International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASC Foundation.

International Financial Reporting Standards

The views expressed in this presentation are those of the presenter, not necessarily those of the IASC Foundation or the IASB

IASC Foundation

Update from IFRS and XBRLVienna, 19 November 2009

Maciej Piechocki

2009 IASC Foundation | 30 Cannon Street | London EC4M 6XH | UK | www.iasb.org

© 2008 IASC Foundation. First Floor | 30 Cannon Street | London EC4M 6XH | UK. www.iasb.org

Why we care for XBRL at the IASC Foundation?

• Trustees’ decision in 2001

• Part of the adoption and implementation of IFRSs

• Quality-assurance of the IFRS Taxonomy

• Maintenance and coordination

The Mission of the IASC Foundation XBRL team: to provide users with an IFRS XBRL taxonomy with the same quality, in the same

languages and at the same time as the IFRSs


How XBRL fits with the IFRSs?

• XBRL is the de facto standard for electronic reporting

• Part of the development of IFRSs

– IASB goal: to provide high quality standards (IAS 1 par 9)

– Organising the presentation of financial statements (i.e. True and Fair view -

Framework 46)

– Codification of concepts (help in convergence)

• Improved access for users to financial information

• Could increase the range of users (i.e. translation)

• Could ease IFRS conversion, understanding and implementation

Who is involved in our XBRL activities?

13 members + 5 appointed observers

• Monthly meetings

• Taxonomy review

18 members + 5 appointed observers

• Quarterly meetings

• Strategic advice

Director of XBRL Activities

Project Manager, Technology

Project Manager, Accounting

Project Assistant

Executive Assistant

How we develop the IFRS Taxonomy?

Input from:• XBRL Advisory Council• XBRL Quality Review Team• XBRL International working groups• Other taxonomy developers• Regulators• Software developers• International groups: - Analysts - Preparers - Users

What are our major requirements?


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What we provide?

* an ED of the IFRS for SMEs Taxonomy was released on 28 Sep 2009

A licence-free IFRS Taxonomy, consistent with the Bound Volume of IFRSs*

IFRS Taxonomy translations into key languages

A view of the IFRS Taxonomy in an easy-to-read, visual format that does not require knowledge of XBRL.Available in multiple languages

Guidance on how use the IFRS Taxonomy from both an accounting and XBRL technology perspective

IFRS Taxonomy Modules Manager - an online tool that guides users through the process of navigating and customising the IFRS modules that make-up the IFRS Taxonomy. Available in multiple languages

A quarterly newsletter providing a summary of the latest international XBRL and IFRS developments

What we provide (continued)

Outreach activities to propagate understanding and use of XBRL in conjunction with IFRSs

Support for those wishing to implement the IFRS Taxonomy, through consultation or field- testing, including analysts, preparers, regulators and users

Co-operation with:• Other taxonomy developers• International initiatives, such as the Interoperable Taxonomy

Architecture (ITA) project• XBRL International, a not-for-profit consortium of approx. 550

companies/agencies working together to build, promote and support the adoption of XBRL

• Accounting, financial and XBRL software developers• International stakeholders

Outreach

Support

Co-operation

OCTOBER NOVEMBER DECEMBER JANUARY FEBRUARY

Internaldevelopment

XBRL Quality Review Team review

Exposure draft

Final taxonomy

MARCH

2009

APRIL

2010

XBRL Quality ReviewTeam (XQRT) review4 Jan – 8 Feb 2010

Public review of EDIFRS Taxonomy 201015 Feb – 15 Apr 2010

Final releaseIFRS Taxonomy 2010

28 April 2010

This is a tentative timeline and may be subject to change

When we provide the IFRS Taxonomy?

What are we going to change?

• IFRS for SMEs Taxonomy

– Common schema

– Single architecture

• IFRS 9 and other standards from the IASB

• Architecture changes

– Concept names

– Deprecation vs. deletion of concepts

– Dimensions in the IFRS Taxonomy

– Formulae and versioning as additional modules


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What we wanted to know from the public?

• Concept names– R1: MinorityInterest => NoncontrollingInterest

– R2: MinorityInterest => MinorityInterest

– R3: i2009123 => i2009123

• Deletion of concepts– D1: Delete from schema

– D2: Leave in schema but deprecate

• Use of dimensions– L1a: Dimensions for lists

– L1b: Dimensions for intersection tables

– L2: Dimensions for statements breakdowns


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What are dimensional breakdowns for statements?


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Where XBRL and IFRS are in use?

• CEBS (EuroFiling - FINREP)• Microfinance Exchange• US SEC• Securities Supervision in Chile• Securities Supervision in Israel• Johannesburg Stock Exchange in South Africa• SBR Australia• Bundesanzeiger in Germany• HMRC and Companies House in the UK• …


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Questions or comments?

Thank you for listening

Expressions of individual views by members of the IASB and its staff are encouraged. The views expressed in this presentation are those

of the presenter. Official positions of the IASB on accounting matters are determined only after extensive due process and deliberation.

International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASC Foundation.

Documents

ifrs xbrl taxonomy

ifrs taxonomy translations

ifrs taxonomy formulae

ifrs taxonomy maintenance

ifrs modules

iasc foundation xbrl

xbrl vienna

knowledge of xbrl