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March 2011

International Financial Reporting Standards (IFRSs®)




Snapshot: the IFRS® Taxonomy

This snapshot is a brief
introduction to XBRL
(eXtensible Business
Reporting Language)
and the XBRL
representation of the
IFRSs, known as the IFRS
Taxonomy.




The snapshot has been prepared by staff and is not
an official technical document of the IASB or IFRS
Foundation.
The IFRS XBRL initiative

The goal of the IFRS Foundation and its         In the current economic climate where          XBRL works in such a way that it allows           XBRL can also easily handle language
independent standard-setting body, the          transparency in financial reporting is         financial information to be automatically         differences and therefore ease the burden
International Accounting Standards Board        regarded as vital, the regulatory and          accessed, extracted and processed by              associated with information translation.
(IASB), is to provide the world’s integrating   investment community are requiring more,       computers. The need to manually re-key
                                                                                                                                                 It is estimated that the use of XBRL could
capital markets with a common language          increasingly complex business information to   information to adapt it to specific needs is
                                                                                                                                                 reduce the time spent analysing a single
for financial reporting.                        be reported with greater accuracy and speed.   removed.
                                                                                                                                                 financial statement by 15 - 30 per cent, and
XBRL (eXtensible Business Reporting             This demand places additional pressure on      Issuers are able to compile financial reports     this is without considering the improved
Language) was developed to provide a            those who prepare, compile and analyse this    more speedily and with less chance of error.      accuracy of the data.
common, electronic format for business and      information. However, the majority of this     This in turn gives users access to more timely
                                                                                                                                                 The IFRS Foundation recognised the
financial reporting. Because both IFRSs and     work continues to involve manual               and accurate data, thereby enabling them to
                                                                                                                                                 potential impact that XBRL could have on
XBRL are intended to standardise financial      processing and is therefore prone to time      make better, more informed decisions and to
                                                                                                                                                 financial reporting. The Foundation also
reporting in order to promote transparency      delay and (human) error, and is cost-          produce more accurate reports in less time.
                                                                                                                                                 realised that if XBRL were applied in
and to improve the quality and                  intensive.
                                                                                               Because XBRL is adaptable and is not              conjunction with IFRSs, it could improve
comparability of business information, the
                                                XBRL could potentially solve - or at least     restricted to particular formats or tools, XBRL   access for users to financial information and
two form a perfect partnership.
                                                mitigate - these problems.                     information can be transmitted to users in a      could also support IFRS adoption and
                                                                                               variety of ways. Furthermore, the                 implementation.
                                                                                               information contained within an XBRL report
                                                                                                                                                 The IFRS Foundation therefore launched the
                                                                                               allows for increased comparability and
                                                                                                                                                 IFRS XBRL initiative in 2001 and the IFRS
                                                                                               therefore improved analysis.
                                                                                                                                                 Foundation XBRL Team was created.




2 | Snapshot: IFRS® Taxonomy
The IFRS Foundation XBRL Team

The mission of the IFRS Foundation XBRL          The IFRS Foundation XBRL Team maintains                                   appoints
Team is to: create and provide a framework       an ongoing dialogue with the IASB through                                                              Trustees of the IFRS Foundation
for the consistent adoption and                  the XBRL Board Advisory Group, which is
implementation of IFRSs with a high-quality      composed of six IASB members, the                                                        oversee, review effectiveness,
                                                                                                   XBRL Advisory                                                                 informs
IFRS Foundation-developed IFRS Taxonomy          Director of Technical Activities and the                                                 appoint and finance
                                                                                                     Council
that is consistent with IFRSs. This mission is   Chief Operating Officer. The team consults             (strategic)       consults                                    consults
part of the adoption and implementation          the Board Advisory on a broad range of                                                     IFRS Foundation
                                                                                                                                                                                                 IASB
strategy of the IFRS Foundation and is           strategic issues relating to the                                                             XBRL Team
                                                                                                                           advises                                     advises
integrated with the development of IFRSs.        implementation of IFRSs with XBRL.                 XBRL Quality
                                                                                                    Review Team
                                                                                                       (technical)                                      creates                                       creates
The IFRS Foundation XBRL Team is supported       The team also consults with IASB technical
by two external committees: the XBRL             staff and provides input on the structure
Advisory Council (XAC) and the XBRL Quality      and modelling of IFRS disclosure                                                             IFRSs in XBRL
                                                                                                                                            (IFRS Taxonomy)                                      IFRS
Review Team (XQRT).                              requirements.                                               reviews

The XAC provides strategic advice on the IFRS    In the future, it is likely that XBRL will     Illustration: XBRL governance at the IFRS Foundation.
Foundation’s XBRL activities, while the XQRT     come to play an increasingly significant
reviews developed taxonomies in order to         role in the IASB's standard-setting process.
achieve the highest level of quality by
providing input and offering practical
recommendations on the usability of the
IFRS Taxonomy from the perspectives of both
XBRL technology and financial reporting




