international financial reporting standards the views expressed in this presentation are those of...
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International Financial Reporting Standards
The views expressed in this presentation are those of the presenter, not necessarily those of the IASC Foundation or the IASB
IASC Foundation
Update from IFRS and XBRLVienna, 19 November 2009
Maciej Piechocki
2009 IASC Foundation | 30 Cannon Street | London EC4M 6XH | UK | www.iasb.org
© 2008 IASC Foundation. First Floor | 30 Cannon Street | London EC4M 6XH | UK. www.iasb.org
Why we care for XBRL at the IASC Foundation?
• Trustees’ decision in 2001
• Part of the adoption and implementation of IFRSs
• Quality-assurance of the IFRS Taxonomy
• Maintenance and coordination
The Mission of the IASC Foundation XBRL team: to provide users with an IFRS XBRL taxonomy with the same quality, in the same
languages and at the same time as the IFRSs
© 2008 IASC Foundation. First Floor | 30 Cannon Street | London EC4M 6XH | UK. www.iasb.org
How XBRL fits with the IFRSs?
• XBRL is the de facto standard for electronic reporting
• Part of the development of IFRSs
– IASB goal: to provide high quality standards (IAS 1 par 9)
– Organising the presentation of financial statements (i.e. True and Fair view -
Framework 46)
– Codification of concepts (help in convergence)
• Improved access for users to financial information
• Could increase the range of users (i.e. translation)
• Could ease IFRS conversion, understanding and implementation
Who is involved in our XBRL activities?
13 members + 5 appointed observers
• Monthly meetings
• Taxonomy review
18 members + 5 appointed observers
• Quarterly meetings
• Strategic advice
Director of XBRL Activities
Project Manager, Technology
Project Manager, Accounting
Project Assistant
Executive Assistant
How we develop the IFRS Taxonomy?
Input from:• XBRL Advisory Council• XBRL Quality Review Team• XBRL International working groups• Other taxonomy developers• Regulators• Software developers• International groups: - Analysts - Preparers - Users
What are our major requirements?
© 2008 IASC Foundation. First Floor | 30 Cannon Street | London EC4M 6XH | UK. www.iasb.org
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What we provide?
* an ED of the IFRS for SMEs Taxonomy was released on 28 Sep 2009
A licence-free IFRS Taxonomy, consistent with the Bound Volume of IFRSs*
IFRS Taxonomy translations into key languages
A view of the IFRS Taxonomy in an easy-to-read, visual format that does not require knowledge of XBRL.Available in multiple languages
Guidance on how use the IFRS Taxonomy from both an accounting and XBRL technology perspective
IFRS Taxonomy Modules Manager - an online tool that guides users through the process of navigating and customising the IFRS modules that make-up the IFRS Taxonomy. Available in multiple languages
A quarterly newsletter providing a summary of the latest international XBRL and IFRS developments
What we provide (continued)
Outreach activities to propagate understanding and use of XBRL in conjunction with IFRSs
Support for those wishing to implement the IFRS Taxonomy, through consultation or field- testing, including analysts, preparers, regulators and users
Co-operation with:• Other taxonomy developers• International initiatives, such as the Interoperable Taxonomy
Architecture (ITA) project• XBRL International, a not-for-profit consortium of approx. 550
companies/agencies working together to build, promote and support the adoption of XBRL
• Accounting, financial and XBRL software developers• International stakeholders
Outreach
Support
Co-operation
OCTOBER NOVEMBER DECEMBER JANUARY FEBRUARY
Internaldevelopment
XBRL Quality Review Team review
Exposure draft
Final taxonomy
MARCH
2009
APRIL
2010
XBRL Quality ReviewTeam (XQRT) review4 Jan – 8 Feb 2010
Public review of EDIFRS Taxonomy 201015 Feb – 15 Apr 2010
Final releaseIFRS Taxonomy 2010
28 April 2010
This is a tentative timeline and may be subject to change
When we provide the IFRS Taxonomy?
What are we going to change?
• IFRS for SMEs Taxonomy
– Common schema
– Single architecture
• IFRS 9 and other standards from the IASB
• Architecture changes
– Concept names
– Deprecation vs. deletion of concepts
– Dimensions in the IFRS Taxonomy
– Formulae and versioning as additional modules
2009 IASC Foundation | 30 Cannon Street | London EC4M 6XH | UK | www.iasb.org
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What we wanted to know from the public?
• Concept names– R1: MinorityInterest => NoncontrollingInterest
– R2: MinorityInterest => MinorityInterest
– R3: i2009123 => i2009123
• Deletion of concepts– D1: Delete from schema
– D2: Leave in schema but deprecate
• Use of dimensions– L1a: Dimensions for lists
– L1b: Dimensions for intersection tables
– L2: Dimensions for statements breakdowns
2009 IASC Foundation | 30 Cannon Street | London EC4M 6XH | UK | www.iasb.org
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What are dimensional breakdowns for statements?
2009 IASC Foundation | 30 Cannon Street | London EC4M 6XH | UK | www.iasb.org
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Where XBRL and IFRS are in use?
• CEBS (EuroFiling - FINREP)• Microfinance Exchange• US SEC• Securities Supervision in Chile• Securities Supervision in Israel• Johannesburg Stock Exchange in South Africa• SBR Australia• Bundesanzeiger in Germany• HMRC and Companies House in the UK• …
2009 IASC Foundation | 30 Cannon Street | London EC4M 6XH | UK | www.iasb.org
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© 2008 IASC Foundation. First Floor | 30 Cannon Street | London EC4M 6XH | UK. www.iasb.org
Questions or comments?
Thank you for listening
Expressions of individual views by members of the IASB and its staff are encouraged. The views expressed in this presentation are those
of the presenter. Official positions of the IASB on accounting matters are determined only after extensive due process and deliberation.