Transcript Which Taxonomy to Bundle?
IFRS and XBRL Working Together
Josef Macdonald
IASC Foundation XBRL Practice Fellow
Lisbon, 8 February 2007
Introduction IASB and XBRL IFRS Taxonomy Implementations
Contents
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Portuguese IFRS Taxonomy Translation Team
Coordinators Fernando Melo
, as representative for Comissão de Normalização Contabilîstica (Portuguese Accounting Standards Board)
Translators Joel Vicente
, IASC Foundation XBRL Team - now with CoreFiling
Margarida Silva Martins
, First degree in Economics, Universidade do Minho and presently undertaking a Master in Accounting and Auditing, Universidade do Minho; Auditor (Portuguese Certified Public Auditors Firm)
Hugo Alexandre Alves
, First degree in Accounting, Instituto Superior Politécnico de Contabilidade do Porto, Universidade do Porto, and presently undertaking a Master in Accounting, Faculdade de Economia, Universidade do Porto; Chartered Accountant
Ana Christina Costa Silva
, University of Edinburgh
Reviewers Ordem dos Revisores Oficiais de Contas IFRS and XBRL Working Together 5
Introduction IASB and XBRL IFRS Taxonomy Implementations
Contents
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Question: Who owns the IFRS taxonomy?
XII - XBRL International ?
IASB - International Accounting Standards Board?
IASCF - International Accounting Standards Committee Foundation?
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IASC Foundation: Organisation
SAC (52) Board
(14) Steering Committees & Other Advisors
IFRIC (12) Staff IFRS and XBRL Working Together 8
Introduction IASB and XBRL IFRS Taxonomy Implementations
Contents
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The IFRS GP Taxonomy “Space”
Bound Volume Industry Extensions Jurisdiction Specific Extensions Company Specific Extensions IFRS and XBRL Working Together
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Approach:
IAS 1 para 1: “The objective of this Standard is to prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. To achieve this objective, this Standard sets out
overall requirements
for the presentation of financial statements,
guidelines
for their structure and
minimum requirements
for their content. The recognition, measurement and disclosure of specific transactions and other events are dealt with in other Standards and in Interpretations.”
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Elements (Schema)
Traditional Taxonomy Architecture
Presentation Calculation Definition Reference Label
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Elements (Schema)
Current Modularity
Presentation Calculation Definition Elements (Schema) Reference Label
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Basic Layer
User chooses the Linkbase
ifrs-gp-ref-2005-05-15.xml
•All References
ifrs-gp-lab-2005-05-15.xml
• All Labels (En)
ifrs-gp-types-2005-05-15.xsd
• Schema Types
restatedLabel.xsd
•Will
disappear with the LRR implementation
ifrs-gp-2005-05-15.xsd
• Basic Schema (All Concepts)
ifrs-gp-pre-(...).xml
• 14 Separate Linkbase
files
ifrs-gp-fi-pre-(...).xml
• 7 Separate Linkbase
files
ifrs-gp-cal-(...).xml
• 13 Separate Linkbase
files
ifrs-gp-fi-cal-(...).xml
• 6 Separate Linkbase
files
ifrs-gp-lab-(...).xml
• 3 Separate Linkbase
files
IFRS Taxonomy “instantiation”
IFRS and XBRL Working Together
ifrs-gp-roles-2005-05-15.xsd
•All Linkroles
Presentation Calculation Labels Linkbase Modularity Layer
© IASCF 2005 1 5
IFRS Taxonomy Modules Manager
Its purpose is to allow the user to easily create an XBRL Schema or XBRL Instance file fitting individual requirements (e.g. selecting a language or modules of your choice).
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ABRA IFRS Taxonomy Viewer
Official ABRA IFRS Taxonomy Viewer - open source online ABRA viewer Languages: Portuguese German Italian Japanese Spanish Dutch being prepared: Polish, Hebrew, Hungarian, etc.
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Phase 1: (a) IFRS-GP Taxonomy Maintenance
Accounting Updates Revisions for 2006 IFRS amendments, new standards and interpretations (that is, standards approved by the IASB as at 1 January 2007) Revisions for feedback received with each iterative release Technical Update Modularisation of the Explanatory Notes Disclosure section Address issues of taxonomy versioning
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Phase 1: (b) IFRS-SME Taxonomy Construction
Exposure Draft Due for release very soon by IASB Will be closely followed by construction of a prototype stand-alone taxonomy
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Phase 2: Taxonomy Enhancements
Restructuring the taxonomy to simplify its use Content Additions Update Taxonomy for New XBRL Specifications (Dates subject to XBRL International release) Preparer Guidance
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Trustee Recommended Approach
The IASC Foundation retains ownership of and key responsibility in the development of the IFRS XBRL taxonomy in order to maintain control of quality, avoid the development of diverging IFRS taxonomies, and address a demand created by regulatory organisations.
The IASC Foundation establishes an appropriate collaborative structure, where the IASC Foundation has a professional XBRL staff and utilises volunteers to ensure quality.
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Introduction IASB and XBRL IFRS Taxonomy Implementations
Contents
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ECCBSO
European Committee of Central Balance Sheet Data Offices (ECCBSO) XBRL-Enabled IFRS Standard Format The ECCBSO has developed a standardised common digital reporting format based on International Financial Reporting Standards (IFRS) - using MS Excel and the eXtensible Business Reporting Language (XBRL) Prototype IFRS-GP extension and instance creation using real company data
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FINREP
Committee of European Banking Supervisors (CEBS) CEBS is supporting the development of two taxonomies as record in the XBRL standard. The COREP taxonomy (Basel II) defines common reporting of the solvency ratio and the FINREP taxonomy (based on IFRS) serves as a common reporting framework for financial data FINancial REPorting is designed for credit institutions that use IAS/IFRS for their published financial statements and that have to provide similar information in the periodic prudential reports they are required to submit to their supervisory authorities
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Other Projects
Dutch Taxonomy Project Frankfurt Stock Exchange Financials in XBRL XBRL Taxonomy for Belgian Credit Institutions Taxonomy for Reporting of Financial Information of Credit Institutions in Spain MPS Group Financial Statements in XBRL Format (Italy) Australian IFRS extension and Australian Stock Exchange extension Israel Securities Authority Portugal ?
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IFRS and XBRL Working Together
Lisbon, 8 th February 2007 Josef Macdonald
IASC Foundation XBRL Practice Fellow