                                                                                                                                                                                           Snapshot: IFRS® Taxonomy | 3
The IFRS Foundation’s XBRL activities

Taxonomy development                                      Support materials                                         • The IFRS Taxonomy Guide, a technical guide
                                                                                                                      for users of the IFRS Taxonomy.
The IFRS Foundation develops a licence-free               The IFRS Foundation produces a number of                                                                                 By providing the IFRS
                                                                                                                    • The IFRS Taxonomy Modules Manager, an
taxonomy known as the IFRS Taxonomy,                      support materials to facilitate the use and
                                                                                                                      online tool that guides users though the                     Taxonomy, the IFRS
that is consistent with IFRSs issued by the               understanding of the IFRS Taxonomy,
IASB. It is developed in accordance with a                including:
                                                                                                                      process of navigating and customising the                    Foundation seeks to
                                                                                                                      IFRS modules that make-up the IFRS
thorough, open, participatory and
                                                          • XBRL illustrative examples, which                         Taxonomy.
                                                                                                                                                                                   address the demand
transparent due process.
                                                            illustrate the use of the IFRS Taxonomy in                                                                             for an electronic
By providing the IFRS Taxonomy, the IFRS                    financial statements, in accordance with                Translations                                                   standard to transmit
Foundation seeks to address the demand for                  the XBRL architecture outlined in The IFRS
an electronic standard to transmit IFRS                     Taxonomy Guide.
                                                                                                                    Translations of the IFRS Taxonomy are                          IFRS financial
                                                                                                                    provided into key languages, in order to
financial information.
                                                          • xIFRS (IFRSs with XBRL), an online tool                 support users of IFRSs and the IFRS                            information
                                                            that supports viewing and understanding
Global outreach                                                                                                     Taxonomy whose primary language is not
                                                            of the IFRS Taxonomy. xIFRS presents a                  English.
The IFRS Foundation makes a concerted                       view of the electronic IFRSs with
                                                                                                                    To date, the IFRS Taxonomy has been
effort to promote the use of XBRL in                        embedded XBRL.*
                                                                                                                    translated into more than 10 languages,
conjunction with IFRSs around the world.
                                                          • The IFRS Taxonomy Illustrated, a document               including Arabic, Chinese, Dutch, French,
The IFRS Foundation also encourages
                                                            that presents the structure of the IFRS                 German, Italian, Japanese, Korean and
co-operation and communication with
                                                            Taxonomy in a simplified, visual format                 Spanish.
stakeholders of the IFRS Taxonomy.
                                                            that does not require knowledge of XBRL.




* eIFRS (the electronic IFRSs) is the IFRS Foundation’s online subscription service that contains the electronic consolidated editions of the IFRSs and accompanying documents. It can be accessed from the IFRS website at
http://eifrs.ifrs.org/.

4 | Snapshot: IFRS® Taxonomy
What is XBRL?

XBRL is a data-rich dialect of XML (Extensible   A typical business report on an Internet page   A business report that has been prepared
Markup Language), the universally preferred      is a closed and self-contained document.        using XBRL is known as an instance document,
language for transmitting information via        Although it can be viewed and transmitted       and it is different to a standard business       XBRL was developed
the Internet.                                    using the Internet, its format and content is   report. The information contained in the         specifically to
                                                 fixed; neither the format nor the content can   instance document is not closed and does
It was developed specifically to communicate
                                                 be changed unless you change the Internet       not have a predefined, fixed format. The data
                                                                                                                                                  communicate
information between businesses and other
users of financial information, such as
                                                 page.                                           can be used interactively because it can be      information between
analysts, investors and regulators.              As a result, to extract the information from
                                                                                                 accessed, extracted and processed                businesses and other
                                                                                                 automatically by computers. This
XBRL provides a common, electronic format
                                                 such a report for computerised analysis
                                                                                                 interactiveness is made possible by the use of   users of financial
                                                 requires exporting or re-keying the data into
for business reporting. It does not change
                                                 a format that can be handled by computer
                                                                                                 tags.                                            information, such as
what is being reported. It only changes how
it is reported.
                                                 software.                                                                                        analysts, investors and
                                                                                                                                                  regulators




                                                                                                                                                             Snapshot: IFRS® Taxonomy | 5
About XBRL tags

In XBRL, information is not                          Because XBRL tags are formed in a                  The right-hand side excerpt displays the             Users would only encounter an XBRL report
                                                     universally-accepted way, they can be read         same information from the same statement.            as it appears in the left-hand side excerpt (ie
treated as a static block of                         and processed by any computer that has             However, the formatting has been removed             the human-readable version). This is because
text or set of numbers.                              XBRL software.                                     to reveal the computer-readable XBRL tags            XBRL tags are read and processed by
                                                                                                        concealed beneath the human-readable                 computers, behind the computer screen.
Instead, information is broken down into             To demonstrate how XBRL tags work, an
                                                                                                        report.                                              Rendering software is then used to convert
unique items of data (eg total liabilities = 100).   example excerpt from a typical company’s
                                                                                                                                                             the XBRL tags in an instance document to
These data items are then assigned mark-up           statement of financial position that has been      An example of a statement line item and the
                                                                                                                                                             present the information in a human-readable
tags that make them computer-readable. For           filed using IFRS and XBRL is displayed             corresponding XBRL tag has been
                                                                                                                                                             format, such as a statement of financial
example, the tag <Liabilities>100</Liabilities>      opposite.                                          highlighted.
                                                                                                                                                             position or a cash flow statement.
enables a computer to understand that the
                                                     On the left-hand side excerpt, the company’s
item is liabilities, and it has a value of 100.
                                                     current assets are listed as six line items of
                                                                                                                                                            <ifrs:CurrentAssets contextRef="AsOf2009"
Computers can treat information that has             text as they would appear in a statement,              Assets                                          unitRef="EUR">671629000</ifrs:CurrentAssets>
been tagged using XBRL ‘intelligently’; they         starting with Assets, Current assets, Cash, etc,       Current assets                                  <ifrs:Cash contextRef="AsOf2009"
can recognise, process, store, exchange and          and ending with Total current assets.                  Cash                            28,700          unitRef="EUR">28700000</ifrs:Cash>
analyse it automatically using software.                                                                    Trade and other current                         <ifrs:TradeAndOtherCurrentReceivables
                                                                                                            receivables                    585,548          contextRef="AsOf2009" unitRef="EUR">585548000</ifrs:Tr
                                                                                                            Inventories                     57,381          adeAndOtherCurrentReceivables>
                                                                                                                                                            <ifrs:Inventories contextRef="AsOf2009"
                                                                                                            Total current assets           671,629          unitRef="EUR">57381000</ifrs:Inventories>


                                                                                                        Left-hand side: example excerpt from a typical       Right-hand side: the same example excerpt, but now
                                                                                                        (human-readable) statement of financial position.    displaying the computer-readable XBRL tags.




