The IFRS Foundation (formerly the IASC Foundation) published its first interim release for the IFRS Taxonomy 2010, which is a translation of IFRS as issued Jan. 1, 2010, into XBRL. This IFRS Taxonomy interim release reflects improvements to IFRS for the 2008–2010 project cycle, which was published in May 2010 as part of the IASB’s annual improvements process.
IFRS Taxonomy interim releases contain additional taxonomy items that reflect new IFRSs as well as improvements to IFRSs published by the IASB. Previously the IFRS Foundation released a single, core IFRS Taxonomy each year, following the publication of the IFRS Bound Volume. As a result, entities wishing to report using new IFRSs and the IFRS Taxonomy were required to create their own taxonomy items, or to wait until the next annual Taxonomy became available.
The IFRS Foundation says the decision to issue IFRS Taxonomy interim releases will support the early adoption of IFRSs, by providing taxonomy items earlier for reporting electronically using the latest IFRSs. It will also eliminate the need for entities to create their own taxonomy items. The interim release is available at tinyurl.com/2doetow.
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