The oversight body of the International Accounting Standards Board (IASB), the International Accounting Standards Committee (IASC) Foundation XBRL (Extensible Business Reporting Language) team yesterday released the near final version of the IFRS Taxonomy 2008.
The development of XBRL, an XML- based language, is for the automation of business information requirements for
- sharing and analysis of financial reports,
- statements and
- audit schedules.
The effect of this language is a dictionary of tags that explains what each tagged element is and how it should be treated under IFRSs. Participants in the world capital markets such as:
- banking supervision,
- securities regulation,
- filing and registration of companies financial statements,
- statistical reporting and
- tax filing
are expected to adopt and implement this XBRL.
The IFRS Taxonomy 2008 has undergone extensive external review by XBRL Quality Review Team (XQRT) and represent a complete review of past taxonomies. Interested parties can access this version via http://www.iasb.org/xbrl/taxo.asp. Comments are expected till 30 May 2008. The final version is expected at the end of June 2008
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