6 | Snapshot: IFRS® Taxonomy
About XBRL taxonomies

XBRL tags are defined and                    As a result, taxonomies enable computers         Taxonomies differ according to reporting
                                             with XBRL software to:                           purposes, the type of information being
organised using                                                                               reported and reporting presentation           For a company
                                             • understand what the tag is (eg whether it
categorisation schemes                       is a monetary item, a percentage or text);
                                                                                              requirements. Consequently, a company         reporting in IFRS, the
                                                                                              may use one taxonomy when reporting to a
called taxonomies.                           • what characteristics the tag has (eg if it     stock exchange, but use a different
                                                                                                                                            IFRS Foundation
Taxonomies are the computer-readable         has a negative value);                           taxonomy when reporting to a securities       publishes tags for all
‘dictionaries’ of XBRL. Taxonomies provide
                                             • its relationship to other items (eg if it is   regulator.                                    IFRS disclosures.
definitions for XBRL tags, they provide
information about the tags, and they
                                             part of a calculation).                          Taxonomies are available for most of the      These tags are
                                                                                              major national accounting standards around
organise the tags so that they have a        This additional information is called
                                                                                              the world. For a company reporting in IFRS,
                                                                                                                                            organised and
meaningful structure.                        meta-data. When information that has been
                                             tagged with XBRL is transmitted, the             the IFRS Foundation publishes tags for all    contained within the
                                             meta-data contained within the tags is also      IFRS disclosures. These tags are organised
                                                                                                                                            IFRS Taxonomy.
                                             transmitted.                                     and contained within the IFRS Taxonomy.




                                                                                                                                                       Snapshot: IFRS® Taxonomy | 7
The IFRS Taxonomy

The IFRS Taxonomy is the XBRL                          The two are then combined and the result is a          By publishing interim releases, the IFRS                      This ensures transparency and compliance
representation of the IFRSs, including                 set of XBRL computer files which make up the           Foundation aims to support the early                          with best practice, and also provides quality
International Accounting Standards (IASs),             IFRS Taxonomy.                                         adoption of IFRSs by providing taxonomy                       assurance and opportunities to engage with
Interpretations, and the IFRS for Small and                                                                   items for new IFRSs once they are published                   stakeholders in order to understand their
                                                       This year, the financial reporting content
Medium-sized Entities (SMEs), issued by the                                                                   by the IASB, which eliminates the need for                    concerns and the impact that the IFRS
                                                       scope of the IFRS Taxonomy has been
IASB.                                                                                                         early-adopting entities to create their own                   Foundation’s decisions will have.
                                                       expanded to include IFRS application and
                                                                                                              taxonomy items.
The IFRS Taxonomy is an open core taxonomy,            implementation guidance and illustrative
which means that it has been developed to              examples that are commonly used by entities.           The IFRS Taxonomy is developed through a
allow companies to tailor it to their specific         This is intended to reflect IFRSs more                 formal system of due process and broad
needs by adding their own tags. Company-               comprehensively, thereby supporting                    international consultation.
specific tags that are added to a taxonomy are         preparers of IFRS financial statements in XBRL
                                                                                                                                                                                       End of annual taxonomy
known as taxonomy extensions.                          format.                                                                                                                           development cycle

Like the IFRS Bound Volume*, the IFRS                  In addition to the core taxonomy the IFRS
                                                                                                                                 XBRL
Taxonomy is released once a year to                    Foundation, beginning in 2010, has also                                  Quality        Further       Exposure        IFRS                     New /
                                                                                                                                                                                                                   IFRS
                                                                                                               Taxonomy                                                              Final IFRS                 Taxonomy
incorporate new IFRSs, improvements to                 started to publish IFRS Taxonomy extensions            development*
                                                                                                                                Review        taxonomy       Draft IFRS     Bound
                                                                                                                                                                                     Taxonomy
                                                                                                                                                                                                    improved
                                                                                                                                                                                                                  Interim
                                                                                                                                 Team        development     Taxonomy       Volume                    IFRSs
existing IFRSs, and also changes in XBRL               following the publication of new IFRSs by the                                                                                                             releases
                                                                                                                                review
technology.                                            IASB. These extensions are known as IFRS
                                                       Taxonomy interim releases. They contain
The annual development cycle of the IFRS
                                                       additional taxonomy items that reflect new or           NOVEMBER        DECEMBER         JANUARY       FEBRUARY      MARCH       APRIL         MAY to OCTOBER
Taxonomy involves the construction of an
                                                       improved IFRSs which are not included in—
XBRL technology framework (known as an                                                                         *including consolidation of IFRS Taxonomy interim releases
                                                       and are therefore supplementary to—the core
architecture) and the implementation of
                                                       IFRS Taxonomy.                                         Illustration: the annual development cycle of the IFRS Taxonomy.
up-to-date IFRS disclosure and presentation
requirements (ie financial reporting content).


* The IFRS Bound Volume is the printed consolidated text of the IASB's authoritative pronouncements and the accompanying documents—illustrative examples, implementation guidance, bases for conclusions and
dissenting opinions—as issued by the IASB at the beginning of a calendar year. The IFRS Bound Volume is available from the IFRS e-shop at http://buy.ifrs.org.

8 | Snapshot: IFRS® Taxonomy
Due process guiding considerations

Business considerations                         Functional considerations                      Usability                                      Technical considerations
Consistency with IFRSs                          Stability                                      The IFRS Taxonomy is usable throughout the     Compliance
                                                                                               financial reporting supply chain in all
The IFRS Taxonomy reflects and is consistent    The IFRS Taxonomy is intended for use          scenarios and geographic regions where IFRSs   The IFRS Taxonomy is compliant with all
with IFRSs at all times. Common-practice or     throughout the financial reporting supply      are implemented, thereby improving market      specifications recommended by XBRL
industry-specific disclosures which are not     chain. Consequently, the XBRL architecture     transparency, supporting better analysis and   International.
included in IFRSs are not included in the       and financial reporting content of the IFRS    reducing the reporting burden.                 New technologies and best practices
IFRS Taxonomy.                                  Taxonomy are developed to ensure that the
                                                taxonomy is stable and sustainable, although   Interoperability                               The IFRS Foundation considers the impact of
Time line
                                                alignment with IFRSs requires necessary        The IFRS Taxonomy ensures that                 new XBRL technologies (specifications) and
The development time line of the IFRS           amendments to the taxonomy from a              interoperability between different software    best practices developed by XBRL
Taxonomy is aligned with the IASB delivery      financial reporting perspective.               systems is possible.                           International.
timetable as closely as possible (ie with the
                                                Extensibility
publication of the IFRS Bound Volume).
                                                Users of the IFRS Taxonomy are permitted to
Availability
                                                extend it for their specific needs.
The IFRS Taxonomy and all related files and
materials are freely available.




