the ifrs taxonomy: today & tomorrow (mr olivier servais, ifrs foundation)
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International Financial Reporting Standards
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation.
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
IFRS and XBRL Corporate Registers Forum - Singapore
11 May 2011
Olivier Servais – Director, XBRL Activities
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
22Agenda
• What is XBRL?
• XBRL activities at the IFRS Foundation and IASB
• Adoption of the IFRS Taxonomy
• XBRL for Business Registers
• Challenges and opportunities
• Q&A
International Financial Reporting Standards
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
What is XBRL?
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
4in a nutshell
• Universal, XML-based, royalty-free standard to improve
publishing, exchange, analysis & comparison of
financial data and business information
• Dedicated to: regulators, companies, banks, insurance,
software vendors, analyst, auditors & accountants …
• Accounting principles translated (tagged) in an
electronic set of data (taxonomy)
• Adopted and implemented worldwide
Copyright © 2006-2008 Business Reporting – Advisory Group Sp. z o.o.
Washington DC
2008/10/14-15
XBRL - Taxonomy Development Training Washington DC
2008/10/14-15
XBRL - Taxonomy Development Training
concept contextvalue unittaxonomy report
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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International Financial Reporting Standards
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
XBRL at theIFRS Foundation
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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oversee, review effectiveness,
appoint and finance
XBRL governance
Trustees of the IFRS Foundation
IFRS Foundation
XBRL TeamIASB
IFRSs in XBRL
(IFRS Taxonomy)IFRSs / IFRS for SMEs
XBRL Quality
Review Team (technical)
XBRL Advisory
Council(strategic) consults
advises
informs
creates creates
consults
advises
appoints
reviews
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
9What we provide
• A licence-free IFRS Taxonomy consistent with the IFRSs and the IFRSs for SMEs
• Translations of the IFRS Taxonomy available for 2009 in Arabic, (Simplified) Chinese, Dutch,
French, German, Italian, Japanese, Korean and Spanish
• Support materials
– IFRS Taxonomy Guide, a technical guide for issuers and preparers, analysts, accountants,
regulators, software vendors and service providers
– IFRS Taxonomy Illustrated, presents a simplified view of the Taxonomy in an easy to read,
visual format, with non-technical language
– xIFRS (IFRSs with XBRL), presents a view of the electronic IFRSs with embedded XBRL
available for both the IFRSs and the IFRS for SMEs
– Illustrative examples, presents case studies for statements prepared with IFRS taxonomy
available for both the IFRSs and the IFRS for SMEs
– IFRS Taxonomy Modules Manager, an online tool which helps users to navigate and
customise the Taxonomy according to their requirements
• Outreach activities to national jurisdictions, regulators and supervisors, issuers and preparers,
software vendors…
IFRS Taxonomy content model
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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Guidance and example
concepts
Core disclosure requirements
concepts
Common practice concepts
Local/regulatory concepts
Company concepts
Sources IFRS Taxonomy
International Financial Reporting Standards
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
IFRS Taxonomy:some examples of its use
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
12Around the world
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
13Adoption of the IFRS taxonomyThe adoption of the IFRS taxonomy includes (but is not limited to):
• Corporate/securities filing:– Accounting and Corporate Regulatory Authority of Singapore ACRA Taxonomy;
– DCCA (Danish Chamber of Commerce Association), Denmark;
– DART System of the Financial Supervisory Service, Korea;
– Financial Services Agency of Japan EDINET;
– Israel Securities Authority MAGNA platform;
– Ministry of Finance, PR of China Chinese Accounting Standards (CAS) Taxonomy;
– Standard Business Reporting Program in Australia and The Netherlands;
– Superintendencia de Valores y Seguros información del Mercado de Valores of Chile;
– Johannesburg Stock Exchange, South Africa SA Taxonomy;
– CNMV (Comisión Nacional del Mercado de Valores) of Spain;
– UK HRMC and Companies House UK-IFRS Taxonomy;
– Securities & Commodities Agency, UAE
– Microfinance Information eXchange MIX Microfinance Taxonomy
• Banking/Insurance regulation:– EBA (European Banking Authority) FINREP (FINancial REPorting framework) Taxonomy
– Bermuda Monetary Authority Solvency II XBRL Taxonomy and IFRS for Insurance XBRL Taxonomy
Most countries who have adopted IFRSs are also considering whether to adopt XBRL and the IFRS
Taxonomy. These include Brazil, Canada, India, Indonesia, Italy, Korea, Luxembourg, Mexico,
Poland, UAE and Switzerland.
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© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
14Other projects around the world
International Financial Reporting Standards
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
XBRL for Business Registers
XBRL for Business Registers
• On-going or emerging projects in Australia, Belgium, China, Italy,
Malaysia, Singapore, Spain, The Netherlands, UK…
• Different business models for the BR
• Interaction with other regulators: tax, securities regulation, statistics…
• Expected and observed benefits– Savings in time & money for both, the filer and the agency
– Higher data accuracy
– Other : administrative burden reduction, credit risk analysis…
• Time to implement could be no more than 15 months
• Critical success factors– Taxonomy
– Interaction with vendors
– Training and education
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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Processing of the annual accounts
Paper
Images
database
Scanning
Data
loading
Output
XBRL
Data
Quality
verification
Data encoding
XBRL
Paper
Figures
Statistics
98%
2%
International Financial Reporting Standards
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Challenges and opportunities
Challenges & Opportunities
• Broader scope for the IFRS Taxonomy
– taxonomy items to reflect common-practice and industry-specific
needs
– Non-financial reporting items, ie management commentary,
sustainability… in the context of integrated reporting
• Audit and assurance of XBRL filings, with the IFRS Taxonomy as
core component
• A continuous taxonomy (permanent update) consistent with the
IFRSs
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
20Contact us
+44 (0)207 246 6410
www.ifrs.org/xbrl
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
21Questions or comments?
Expressions of individual views
by members of the IASB and
its staff are encouraged.
The views expressed in this
presentation are those of the
presenter. Official positions of
the IASB on accounting matters
are determined only after
extensive due process
and deliberation.