RegulationAccounting StandardsIFRS taxonomy ready for use shortly

IFRS taxonomy ready for use shortly

The final version of an IFRS taxonomy soon ready for use, according to IASB chair

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.

Further reading:

XBRL: Emperor’s new clothes?

IASB appoints XBRL council

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