                                                                                                                                                                     Snapshot: IFRS® Taxonomy | 9
Applying XBRL to financial statements

Step 1: choose a taxonomy                                                                         Again, there are some cases when a company may not create an extension. For example, the
                                                                                                  company is filing with an agency and the agency has prohibited the use of extensions. In these
In order to create an instance document, a company must first identify a taxonomy to use. In      cases, the company must identify an element from the taxonomy provided.
some cases, a company may not have the choice of the taxonomy it uses. For example, the
company is filing with an agency and the agency has prescribed a specific taxonomy that           Step 4: create tags and an instance document
must be used. If a taxonomy is not prescribed then a company must decide whether to use a
                                                                                                  Once all line items and their equivalent elements have been identified (and/or created),
published taxonomy, or to create its own taxonomy, or do a combination of the two and use a
                                                                                                  numeric facts (monetary, decimal or share values) or text facts from the statement are tagged
published taxonomy but add items that are specific to its own reporting needs.
                                                                                                  using XBRL software. These tags associate the facts with the taxonomy (and extension)
Step 2: compare information                                                                       elements, and are used to generate an instance document. The instance document should then
                                                                                                  be reviewed and checked (validated).
Once the taxonomy is chosen, a company must compare the line items in their chart of
accounts or financial statements with the elements contained in the chosen taxonomy. The
company must then identify the taxonomy elements that are equivalent to these line items.                                                           IFRS Taxonomy 2010

For example, the statement may report the company's liabilities, and if the taxonomy                                                                [210000] Statement of financial position, current /
                                                                                                                                                    non-current - Consolidated financial statements
contains the element liabilities, then this element can be used by the company. This process is
                                                                                                                                                    Statement of financial position
known as mapping and can be done manually using a spreadsheet or using an XBRL viewing                                                                Assets
tool.                                                                                                                                                  Non-current assets
                                                                                                                                                       Property, plant and equipment         IAS 1.54, IAS 16.73
Example excerpts from a typical company's statement of financial position and the IFRS                                                                 Investment property                   IAS 1.54, IAS 40.76,
                                                                                                                                                                                             IAS 40.79
Taxonomy are displayed on the right-hand side (a statement line item and the corresponding                                                             Goodwill                              IAS 1.54, IAS 36.134,
IFRS Taxonomy element have been highlighted).                                                                                                                                                IAS 36.135, IFRS 3.B67
                                                                                                                                                       Intangible assets other than goodwill IAS 1.54, IAS 36.134,
                                                                                                                                                                                             IAS 36.135, IAS 38.118
Step 3: create extensions                                                                                                                              Investments accounted for using equity method       IAS 1.54,
                                                                                                                                                                                             IFRS 8.24, IFRS 8.28
If the company's financial statements contain line items that do not have equivalent
taxonomy elements, then a company must create its own element, known as a taxonomy                                                                 Right-hand side: example excerpt from the IFRS
                                                                                                  Left-hand side: example excerpt from a typical
extension.                                                                                                                                         Taxonomy viewed using an XBRL tool.
                                                                                                  statement of financial position.



10 | Snapshot: IFRS® Taxonomy
The origins of XBRL

XBRL is highly adaptable (extensible). Because   XBRL was originally developed in 1998 by a      There are currently almost thirty XBRL                   The growing number of XBRL jurisdictions
it is an open standard without licence fees,     Certified Public Accountant to improve the      jurisdictions around the world. Each                     reflects the growing emergence of the
XBRL is software and hardware independent.       exchange, publication and analysis of           jurisdiction is responsible for creating                 standard around the world.
As a result, data that has been tagged in XBRL   business information, including financial       taxonomies - generally for the main local
can be transmitted in a variety of formats and   data.                                           accounting standards - and for promoting and
using a variety of tools. XBRL’s adaptable                                                       facilitating the implementation of XBRL in
                                                 Today, the ongoing development of XBRL is
nature also means that it can be applied to                                                      that region.
                                                 coordinated by XBRL International, a not-for-
different languages.
                                                 profit consortium of approximately 550
Although XBRL’s most recognised and              companies, organisations and government
common function is financial reporting,          agencies around the world, including the
XBRL tags can be created and adapted to          IFRS Foundation.
virtually all reporting needs and to support
all standard tasks involving both financial
and non-financial business data.



    XBRL was originally developed by a Certified Public
    Accountant to improve the exchange, publication
    and analysis of business information

                                                                                                 Illustration: XBRL jurisdictions around the world (source: XBRL International)




                                                                                                                                                                                  Snapshot: IFRS® Taxonomy | 11
The future of IFRSs and XBRL

Adoption of IFRSs around the world is         In order to support a growing number of         Yet despite a steadily rising number of users
growing. Since the formation of the IASB      stakeholders and convergence of financial       and stakeholders, and despite the success of
and IFRS Foundation in 2001, almost 120       reporting standards, new IFRSs and              numerous individual initiatives and             The IFRS Taxonomy
countries have required or permitted the      improvements are being published. XBRL is       projects, on a global scale XBRL remains in     and all related
use of IFRSs. All remaining major             also evolving with new, robust specifications   the early adoption phase. The benefits of
economies have established time lines to      being developed by international working        XBRL adoption and implementation are
                                                                                                                                              materials are freely
converge with, or adopt IFRSs in the near     groups, and software solutions being            being realised, but gradually.                  available from the
future, and few are doing so without also     developed to harness these new
                                                                                              Consequently, while XBRL is in the early        IFRS website at http://
considering XBRL and the IFRS Taxonomy.       functionalities and to ease implementation.
                                                                                              phases of adoption, now is an opportune         www.ifrs.org/XBRL
XBRL adoption is also growing of its own      Combined with the lack of an alternative        time to learn about XBRL and to prepare an
accord, with new jurisdictions and projects   standard that is able to offer the same         implementation plan.
emerging across the world.                    capabilities and benefits, XBRL is ideally
                                              placed to become the de facto standard for
                                              business reporting.




