IFRS and XBRL Working Together
Josef Macdonald
IASC Foundation XBRL Practice Fellow
Lisbon, 8 February 2007
Contents
Introduction
IASB and XBRL
IFRS Taxonomy
Implementations
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Portuguese IFRS Taxonomy Translation Team
Coordinators
Fernando Melo, as representative for Comissão de Normalização Contabilîstica
(Portuguese Accounting Standards Board)
Translators
Joel Vicente, IASC Foundation XBRL Team - now with CoreFiling
Margarida Silva Martins, First degree in Economics, Universidade do Minho and
presently undertaking a Master in Accounting and Auditing, Universidade do Minho;
Auditor (Portuguese Certified Public Auditors Firm)
Hugo Alexandre Alves, First degree in Accounting, Instituto Superior Politécnico de
Contabilidade do Porto, Universidade do Porto, and presently undertaking a Master in
Accounting, Faculdade de Economia, Universidade do Porto; Chartered Accountant
Ana Christina Costa Silva, University of Edinburgh
Reviewers
Ordem dos Revisores Oficiais de Contas
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Contents
Introduction
IASB and XBRL
IFRS Taxonomy
Implementations
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Question:
Who owns the IFRS taxonomy?
XII - XBRL International ?
IASB - International Accounting Standards Board?
IASCF - International Accounting Standards Committee
Foundation?
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IASC Foundation: Organisation
Trustees (19)
SAC (52)
Board (14)
Steering
Committees
& Other
Advisors
IFRIC (12)
Staff
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Contents
Introduction
IASB and XBRL
IFRS Taxonomy
Implementations
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The IFRS-GP Taxonomy “Space”
Bound Volume
Industry Extensions
Jurisdiction Specific Extensions
Company Specific Extensions
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1
Approach:
IAS 1 para 1:
“The objective of this Standard is to prescribe the basis for presentation
of general purpose financial statements, to ensure comparability both
with the entity’s financial statements of previous periods and with the
financial statements of other entities. To achieve this objective, this
Standard sets out overall requirements for the presentation of financial
statements, guidelines for their structure and minimum requirements for
their content. The recognition, measurement and disclosure of specific
transactions and other events are dealt with in other Standards and in
Interpretations.”
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Traditional Taxonomy Architecture
Presentation
Calculation
Elements
(Schema)
Definition
Reference
Label
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1
Current Modularity
Presentation
Elements
(Schema)
Calculation
Definition
Reference
Elements
(Schema)
Label
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Basic
Layer
ifrs-gp-ref-2005-05-15.xml
ifrs-gp-types-2005-05-15.xsd
•All References
• Schema Types
ifrs-gp-lab-2005-05-15.xml
restatedLabel.xsd
• All Labels (En)
•Will disappear with the LRR
implementation
ifrs-gp-roles-2005-05-15.xsd
•All Linkroles
ifrs-gp-2005-05-15.xsd
• Basic Schema (All Concepts)
ifrs-gp-pre-(...).xml
• 14 Separate Linkbase
files
ifrs-gp-fi-pre-(...).xml
Presentation
Linkbase
Modularity
Layer
• 7 Separate Linkbase
files
ifrs-gp-cal-(...).xml
• 13 Separate Linkbase
files
ifrs-gp-fi-cal-(...).xml
Calculation
• 6 Separate Linkbase
files
ifrs-gp-lab-(...).xml
User
chooses the
Linkbase
IFRS Taxonomy
• 3 Separate Linkbase
files
“instantiation”
IFRS and XBRL Working Together
Labels
© IASCF 2005
15
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IFRS Taxonomy Modules Manager
Its purpose is to allow the user to easily create an XBRL
Schema or XBRL Instance file fitting individual requirements
(e.g. selecting a language or modules of your choice).
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ABRA IFRS Taxonomy Viewer
Official ABRA IFRS Taxonomy Viewer - open source online
ABRA viewer
Languages:
Portuguese
German
Italian
Japanese
Spanish
Dutch
being prepared: Polish, Hebrew, Hungarian, etc.
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Phase 1:
(a) IFRS-GP Taxonomy Maintenance
Accounting Updates
Revisions for 2006 IFRS amendments, new standards and
interpretations (that is, standards approved by the IASB as at 1
January 2007)
Revisions for feedback received with each iterative release
Technical Update
Modularisation of the Explanatory Notes Disclosure section
Address issues of taxonomy versioning
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Phase 1: (b) IFRS-SME Taxonomy
Construction
Exposure Draft
Due for release very soon by IASB
Will be closely followed by construction of a prototype stand-alone
taxonomy
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Phase 2: Taxonomy Enhancements
Restructuring the taxonomy to simplify its use
Content Additions
Update Taxonomy for New XBRL Specifications
(Dates subject to XBRL International release)
Preparer Guidance
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Trustee Recommended Approach
The IASC Foundation retains ownership of and key
responsibility in the development of the IFRS XBRL
taxonomy in order to maintain control of quality, avoid the
development of diverging IFRS taxonomies, and address
a demand created by regulatory organisations.
The IASC Foundation establishes an appropriate
collaborative structure, where the IASC Foundation has a
professional XBRL staff and utilises volunteers to ensure
quality.
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Contents
Introduction
IASB and XBRL
IFRS Taxonomy
Implementations
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ECCBSO
European Committee of Central Balance Sheet Data
Offices (ECCBSO)
XBRL-Enabled IFRS Standard Format
The ECCBSO has developed a standardised common
digital reporting format based on International Financial
Reporting Standards (IFRS) - using MS Excel and the
eXtensible Business Reporting Language (XBRL)
Prototype IFRS-GP extension and instance
creation using real company data
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FINREP
Committee of European Banking Supervisors (CEBS)
CEBS is supporting the development of two taxonomies as
record in the XBRL standard. The COREP taxonomy (Basel
II) defines common reporting of the solvency ratio and the
FINREP taxonomy (based on IFRS) serves as a common
reporting framework for financial data
FINancial REPorting is designed for credit institutions that use
IAS/IFRS for their published financial statements and that
have to provide similar information in the periodic prudential
reports they are required to submit to their supervisory
authorities
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Other Projects
Dutch Taxonomy Project
Frankfurt Stock Exchange Financials in XBRL
XBRL Taxonomy for Belgian Credit Institutions
Taxonomy for Reporting of Financial Information of Credit
Institutions in Spain
MPS Group Financial Statements in XBRL Format (Italy)
Australian IFRS extension and Australian Stock Exchange
extension
Israel Securities Authority
Portugal ?
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IFRS and XBRL Working Together
Lisbon,
8th
February 2007
Josef Macdonald
IASC Foundation XBRL Practice Fellow