IFRS taxonomy ready for use shortly

Gerrit Zalm, chairman of the foundation which oversees the International Accounting Standards Board, told the XBRL Conference yesterday, he was confident a final version of an International Financial Reporting Standards (IFRS) taxonomy would be ready for use shortly.

‘We believe that the provision of a taxonomy based on IFRSs will encourage adoption of IFRSs throughout the world and only enhance the benefits already being achieved through the adoption of IFRSs,’ he said.

Zalm said the progress made both in terms of IFRS and XBRL (extensible business-reporting language) were encouraging.

However, an ultimate success ‘is not guaranteed’, he warned. ‘Both organisations are addressing important issues of governance, which will be essential to ensure consistent application of our standards,’ he said.

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