12 | Snapshot: IFRS® Taxonomy
Frequently asked questions (FAQs)

What is XBRL?                                                                                     What is the IFRS Taxonomy?
XBRL stands for eXtensible Business Reporting Language. It is a digital ‘language’ that was       The IFRS Taxonomy is the XBRL representation of IFRSs issued by the IASB. The IFRS Taxonomy
developed specifically to communicate information between businesses and other users of           contains tags for all IFRS disclosures.
financial information. In XBRL, mark-up tags are used to make business information computer-
readable and consumable.                                                                          Why did the IFRS Foundation develop a taxonomy for IFRSs?
                                                                                                  The IFRS Taxonomy was developed to address the demand for an electronic standard to
Does using XBRL change the information that is reported?                                          transmit IFRS financial information.
No. XBRL provides a common, electronic format for business reporting. It does not change
what is reported. It only changes how it is reported.                                             What is the relationship between IFRSs and XBRL?
                                                                                                  The goal of the IFRS Foundation is to provide the world’s integrating capital markets with a
Does XBRL change financial reporting standards?                                                   common language for financial reporting. XBRL was developed to provide a common format
No. Financial reporting standards can be 'translated' into XBRL but their meaning and             for business and financial reporting. Both IFRSs and XBRL are intended to standardise financial
disclosures remain unchanged.                                                                     reporting, in order to promote transparency and to improve the quality and comparability of
                                                                                                  business information.
Is XBRL restricted to financial reporting?
No. Although XBRL’s most recognised and common function is financial reporting, XBRL tags
can be created and adapted to virtually all business reporting needs.                                 Useful links
                                                                                                      IFRS Foundation: www.ifrs.org/xbrl            XBRL International: www.xbrl.org
What is a taxonomy?
A taxonomy is a computer-readable 'dictionary' that defines and organises XBRL tags to give the
tags order and meaning.




                                                                                                                                                                          Snapshot: IFRS® Taxonomy | 13
Notes




14 | Snapshot: IFRS® Taxonomy
Notes




        Snapshot: IFRS® Taxonomy | 15
IFRS Foundation
30 Cannon Street | London EC4M 6XH | United Kingdom
Telephone: +44 (0)20 7246 6410 | Fax: +44 (0)20 7246 6411
Email: info@ifrs.org | Web: www.ifrs.org/xbrl


For further information about the IFRS XBRL initiative, please contact the IFRS
Foundation XBRL Team on telephone: +44 (0)20 7246 6410 or email: xbrl@ifrs.org




