Base Financial Statements, International Accounting Standards 3
These Explanatory Notes describe the eXtensible Business Reporting Language (XBRL)
30AAS GAAP Taxonomy: Primary Financial Statements (PFS), Financial Reporting
for Commercial and Industrial Companies, AAS GAAP – Primary Financial
Statements (“the PFS Taxonomy”). The PFS Taxonomy has been prepared by the
Domain Working Group of XBRL Australia.
This PFS Taxonomy is compliant with XBRL Specification Version 2.0, dated 2001-12-14
35(http://www.xbrl.org/tr/2001/). It is for the creation of XBRL formatted business and
financial reporting by commercial and industrial companies according to the Australian
Accounting Standards generally agreed accounting standards.
This document assumes a general understanding of accounting and XBRL. If the reader
desires additional information relating to XBRL, the XBRL International web site (http://
40www.xbrl.org) is recommended. In particular a reading of the XBRL Specification Version
2.0 is highly recommended (http://www.xbrl.org/tr/2001/).
Primary Financial Statements, International Accounting Standards
Table of Contents
45 1.1. PURPOSE
1.2. TAXONOMY STATUS
1.3. SCOPE OF TAXONOMY
1.4. RELATIONSHIP TO OTHER WORK
2. TAXONOMY OVERVIEW
503. THE TAXONOMY REVIEW PROCESS
4. COMPILATION OF THE AUSTRALIAN PFS TAXONOMY
5. THE ELEMENT NAMING CONVENTION
6. LABEL LANGUAGE
7. IAS EQUIVALENCY RELATIONSHIPS
55 Elements in Australian taxonomy
8. REVIEW AND TESTING, UPDATES AND CHANGES
8.1. CHANGE LOG
8.2. UPDATES TO THIS TAXONOMY
8.3. ERRORS AND CLARIFICATIONS
60 8.4. COMMENTS AND FEEDBACK
9. APPENDIX 1
10. APPENDIX 2
10.1. EQUIVALENCY RELATIONSHIPS BETWEEN AUSTRALIAN AND IAS TAXONOMY
Base Financial Statements, International Accounting Standards 5
The Australian Accounting Standards bodies and XBRL Australia
(http://www.xbrl.org) are leading the development of this eXtensible Business
Reporting Language (XBRL) Primary Financial Statements (PFS) Taxonomy for
the purpose of expressing financial statements according to the AAS GAAP.
70This Primary Financial Statements (PFS) Taxonomy is designed to facilitate
the creation of XBRL formatted documents that reflect business and financial
reporting for commercial and industrial companies according to the Australian
Accounting Standards Generally Accepted Accounting Principles. The purpose of
this PFS Taxonomy is to provide a framework for the consistent creation of XBRL
75documents for financial reporting purposes by private sector and certain public
sector entities. The purpose of this and other taxonomies produced using XBRL is
to supply a framework that will facilitate data exchange among software
applications used by companies and individuals as well as other financial
information stakeholders, such as lenders, investors, auditors, attorneys, and
The particular disclosures in this PFS Taxonomy models are:
1. Required by particular AASs
2. Typically represented in AAS model financial statements, checklists and
guidance materials as provided from each of the major international
85 accounting firms.
3. Found in common reporting practice, or
4. Flow logically from items 1-3, for example, sub-totals and totals.
The Taxonomy is a Working Draft. Its content and structure have been
90reviewed both accounting and technical teams of the Australian Domain Working
Group. As such, the XBRL element names, labels, linkbases and references should
be considered complete and stable within the domain of the Taxonomy. Although
changes may occur to any of this XBRL data, the probability of any changes
significantly altering the content of the Taxonomy is low.
95The following is a summary of meanings of the status of taxonomies:
• Internal Working Draft – Internal Working Draft version of a taxonomy
exposed to XBRL.ORG members for internal review and testing.
• Working Draft – Working Draft version of a taxonomy exposed to public
for review and testing.
100 • Recommendation – Final version of taxonomy, released for use by the
1.3.Scope of Taxonomy
The PFS Taxonomy encompasses the core financial statements that private sector
and certain public sector entities report typically in annual, semi-annual or
105quarterly financial disclosures.
