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The International Accounting Standards Committee (IASC) Foundation today announced the publication of the IFRS Taxonomy Guide 1.00 - All you need to know about the IFRS Taxonomy as a preparer, supervisor, software developer…
The document offers assistance in the implementation, application and further development of the IFRS Taxonomy 2008. The IFRS Taxonomy Guide 1.00 is targeted at people with a basic understanding of XBRL and familiarity with International Financial Reporting Standards and its interpretations, inclusive of :
- preparers and issuers of financial statements who create instance documents
- supervisors, regulators and other receivers who create specific (national and/or business) taxonomy extensions
- XBRL-compliant software developers.
The IFRS Taxonomy Guide document addresses both the accounting and technology aspects of the IFRS Taxonomy. The Guide comprises the following sections:
- The IFRS Taxonomy Architecture which describes the technical options that the IASCF XBRL Team chose when building the IFRS Taxonomy 2008.
- The Preparers Guide that helps preparers and issuers of financial statements in dealing with creation of instance documents.
- The Extenders Guide which describes how to properly extend the IFRS Taxonomy in order to make it consistent with future developments with IFRS and XBRL across the world and in various business areas.
- The Technology Guide provides all technical details on the IFRS Taxonomy, in particular for software developers.
- The Appendices that includes, inter alia, the XBRL fundamentals, a glossary and a style guide.
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