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Snapshot of IFRS Taxonomy

  • 1. March 2011 International Financial Reporting Standards (IFRSs®) Snapshot: the IFRS® Taxonomy This snapshot is a brief introduction to XBRL (eXtensible Business Reporting Language) and the XBRL representation of the IFRSs, known as the IFRS Taxonomy. The snapshot has been prepared by staff and is not an official technical document of the IASB or IFRS Foundation.
  • 2. The IFRS XBRL initiative The goal of the IFRS Foundation and its In the current economic climate where XBRL works in such a way that it allows XBRL can also easily handle language independent standard-setting body, the transparency in financial reporting is financial information to be automatically differences and therefore ease the burden International Accounting Standards Board regarded as vital, the regulatory and accessed, extracted and processed by associated with information translation. (IASB), is to provide the world’s integrating investment community are requiring more, computers. The need to manually re-key It is estimated that the use of XBRL could capital markets with a common language increasingly complex business information to information to adapt it to specific needs is reduce the time spent analysing a single for financial reporting. be reported with greater accuracy and speed. removed. financial statement by 15 - 30 per cent, and XBRL (eXtensible Business Reporting This demand places additional pressure on Issuers are able to compile financial reports this is without considering the improved Language) was developed to provide a those who prepare, compile and analyse this more speedily and with less chance of error. accuracy of the data. common, electronic format for business and information. However, the majority of this This in turn gives users access to more timely The IFRS Foundation recognised the financial reporting. Because both IFRSs and work continues to involve manual and accurate data, thereby enabling them to potential impact that XBRL could have on XBRL are intended to standardise financial processing and is therefore prone to time make better, more informed decisions and to financial reporting. The Foundation also reporting in order to promote transparency delay and (human) error, and is cost- produce more accurate reports in less time. realised that if XBRL were applied in and to improve the quality and intensive. Because XBRL is adaptable and is not conjunction with IFRSs, it could improve comparability of business information, the XBRL could potentially solve - or at least restricted to particular formats or tools, XBRL access for users to financial information and two form a perfect partnership. mitigate - these problems. information can be transmitted to users in a could also support IFRS adoption and variety of ways. Furthermore, the implementation. information contained within an XBRL report The IFRS Foundation therefore launched the allows for increased comparability and IFRS XBRL initiative in 2001 and the IFRS therefore improved analysis. Foundation XBRL Team was created. 2 | Snapshot: IFRS® Taxonomy
  • 3. The IFRS Foundation XBRL Team The mission of the IFRS Foundation XBRL The IFRS Foundation XBRL Team maintains appoints Team is to: create and provide a framework an ongoing dialogue with the IASB through Trustees of the IFRS Foundation for the consistent adoption and the XBRL Board Advisory Group, which is implementation of IFRSs with a high-quality composed of six IASB members, the oversee, review effectiveness, XBRL Advisory informs IFRS Foundation-developed IFRS Taxonomy Director of Technical Activities and the appoint and finance Council that is consistent with IFRSs. This mission is Chief Operating Officer. The team consults (strategic) consults consults part of the adoption and implementation the Board Advisory on a broad range of IFRS Foundation IASB strategy of the IFRS Foundation and is strategic issues relating to the XBRL Team advises advises integrated with the development of IFRSs. implementation of IFRSs with XBRL. XBRL Quality Review Team (technical) creates creates The IFRS Foundation XBRL Team is supported The team also consults with IASB technical by two external committees: the XBRL staff and provides input on the structure Advisory Council (XAC) and the XBRL Quality and modelling of IFRS disclosure IFRSs in XBRL (IFRS Taxonomy) IFRS Review Team (XQRT). requirements. reviews The XAC provides strategic advice on the IFRS In the future, it is likely that XBRL will Illustration: XBRL governance at the IFRS Foundation. Foundation’s XBRL activities, while the XQRT come to play an increasingly significant reviews developed taxonomies in order to role in the IASB's standard-setting process. achieve the highest level of quality by providing input and offering practical recommendations on the usability of the IFRS Taxonomy from the perspectives of both XBRL technology and financial reporting Snapshot: IFRS® Taxonomy | 3
  • 4. The IFRS Foundation’s XBRL activities Taxonomy development Support materials • The IFRS Taxonomy Guide, a technical guide for users of the IFRS Taxonomy. The IFRS Foundation develops a licence-free The IFRS Foundation produces a number of By providing the IFRS • The IFRS Taxonomy Modules Manager, an taxonomy known as the IFRS Taxonomy, support materials to facilitate the use and online tool that guides users though the Taxonomy, the IFRS that is consistent with IFRSs issued by the understanding of the IFRS Taxonomy, IASB. It is developed in accordance with a including: process of navigating and customising the Foundation seeks to IFRS modules that make-up the IFRS thorough, open, participatory and • XBRL illustrative examples, which Taxonomy. address the demand transparent due process. illustrate the use of the IFRS Taxonomy in for an electronic By providing the IFRS Taxonomy, the IFRS financial statements, in accordance with Translations standard to transmit Foundation seeks to address the demand for the XBRL architecture outlined in The IFRS an electronic standard to transmit IFRS Taxonomy Guide. Translations of the IFRS Taxonomy are IFRS financial provided into key languages, in order to financial information. • xIFRS (IFRSs with XBRL), an online tool support users of IFRSs and the IFRS information that supports viewing and understanding Global outreach Taxonomy whose primary language is not of the IFRS Taxonomy. xIFRS presents a English. The IFRS Foundation makes a concerted view of the electronic IFRSs with To date, the IFRS Taxonomy has been effort to promote the use of XBRL in embedded XBRL.* translated into more than 10 languages, conjunction with IFRSs around the world. • The IFRS Taxonomy Illustrated, a document including Arabic, Chinese, Dutch, French, The IFRS Foundation also encourages that presents the structure of the IFRS German, Italian, Japanese, Korean and co-operation and communication with Taxonomy in a simplified, visual format Spanish. stakeholders of the IFRS Taxonomy. that does not require knowledge of XBRL. * eIFRS (the electronic IFRSs) is the IFRS Foundation’s online subscription service that contains the electronic consolidated editions of the IFRSs and accompanying documents. It can be accessed from the IFRS website at http://eifrs.ifrs.org/. 4 | Snapshot: IFRS® Taxonomy
  • 5. What is XBRL? XBRL is a data-rich dialect of XML (Extensible A typical business report on an Internet page A business report that has been prepared Markup Language), the universally preferred is a closed and self-contained document. using XBRL is known as an instance document, language for transmitting information via Although it can be viewed and transmitted and it is different to a standard business XBRL was developed the Internet. using the Internet, its format and content is report. The information contained in the specifically to fixed; neither the format nor the content can instance document is not closed and does It was developed specifically to communicate be changed unless you change the Internet not have a predefined, fixed format. The data communicate information between businesses and other users of financial information, such as page. can be used interactively because it can be information between analysts, investors and regulators. As a result, to extract the information from accessed, extracted and processed businesses and other automatically by computers. This XBRL provides a common, electronic format such a report for computerised analysis interactiveness is made possible by the use of users of financial requires exporting or re-keying the data into for business reporting. It does not change a format that can be handled by computer tags. information, such as what is being reported. It only changes how it is reported. software. analysts, investors and regulators Snapshot: IFRS® Taxonomy | 5
