Transcript XBRL and IFRS IFRS Conference, Tokyo

International Financial Reporting Standards
The IFRS Taxonomy
Today and tomorrow
XIV European Banking Supervisors XBRL Workshop - 30 March 2011
Olivier Servais – Director, XBRL Activities
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation.
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Agenda
• The IFRS Taxonomy today
• The IFRS Taxonomy tomorrow: Challenges and
Opportunities
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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International Financial Reporting Standards
The IFRS Taxonomy today
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
IFRS Taxonomy content model
Sources
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IFRS Taxonomy
Company concepts
Local/regulatory concepts
Common practice concepts
Guidance and example
concepts
Core disclosure requirements
concepts
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
IFRS Taxonomy 2011
• All steps of the due process have been followed
•
XQRT review between 18 Dec and 11 Jan : about 250 comments impacting 950 items
•
ED released on 18 Jan for 60 days: about 30 comments impacting 250 items
•
The final version has been released on 25th March
• Compared to 2010, the IFRS Taxonomy 2011 is impacted mainly by:
•
changes in IFRS (the addition of new items for new IFRSs and the deprecation of redundant
standards); and
•
the addition of new items to include IFRS application and implementation guidance, basis for
conclusions and illustrative examples (i.e. part B of the Bound Volume) in the taxonomy.
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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IFRS Taxonomy 2011
Number of taxonomy items
6
Final 2011
taxonomy
ED 2011
taxonomy
Final 2010
taxonomy
Total
2,547
2,331
2,027
All IFRSs excluding the IFRS for SMEs (1)
2,427
2,217
1,936
IFRS for SMEs (2)
1,128
1,075
1,026
Items in both the IFRSs and the IFRS for SMEs (3)
1,008
961
935
120
114
91
1,419
1,256
1,001
Items specific to the IFRS for SMEs (=2-3)
Items specific to all IFRSs excluding the IFRS for SMEs (=13)
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
International Financial Reporting Standards
Challenges and opportunities
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Challenges for tomorrow
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• Ongoing maintenance of the IFRS Taxonomy; consistency with the
IFRSs
• Promoting implementation of the IFRS Taxonomy around the world that
is consistent with established architecture
• Ongoing delivery of translations of the IFRS Taxonomy to support
international stakeholders
• Ongoing development of ITA initiative and promoting technical
convergence within all IFRS Taxonomy-related projects
• Engaging with stakeholders; maintaining support and contributions from
external experts, including XAC and XQRT
• Confirmation of the adoption of the IFRS Taxonomy by US SEC
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Opportunities for tomorrow
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• Broader scope for the IFRS Taxonomy
– taxonomy items to reflect common-practice and industry-specific
needs
– Non-financial reporting items, ie management commentary,
sustainability… in the context of integrated reporting
• Audit and assurance of XBRL filings, with the IFRS Taxonomy as
core component
• A continuous taxonomy (permanent update) consistent with the
IFRSs
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
The Integrated Reporting framework
Integrated Reporting
Non-Financial Reporting
Financial
Reporting
(IFRS, US
GAAP,
MIX…)
Sustainability
Reporting
Management
Reporting
(environment,
nature, CO2,
climate, energy,
Emission Trading
Schemes)
(MD&A,
management
commentary,
governance)
Social
Reporting
(human
rights, labour
practices)
Other nonfinancial
reporting
Standards: UN, OECD, ISO, A4S, GRI, CDP,
EBRC…
XBRL taxonomies
IFRS
US GAAP
GRI
CDP
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Call for Detailed Tagging Task Force
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• Objective: get a better understanding of market requirements by working closely with
companies to produce fully-tagged financial statements using the IFRS Taxonomy
• Participants: Preparers of financial statements for listed companies who report in IFRS,
operating in all industries and geographical regions
• Time line: application by 10 April 2011, first meeting on 18 April, production by September
• Process: Participating companies will:
– Examine major sections within financial statements and the corresponding parts of the IFRS
Taxonomy
– Apply IFRS Taxonomy tags to financial statement note disclosures
– Generate an XBRL file using their preferred software.
• Benefits for participating companies: interaction with IFRS Foundation XBRL team,
share and learn from the filings and from the experiences of other participants
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Contact us
 [email protected]
 +44 (0)207 246 6410
 www.ifrs.org/xbrl
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