IFRS for SMEs in XBRL

The XBRL version of the IFRS for SMEs is currently being developed by the IASC Foundation XBRL Team, and will be released as part of the IFRS Taxonomy 2010 in April 2010.

The IASC Foundation has decided to publish a single architecture for what were previously two separate taxonomies - the IFRS Taxonomy and the IFRS for SMEs Taxonomy 2009.  This reflects the outcome of the wide consultations that followed the release of the exposure draft of the IFRS for SMEs Taxonomy 2009 in September 2009.  Consequently, architectural improvements to the IFRS Taxonomy 2010 will also be implemented in the IFRS for SMEs Taxonomy 2009.  The result will be the relese of a single IFRS Taxonomy 2010 that will include an improved IFRS for SMEs.

The exposue draft of the IFRS for SMEs Taxonomy 2009 was released on 28 September 2009, and the comment period ended on 27 November 2009.  Because the exposure draft of the IFRS for SMEs Taxonomy 2009 was released after the IFRS Taxonomy 2009 in April 2009, a decision was required on whether the two taxonomies should share the same architecture, or whether the IFRS for SMEs Taxonomy 2009 should be unaffected by improvements to the architecture of the IFRS Taxonomy that were consulted on in July 2009.

Release time line

The current time line* for the release of the IFRS Taxonomy 2010, including the improved IFRS for SMEs is below:

* This is a tentative time line and may be subject to change.

The exposure draft of the IFRS Taxonomy 2010 will be released in February 2010 , with a final version scheduled for release in April 2010.  Any comments submitted on the exposure draft of the IFRS for SMEs Taxonomy 2009 that are unrelated to the impending architectural improvements remain valid, and will be considered in the usual way and in accordance with due process.

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If you have any questions on the IFRS Taxonomy, please contact us.