  • 6. About XBRL tags In XBRL, information is not Because XBRL tags are formed in a The right-hand side excerpt displays the Users would only encounter an XBRL report universally-accepted way, they can be read same information from the same statement. as it appears in the left-hand side excerpt (ie treated as a static block of and processed by any computer that has However, the formatting has been removed the human-readable version). This is because text or set of numbers. XBRL software. to reveal the computer-readable XBRL tags XBRL tags are read and processed by concealed beneath the human-readable computers, behind the computer screen. Instead, information is broken down into To demonstrate how XBRL tags work, an report. Rendering software is then used to convert unique items of data (eg total liabilities = 100). example excerpt from a typical company’s the XBRL tags in an instance document to These data items are then assigned mark-up statement of financial position that has been An example of a statement line item and the present the information in a human-readable tags that make them computer-readable. For filed using IFRS and XBRL is displayed corresponding XBRL tag has been format, such as a statement of financial example, the tag <Liabilities>100</Liabilities> opposite. highlighted. position or a cash flow statement. enables a computer to understand that the On the left-hand side excerpt, the company’s item is liabilities, and it has a value of 100. current assets are listed as six line items of <ifrs:CurrentAssets contextRef="AsOf2009" Computers can treat information that has text as they would appear in a statement, Assets unitRef="EUR">671629000</ifrs:CurrentAssets> been tagged using XBRL ‘intelligently’; they starting with Assets, Current assets, Cash, etc, Current assets <ifrs:Cash contextRef="AsOf2009" can recognise, process, store, exchange and and ending with Total current assets. Cash 28,700 unitRef="EUR">28700000</ifrs:Cash> analyse it automatically using software. Trade and other current <ifrs:TradeAndOtherCurrentReceivables receivables 585,548 contextRef="AsOf2009" unitRef="EUR">585548000</ifrs:Tr Inventories 57,381 adeAndOtherCurrentReceivables> <ifrs:Inventories contextRef="AsOf2009" Total current assets 671,629 unitRef="EUR">57381000</ifrs:Inventories> Left-hand side: example excerpt from a typical Right-hand side: the same example excerpt, but now (human-readable) statement of financial position. displaying the computer-readable XBRL tags. 6 | Snapshot: IFRS® Taxonomy
  • 7. About XBRL taxonomies XBRL tags are defined and As a result, taxonomies enable computers Taxonomies differ according to reporting with XBRL software to: purposes, the type of information being organised using reported and reporting presentation For a company • understand what the tag is (eg whether it categorisation schemes is a monetary item, a percentage or text); requirements. Consequently, a company reporting in IFRS, the may use one taxonomy when reporting to a called taxonomies. • what characteristics the tag has (eg if it stock exchange, but use a different IFRS Foundation Taxonomies are the computer-readable has a negative value); taxonomy when reporting to a securities publishes tags for all ‘dictionaries’ of XBRL. Taxonomies provide • its relationship to other items (eg if it is regulator. IFRS disclosures. definitions for XBRL tags, they provide information about the tags, and they part of a calculation). Taxonomies are available for most of the These tags are major national accounting standards around organise the tags so that they have a This additional information is called the world. For a company reporting in IFRS, organised and meaningful structure. meta-data. When information that has been tagged with XBRL is transmitted, the the IFRS Foundation publishes tags for all contained within the meta-data contained within the tags is also IFRS disclosures. These tags are organised IFRS Taxonomy. transmitted. and contained within the IFRS Taxonomy. Snapshot: IFRS® Taxonomy | 7
  • 8. The IFRS Taxonomy The IFRS Taxonomy is the XBRL The two are then combined and the result is a By publishing interim releases, the IFRS This ensures transparency and compliance representation of the IFRSs, including set of XBRL computer files which make up the Foundation aims to support the early with best practice, and also provides quality International Accounting Standards (IASs), IFRS Taxonomy. adoption of IFRSs by providing taxonomy assurance and opportunities to engage with Interpretations, and the IFRS for Small and items for new IFRSs once they are published stakeholders in order to understand their This year, the financial reporting content Medium-sized Entities (SMEs), issued by the by the IASB, which eliminates the need for concerns and the impact that the IFRS scope of the IFRS Taxonomy has been IASB. early-adopting entities to create their own Foundation’s decisions will have. expanded to include IFRS application and taxonomy items. The IFRS Taxonomy is an open core taxonomy, implementation guidance and illustrative which means that it has been developed to examples that are commonly used by entities. The IFRS Taxonomy is developed through a allow companies to tailor it to their specific This is intended to reflect IFRSs more formal system of due process and broad needs by adding their own tags. Company- comprehensively, thereby supporting international consultation. specific tags that are added to a taxonomy are preparers of IFRS financial statements in XBRL End of annual taxonomy known as taxonomy extensions. format. development cycle Like the IFRS Bound Volume*, the IFRS In addition to the core taxonomy the IFRS XBRL Taxonomy is released once a year to Foundation, beginning in 2010, has also Quality Further Exposure IFRS New / IFRS Taxonomy Final IFRS Taxonomy incorporate new IFRSs, improvements to started to publish IFRS Taxonomy extensions development* Review taxonomy Draft IFRS Bound Taxonomy improved Interim Team development Taxonomy Volume IFRSs existing IFRSs, and also changes in XBRL following the publication of new IFRSs by the releases review technology. IASB. These extensions are known as IFRS Taxonomy interim releases. They contain The annual development cycle of the IFRS additional taxonomy items that reflect new or NOVEMBER DECEMBER JANUARY FEBRUARY MARCH APRIL MAY to OCTOBER Taxonomy involves the construction of an improved IFRSs which are not included in— XBRL technology framework (known as an *including consolidation of IFRS Taxonomy interim releases and are therefore supplementary to—the core architecture) and the implementation of IFRS Taxonomy. Illustration: the annual development cycle of the IFRS Taxonomy. up-to-date IFRS disclosure and presentation requirements (ie financial reporting content). * The IFRS Bound Volume is the printed consolidated text of the IASB's authoritative pronouncements and the accompanying documents—illustrative examples, implementation guidance, bases for conclusions and dissenting opinions—as issued by the IASB at the beginning of a calendar year. The IFRS Bound Volume is available from the IFRS e-shop at http://buy.ifrs.org. 8 | Snapshot: IFRS® Taxonomy
  • 9. Due process guiding considerations Business considerations Functional considerations Usability Technical considerations Consistency with IFRSs Stability The IFRS Taxonomy is usable throughout the Compliance financial reporting supply chain in all The IFRS Taxonomy reflects and is consistent The IFRS Taxonomy is intended for use scenarios and geographic regions where IFRSs The IFRS Taxonomy is compliant with all with IFRSs at all times. Common-practice or throughout the financial reporting supply are implemented, thereby improving market specifications recommended by XBRL industry-specific disclosures which are not chain. Consequently, the XBRL architecture transparency, supporting better analysis and International. included in IFRSs are not included in the and financial reporting content of the IFRS reducing the reporting burden. New technologies and best practices IFRS Taxonomy. Taxonomy are developed to ensure that the taxonomy is stable and sustainable, although Interoperability The IFRS Foundation considers the impact of Time line alignment with IFRSs requires necessary The IFRS Taxonomy ensures that new XBRL technologies (specifications) and The development time line of the IFRS amendments to the taxonomy from a interoperability between different software best practices developed by XBRL Taxonomy is aligned with the IASB delivery financial reporting perspective. systems is possible. International. timetable as closely as possible (ie with the Extensibility publication of the IFRS Bound Volume). Users of the IFRS Taxonomy are permitted to Availability extend it for their specific needs. The IFRS Taxonomy and all related files and materials are freely available. Snapshot: IFRS® Taxonomy | 9