Those financial statements are the
Base Financial Statements, International Accounting Standards 6
1. The statement of financial condition,
2. The statement of financial performance,
3. The statement of cash flows and
110 4. The statement of changes in equity.
Reporting elements from those financial statements may be incorporated into a
wide variety of other disclosures from press releases to multi-period summaries.
This taxonomy excludes elements that provide enhanced disclosure over and
above the disclosures made in the primary financial statements. These
115disclosures are, in the context of annual financial statements, typically made in
the notes to the financial statements. A second taxonomy, nbamed the EDAP
taxonomy will provide such elements along with elements to identify the
accounting policies adopted by the reporting entity. Elements in the EDAP
taxonomy will include:
120 1. Accounting Policies
2. Explanatory Disclosures to the Financial Statements
3. Management Discussion and Analysis / Director report
4. Financial Highlights and
5. Auditor’s Report
125Taken together, these taxonomies will meet the reporting needs of companies
that meet three criteria, viz (i) they reporting under “pure” Australian Accounting
Standards (AASs), (ii) are in the broad category of “commercial and industrial”
industries and (iii) have relatively common reporting elements in their financial
statements. In practice, these three criteria are unlikely to hold for any company.
130Additional taxonomies are likely to be required.
1.4.Relationship to Other Work
XBRL utilizes the World Wide Web consortium (W3C www.w3.org )
• XML 1.0 (http://www.w3.org/TR/2000/REC-xml-20001006)
135 • XML Namespaces (http://www.w3.org/TR/1999/REC-xml-
• XML Schema 1.0 (http://www.w3.org/TR/xmlschema-1/ and
• XLink 1.0 (http://www.w3.org/TR/xlink/).
1402. Taxonomy overview
The following is an overview of the taxonomy. It is assumed that the reader is
familiar with financial and business reporting and has a basic understanding of
3. The taxonomy review process
145The taxonomy review process involved the distribution of each section of the
taxonomies (both primary financial statements and Explanatory Disclosures and
Accounting Policies taxonomy) in MS Excel to four of the big five accounting
Base Financial Statements, International Accounting Standards 7
firms. The review ensured that the references attached to the taxonomy were
correct and areas of disclosure reviewed were complete.
150The various parts of the taxonomy were returned to the project manager in MS
Excel format and incorporated into the Australian taxonomy.
4. Compilation of the Australian PFS taxonomy
The Australian taxonomy was compiled by the Australian Domain Working Group.
It underwent review from the major accounting firms for content and accuracy
155(review details described below). The result of this initial effort were submitted to
the IAS taxonomy development working group at a meeting in Singapore early in
2002 so that the IAS Taxonomy could be constructed in a manner that facilitated
close alignment with the concepts required by the taxonomies of accounting
jurisdictions that are closely aligned with international accounting standards.
160Following this meeting work continued on the IAS taxonomies, which has now
been released. More details on the IAS taxonomies are available at
5. The element naming convention
The names currently used in the Australian taxonomy are based on the names of
165the elements entirely. They are not in line with the IAS naming convention, but
concepts that have an equivalent in the IAS taxonomy have been identified as
such using equivalency relationships in the definitions linkbase. The Australian
taxonomy names have been automatically created and have been driven by
readability and ease of comprehension. For the equivalency relationships
170established between IAS names and Australian names see section 5.
The current Australian names and naming convention is open to change and will
adopt the IAS naming convention should this be deemed appropriate in the
That said, the element names satisfy all of the requirements imposed by XML and
6. Label language
Currently, labels for taxonomy elements are provided in English.
7. IAS equivalency relationships
The definitions linkbase includes a number of equivalency relationships between
180concepts defined in the IAS PFS taxonomy and concepts defined in the Australian
This means that those producing instance documents can choose to work with
either the Australian taxonomy elements or the IAS taxonomy elements while
maintaining an identical interpretation of the XBRL reports so produced.
185This approach to taxonomy extension differs somewhat from that originally
envisaged for extension taxonomies, which anticipated that the extension
taxonomies would not duplicate elements in the taxonomies being extended.
