Transcript Taxonomy Content Issues from XQRT review Bartek Czajka

International Financial Reporting Standards
Update on the IFRS
taxonomy
Eurofiling, Frankfurt
12 December 2012
Rita Ogun-Clijmans – IASB XBRL team
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation.
© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Agenda
 The XBRL activities at the IASB – a brief reminder
 Changes to IFRS Taxonomy 2012 and planned for 2013
 IFRS taxonomy files – some key features
 Versioning of the IFRS taxonomy
 Formulae
 Use of the Data Point Model (DPM) for the IFRS taxonomy
 Planned activities for the next 6 to 12 months
© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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International Financial Reporting Standards
The XBRL activities at the
IASB
The views expressed in this presentation are those of the
presenter,
not necessarily those of the IASB or IFRS Foundation
XBRL activities at the IASB
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 Core Objective / Activity
Development and maintenance of a lexicon enabling intelligent tagging of as
reported IFRS financial statements facilitating its consumption by users
 Other Activities / Deliverables
 Supporting translations of the IFRS Taxonomy available in more than 10
languages
 Outreach with investors, regulators, preparers,..
 Interaction with numerous bodies including XBRL International,
EBA/Eurofiling, ESMA, ECCBSO and many others
 Taxonomy supporting and educative materials , including IFRS Taxonomy
Illustrated, IFRS Taxonomy Guide, illustrative examples, versioning…
© IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
International Financial Reporting Standards
Changes to the IFRS
taxonomy 2012 and planned
for 2013
The views expressed in this presentation are those of the
presenter,
not necessarily those of the IASB or IFRS Foundation
Changes to the IFRS taxonomy
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 There were no significant architectural amendments between IFRS
Taxonomy 2011 and IFRS Taxonomy 2012 and there will be no
architecture amendment in the IFRS Taxonomy 2013
 Focus was and currently is on content maintenance and development
 Maintenance of IFRSs - changes relating to annual improvements and new
and revised standards issued by the IASB
 General common practice elements – from 2012 taxonomy
 Industry specific common practice elements – from 2013 taxonomy
 2013 – review of banks, insurance and extractive industries
International Financial Reporting Standards
IFRS taxonomy files
key features
The views expressed in this presentation are those of the
presenter,
not necessarily those of the IASB or IFRS Foundation
IFRS Taxonomy Files
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• tt
• http://www.ifrs.org/XBRL/Resources/Documents/ITGGuide2012fina
l.pdf
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
IFRS Taxonomy Files
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 IFRSs are financial reporting requirements for transactions and activities
across industries. Separate IFRSs exist for SMEs IFRSs => Three main
entry points
 Full, IFRSs for SMEs and combined. No activity specific entry point.
 Deprecated entry point.
 Concepts
– Main core schema for element declarations
– Secondary schema for deprecated elements
– No Tuples
– Naming scheme detailed in Taxonomy Guide
 Linkbase set
 Presentation, calculation, definition, reference. Versioning and
formula as separate physical files.
 Table not in use at the moment
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
IFRS Taxonomy Files
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 Linkbase set
 Linkbases are modularized according to IFRSs and further
modularized into primary financial statements versus notes
 IFRSs do not prescribe an uniform reporting format => presentation
supports easy viewing and navigation of the taxonomy
 Reference linkbase: link to the specific standards, issues/effective
dates and element content type
 Labels
– All items have a standard label,
– English and foreign language files
– Roles used include total/net labels, negated, terse, deprecated and
period start & end
– Generic label for extended link roles
– Label style guide
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
International Financial Reporting Standards
Versioning
The views expressed in this presentation are those of the
presenter,
not necessarily those of the IASB or IFRS Foundation
Versioning in the IFRS taxonomy
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 How?
– File names by date
– Namespace (main namespace & roles) by date
 Two sets of versioning information are created
– Changes between current and previous annual/interim release of the taxonomy
(current and comparison dates are provided in the files)
– Changes between final and exposure draft of a taxonomy release
Versioning in the IFRS taxonomy
 Two sets of files are produced
– XML files – versioning report
– HTML visualisation using colour codes, underline, strikethrough,
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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International Financial Reporting Standards
Formulae
The views expressed in this presentation are those of the
presenter,
not necessarily those of the IASB or IFRS Foundation
Formulae in the IFRS taxonomy
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 The IFRS Foundation has developed formula linkbase as a prototype
– To estimate market demand and to receive feedback on the business and
technical aspects from the public
 Formulae should be considered as educative supporting materials
– Guidance to regulators – IFRSs does not specify how elements roll up of should
be validated
– Provide additional semantics to better understand the structure of the IFRS
taxonomy
– Separate physical files not included within the IFRS taxonomy entry point schema
 After a first set of Formula released in 2011, the IASB released in August the
Formula 2012 based on the IFRS taxonomy 2012 and on the XBRL
International Formula specifications 1.0 (*).
(*) 2009-06-22 including errata corrections as of 2011-03-10
Formula in the IFRS taxonomy
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 Formula cover six areas split into three categories:
– Correctness: Cross period validations, Axis aggregation validations
– Consistency: EPS, positive / negative fact validations & Percentage warnings
– Integrity: facts equivalence.
 Formulae categories and documentation can be found at:
– http://www.ifrs.org/tools/Documents/Formula%20documentation_Public%20(2).pdf
 New formula categories might be added in the coming IFRS taxonomy 2013
International Financial Reporting Standards
Use of the DPM for the IFRS
taxonomy
The views expressed in this presentation are those of the
presenter,
not necessarily those of the IASB or IFRS Foundation
DPM and the IFRS taxonomy
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These preliminary considerations on using DPM for the IFRS taxonomy
are subject to review and only express the author’s humble opinion.
 Stability of the IFRS taxonomy
 Applicability of DPM for an open reporting system.
 IFRSs are principle-based standards, under which preparers have the
flexibility in how to present and structure data elements
 Benefits and drawbacks to consider for the IFRS taxonomy
 Users can more easily discover the relevant data points and relationships
 Means to ensure that ‘company specific extensions’ are not lost to the user
 But how can we render the financial information in a paper or excel based
environment?
 Concerns about using DPM for investors
 Need to consider multiple and possible conflicting business requirements?
DPM and the IFRS taxonomy
For now, multi-dimensional modelling will continue to be applied in
selected areas of the IFRS taxonomy.
Our general principles are then:
• Do not apply to primary financial statements
• Apply to standards which have less flexible requirements – for example
“fair value measurement”
• Reporting table where a set of categories / classes is required
• Explicit dimensions only
July 2011 - IFRS XBRL update
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International Financial Reporting Standards
Planned Activities for the
next 6 to 12 months
The views expressed in this presentation are those of the
presenter,
not necessarily those of the IASB or IFRS Foundation
Planned activities for the next 6-12
months
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• Taxonomy Content development and maintenance
– New IFRS standards and common practice elements for other
industries
– Additional industries?
• IASB strategic review
• Interaction with stakeholders: regulators, preparers, investors, ..
– Feedback on content and ease of using the IFRS taxonomy
• We will continue to monitor DPM and other initiatives such as the
updated versioning specifications.
© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Thank you
© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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