  • 10. Applying XBRL to financial statements Step 1: choose a taxonomy Again, there are some cases when a company may not create an extension. For example, the company is filing with an agency and the agency has prohibited the use of extensions. In these In order to create an instance document, a company must first identify a taxonomy to use. In cases, the company must identify an element from the taxonomy provided. some cases, a company may not have the choice of the taxonomy it uses. For example, the company is filing with an agency and the agency has prescribed a specific taxonomy that Step 4: create tags and an instance document must be used. If a taxonomy is not prescribed then a company must decide whether to use a Once all line items and their equivalent elements have been identified (and/or created), published taxonomy, or to create its own taxonomy, or do a combination of the two and use a numeric facts (monetary, decimal or share values) or text facts from the statement are tagged published taxonomy but add items that are specific to its own reporting needs. using XBRL software. These tags associate the facts with the taxonomy (and extension) Step 2: compare information elements, and are used to generate an instance document. The instance document should then be reviewed and checked (validated). Once the taxonomy is chosen, a company must compare the line items in their chart of accounts or financial statements with the elements contained in the chosen taxonomy. The company must then identify the taxonomy elements that are equivalent to these line items. IFRS Taxonomy 2010 For example, the statement may report the company's liabilities, and if the taxonomy [210000] Statement of financial position, current / non-current - Consolidated financial statements contains the element liabilities, then this element can be used by the company. This process is Statement of financial position known as mapping and can be done manually using a spreadsheet or using an XBRL viewing Assets tool. Non-current assets Property, plant and equipment IAS 1.54, IAS 16.73 Example excerpts from a typical company's statement of financial position and the IFRS Investment property IAS 1.54, IAS 40.76, IAS 40.79 Taxonomy are displayed on the right-hand side (a statement line item and the corresponding Goodwill IAS 1.54, IAS 36.134, IFRS Taxonomy element have been highlighted). IAS 36.135, IFRS 3.B67 Intangible assets other than goodwill IAS 1.54, IAS 36.134, IAS 36.135, IAS 38.118 Step 3: create extensions Investments accounted for using equity method IAS 1.54, IFRS 8.24, IFRS 8.28 If the company's financial statements contain line items that do not have equivalent taxonomy elements, then a company must create its own element, known as a taxonomy Right-hand side: example excerpt from the IFRS Left-hand side: example excerpt from a typical extension. Taxonomy viewed using an XBRL tool. statement of financial position. 10 | Snapshot: IFRS® Taxonomy
  • 11. The origins of XBRL XBRL is highly adaptable (extensible). Because XBRL was originally developed in 1998 by a There are currently almost thirty XBRL The growing number of XBRL jurisdictions it is an open standard without licence fees, Certified Public Accountant to improve the jurisdictions around the world. Each reflects the growing emergence of the XBRL is software and hardware independent. exchange, publication and analysis of jurisdiction is responsible for creating standard around the world. As a result, data that has been tagged in XBRL business information, including financial taxonomies - generally for the main local can be transmitted in a variety of formats and data. accounting standards - and for promoting and using a variety of tools. XBRL’s adaptable facilitating the implementation of XBRL in Today, the ongoing development of XBRL is nature also means that it can be applied to that region. coordinated by XBRL International, a not-for- different languages. profit consortium of approximately 550 Although XBRL’s most recognised and companies, organisations and government common function is financial reporting, agencies around the world, including the XBRL tags can be created and adapted to IFRS Foundation. virtually all reporting needs and to support all standard tasks involving both financial and non-financial business data. XBRL was originally developed by a Certified Public Accountant to improve the exchange, publication and analysis of business information Illustration: XBRL jurisdictions around the world (source: XBRL International) Snapshot: IFRS® Taxonomy | 11
  • 12. The future of IFRSs and XBRL Adoption of IFRSs around the world is In order to support a growing number of Yet despite a steadily rising number of users growing. Since the formation of the IASB stakeholders and convergence of financial and stakeholders, and despite the success of and IFRS Foundation in 2001, almost 120 reporting standards, new IFRSs and numerous individual initiatives and The IFRS Taxonomy countries have required or permitted the improvements are being published. XBRL is projects, on a global scale XBRL remains in and all related use of IFRSs. All remaining major also evolving with new, robust specifications the early adoption phase. The benefits of economies have established time lines to being developed by international working XBRL adoption and implementation are materials are freely converge with, or adopt IFRSs in the near groups, and software solutions being being realised, but gradually. available from the future, and few are doing so without also developed to harness these new Consequently, while XBRL is in the early IFRS website at http:// considering XBRL and the IFRS Taxonomy. functionalities and to ease implementation. phases of adoption, now is an opportune www.ifrs.org/XBRL XBRL adoption is also growing of its own Combined with the lack of an alternative time to learn about XBRL and to prepare an accord, with new jurisdictions and projects standard that is able to offer the same implementation plan. emerging across the world. capabilities and benefits, XBRL is ideally placed to become the de facto standard for business reporting. 12 | Snapshot: IFRS® Taxonomy
  • 13. Frequently asked questions (FAQs) What is XBRL? What is the IFRS Taxonomy? XBRL stands for eXtensible Business Reporting Language. It is a digital ‘language’ that was The IFRS Taxonomy is the XBRL representation of IFRSs issued by the IASB. The IFRS Taxonomy developed specifically to communicate information between businesses and other users of contains tags for all IFRS disclosures. financial information. In XBRL, mark-up tags are used to make business information computer- readable and consumable. Why did the IFRS Foundation develop a taxonomy for IFRSs? The IFRS Taxonomy was developed to address the demand for an electronic standard to Does using XBRL change the information that is reported? transmit IFRS financial information. No. XBRL provides a common, electronic format for business reporting. It does not change what is reported. It only changes how it is reported. What is the relationship between IFRSs and XBRL? The goal of the IFRS Foundation is to provide the world’s integrating capital markets with a Does XBRL change financial reporting standards? common language for financial reporting. XBRL was developed to provide a common format No. Financial reporting standards can be 'translated' into XBRL but their meaning and for business and financial reporting. Both IFRSs and XBRL are intended to standardise financial disclosures remain unchanged. reporting, in order to promote transparency and to improve the quality and comparability of business information. Is XBRL restricted to financial reporting? No. Although XBRL’s most recognised and common function is financial reporting, XBRL tags can be created and adapted to virtually all business reporting needs. Useful links IFRS Foundation: www.ifrs.org/xbrl XBRL International: www.xbrl.org What is a taxonomy? A taxonomy is a computer-readable 'dictionary' that defines and organises XBRL tags to give the tags order and meaning. Snapshot: IFRS® Taxonomy | 13
  • 14. Notes 14 | Snapshot: IFRS® Taxonomy
  • 15. Notes Snapshot: IFRS® Taxonomy | 15
  • 16. IFRS Foundation 30 Cannon Street | London EC4M 6XH | United Kingdom Telephone: +44 (0)20 7246 6410 | Fax: +44 (0)20 7246 6411 Email: info@ifrs.org | Web: www.ifrs.org/xbrl For further information about the IFRS XBRL initiative, please contact the IFRS Foundation XBRL Team on telephone: +44 (0)20 7246 6410 or email: xbrl@ifrs.org 100% Printed on 100 per cent recycled paper