About the XBRL Advisory Council
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The primary objective of the XBRL Advisory Council (XAC) is to provide strategic advice related to XBRL activities such as the development and adoption of XBRL Taxonomies for International Financial Reporting Standards (IFRSs).
The XAC will provide a forum where the IASC Foundation‘s XBRL team is able to consult individuals, and representatives of organisations affected by its work, that are committed to the development of high quality IFRS taxonomies.
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Related documents
- Terms of Reference and Operating Procedures.
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As part of that consultative process the XAC gives advice to the IASC Foundation’s XBRL team on a range of issues which includes, but is not limited to, the following:
- input on the IFRS taxonomy architecture;
- input on the IASC Foundation XBRL team project timetable (work programme) including project priorities, and consultation on any changes in strategy plan and priorities;
- advice on projects, with particular emphasis on practical application and implementation issues, including adoption and implementation by stakeholders, convergence with US-GAAP, Japan and impact of XBRL taxonomies.
Another key objective of the XAC is to support the XBRL team in the adoption and implementation of the IFRS taxonomy throughout the world.
This may include the publishing of articles supportive of XBRL with the IFRSs and addressing public meetings on the same subject. Any such views expressed are personal, and should not create the impression that they are the opinions of the XAC (this objective does not preclude XAC members from independent critical analysis of the work of the XBRL team to assist better understanding of issues and solutions).