRS Taxonomy.
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