New XBRL Taxonomy for IFRS Released for Public Comment

The International Accounting Standards Committee (IASC) Foundation on Monday released a near final version of the IFRS Taxonomy 2009 for public comment.

The IFRS Taxonomy 2009 is the eXtensible Business Reporting Language (XBRL) version of IFRS as of Dec. 31, 2008. XBRL, or “interactive data” as the SEC often refers to it, is an open information format standard that enables automated sharing of business information as contained in company ledgers and financial statements, as well as textual information included within footnotes and other requirements of business reporting.

The release of the new IFRS taxonomy follows an SEC rules release effective March 4, 2008, that allows foreign private issuers listed in the United States to file their financial reports in IFRS as issued by the International Accounting Standards Board (IASB). According to the SEC rule, foreign companies that choose to submit their financial reports in IFRS electronically to the SEC will have to do so using the IFRS Taxonomy 2009, says an IASC Foundation press release.

The IFRS Taxonomy 2009 builds upon the architecture of the IFRS Taxonomy 2008. Amendments to the 2009 IFRS Taxonomy mainly reflect changes in IFRS. However, technical improvements to the taxonomy have led to a decrease in size and download time.

To access the taxonomy, click here. Comments are due by March 12.

The final version is expected to be released in early April, according to the IASC Foundation.