The chosen approach, however, does have the following benefits to recommend
Base Financial Statements, International Accounting Standards 8
1901 XBRL reports using the taxonomy will be directly comparable to XBRL reports
using the IAS PFS taxonomy wherever such comparisons are warranted, by
navigating the equivalency relationships in the definitions linkbase;
2 users of the taxonomy will not need to also use IAS PFS elements to produce
their primary financial statements in XBRL;
1953 the reference linkbase, referring to the AAS GAAP, will refer directly to
elements defined in the Australian taxonomy, instead of referring in some
cases to the IAS PFS taxonomy elements; and
4 institutions wishing to prepare XBRL reports using the IAS PFS elements
where they are available and the Australian PFS elements otherwise, will be
200 able to do so without altering the interpretation of those XBRL reports.
We recognise that this approach will be open to debate. The Australian PFS
taxonomy is the first such extension taxonomy to be released. Given this
situation, we will pay particular attention to feedback on the approach adopted in
this working draft of the Australian PFS taxonomy. For those that are concerned
205about the potential for redundant elements to be removed from the Australian
PFS taxonomy in later drafts (affecting those elements with IAS PFS taxonomy
equivalents), the ideal approach will be to prepare XBRL reports using the IAS
PFS elements where they are available and the Australian PFS elements
otherwise. This will ensure that such XBRL reports will remain compatible with
210later releases of this Australian PFS taxonomy.
The IAS taxonomy elements have been mapped to the agreed/ reviewed
Australian elements. The detailed list of the equivalency relationships defined by
Australia is in appendix 2.
This information has been used in the Australian taxonomy to establish which
215elements in the taxonomy are based on IAS elements and which elements in the
Australian taxonomy are additional disclosures required by Australia.
This diagram perhaps best displays this idea:
elements ( 59
Elements in Australian taxonomy elements)
IAS elements with
(140 elements in Appendix
15Base Financial Statements, International Accounting Standards 9
8. Review and Testing, Updates and Changes
None at this time.
2358.2.Updates to this Taxonomy
This taxonomy will be updated with revisions for errors and new features. It is
also anticipated that this taxonomy will be updated as required to incorporate
changes in generally accepted accounting principles and business reporting
240Since financial statements created using a taxonomy must be available
indefinitely, the taxonomy must be available indefinitely. Versions of the
taxonomy will be distinguished by the namespace chosen for the elements that
8.3.Errors and Clarifications
245If you wish to report an error or require a clarification, please provide feedback as
indicated in the “Comments and Feedback” section of this document.
8.4.Comments and Feedback
Comments and feedback are welcome, particularly ideas to improve this
taxonomy. If you have a comment or feedback or wish to report an error, post
250comments to the Australian Domain Working Group at:
XBRL.AU also plan to release the Australian Explanatory Disclosures and
Accounting Policies taxonomy in the near future. One of the main factors this
hinges on is the stability of names in the IAS EDAP taxonomy.
255In addition instance documents constructed from the taxonomy will be released.
Finally it must be stressed this taxonomy is a working draft release. It is
expected to be updated and re-released within months. Therefore to use it for
purposes other than for testing its accuracy may lead to report obsolecence,
depending upon your objectives.
Base Financial Statements, International Accounting Standards 10
2609. Appendix 1
Areas of taxonomy reviewed in the Australian accounting review.
Taxonomy portion to be reviewed
Statement of Financial Performance
Statement of Financial Position
Statement of significant accounting policies
Change in accounting policy
Revenue from ordinary activities
Profit from ordinary activities before income tax expense
Earnings per share
Investments accounted for using the equity method
Other financial assets
Other current assets
Property, plant and equipment
Exploration, evaluation and development expenditure
Other non-current assets
Interest bearing liabilities
Amounts payable/ receivable in foreign currency
Base Financial Statements, International Accounting Standards 11
Outside equity interests
Total equity reconciliation
Additional financial instruments disclosure
Deed of cross guarantee
Equity accounted investments
Interests in joint venture operation
Notes to the statements of cash flows
Events subsequent to balance date
10.1.Equivalency relationships between Australian and IAS taxonomy
Australian Name IAS Name