IFRS Taxonomy- International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. They are a consequence of growing international shareholding and trade and are particularly important for companies that have dealings in several countries. They are progressively replacing the many different national accounting standards. They are the rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per the users internal or external. |San Francisco IFRS, with the exception of IAS 29 Financial Reporting in Hyper inflationary Economies and IFRIC 7 Applying the Restatement Approach under IAS 29, are authorised in terms of the historical cost paradigm. IAS 29 and IFRIC 7 are authorised in terms of the units of constant purchasing power paradigm.
Physically, the Taxonomy is composed of a set of electronic XBRL files and subsequently, it can be difficult for those not familiar with XBRL to understand the structure of The Taxonomy without the use of software. In order to facilitate understanding of The Taxonomy and its structure, and ultimately to assist with the preparation of IFRS financial reports in XBRL format, the IFRS Foundation has published The Taxonomy Illustrated.
It does not require knowledge of XBRL because it presents the structure of the Taxonomy in a simplified, visual format. The Taxonomy Illustrated sets out the hierarchy of The Taxonomy and the elements within it (which represent IFRS disclosure requirements), the required format of these elements (such as text, monetary values, etc), and the IFRS Standards that these elements relate to.
For the IFRS Taxonomy 2017, The Taxonomy Illustrated is available:
- in three versions
- IFRS Standards (excluding the IFRS for SMEs) organised according to financial statements.
- IFRS Standards (excluding the IFRS for SMEs) organised by the Standards.
- The IFRS for SMEs (excluding all other IFRS Standards).
- in two formats
- Downloadable PDF
- HTML format within eIFRS. The HTML version is available to eIFRS Basic users. Unregistered users can register here.
- in multiple languages.
The Taxonomy Illustrated also contains links to the eIFRS, the IFRS Foundation’s online subscription service that contains the electronic consolidated editions of the IFRS Standard and accompanying documents.
The IFRS Taxonomy 2017 was developed by the IFRS Taxonomy Team and was issued on 9 March 2017.
The Taxonomy is the XBRL (eXtensible Business Reporting Language) representation of the IFRS Standards, including International Accounting Standards (IAS), Interpretations, and the IFRS for SMEs (Small and Medium-sized Entities), as issued by the IASB.
XBRL taxonomies are available for most of the major national financial reporting standards around the world, and the IFRS Taxonomy is intended for use by entities reporting in IFRS. By providing the Taxonomy, the IFRS Foundation seeks to address the demand for an electronic standard to transmit IFRS financial information.
|Taxonomy files and information||General and technical information about the IFRS Taxonomy 2017 and the official taxonomy files|
|Versioning information||Documentation detailing the changes between the IFRS Taxonomy 2016 Proposed Taxonomy Update 3 and the IFRS Taxonomy 2017|
|Versioning information||Documentation detailing the changes between the IFRS Taxonomy 2016 and the IFRS Taxonomy 2017|
|Versioning information||Documentation detailing the changes between the IFRS Taxonomy for SMEs 2016 and the IFRS Taxonomy for SMEs 2017|
|Taxonomy viewing tools||A list of XBRL products that can be used to view the IFRS Taxonomy 2017|
|Illustrative examples||Sample XBRL and iXBRL (Inline XBRL) financial statements and notes created using the IFRS Taxonomy 2017|
|The IFRS Taxonomy Illustrated||A document that presents the structure of the IFRS Taxonomy in a simplified, visual format that does not require knowledge of XBRL. Available for both IFRSs and the IFRS for SMEs.|
(IFRSs with XBRL)
|An online tool that supports viewing and understanding of the IFRS Taxonomy. xIFRS provides a view of the electronic IFRSs with embedded XBRL, and is available for the IFRSs and the IFRS for SMEs. xIFRS is available to eIFRS subscribers only.|
|Definitions in excel format||Excel spreadsheet providing taxonomy element definitions (organised by presentation linkbase)|
|IFRS Taxonomy Architecture||A technical guide for users of the IFRS Taxonomy files requiring a detailed description of the XBRL architecture|
Updates to the Taxonomy are released during the year (‘Taxonomy Updates’) in line with changes to the Standards, the addition of common practice elements and when there is an architectural change. Public consultation of Taxonomy amendments takes place for Proposed Taxonomy Updates.
The Taxonomy 2017 incorporates the Taxonomy Update 1 and Taxonomy Update 2 to the Taxonomy which were published in 2016. The final changes for the Proposed Taxonomy Update 3 have been incorporated directly within the Taxonomy 2017 files.
IFRS Taxonomy Update Documents
The following IFRS Taxonomy Update documents have been released since the publication of the Taxonomy 2016. These documents describe the amendments made to the Taxonomy 2016 and are reflected in the Taxonomy 2017.
|Title of Document|
|Taxonomy Update 1||Disclosure Initiative (Amendments to IAS 7)||Click here to view|
|Taxonomy Update 2||Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments to IFRS 4)||Click here to view|
|Taxonomy Update 3||Common Practice (agriculture, leisure, franchises, retail and financial institutions)||Click here to view|
For other information please go though the links below:
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