International Financial Reporting Standards                                                                               ...
Agenda                                                                          2• What is XBRL?• XBRL activities at the I...
International Financial Reporting Standards                                                                               ...
in a nutshell                         4• Universal, XML-based, royalty-free standard to improve  publishing, exchange, ana...
XBRL - Taxonomy Development Training    Washington DC                                                                     ...
6                                                                                ?© 2010 IFRS Foundation. 30 Cannon Street...
International Financial Reporting Standards                                                                               ...
XBRL governance                                                                                                           ...
What we provide                                                                                   9•   A licence-free IFRS...
IFRS Taxonomy content model                                                                              10Sources        ...
International Financial Reporting Standards                                                                          IFRS ...
Around the world                                                                12© 2010 IFRS Foundation. 30 Cannon Street...
Adoption of the IFRS taxonomy                                                                              13The adoption ...
Other projects around the world                                                 14© 2010 IFRS Foundation. 30 Cannon Street...
International Financial Reporting Standards                                                                               ...
XBRL for Business Registers                                                     16• On-going or emerging projects in Austr...
Processing of the annual accounts                               Output                                                 Dat...
International Financial Reporting Standards                                                                               ...
Challenges & Opportunities                                                      19• Broader scope for the IFRS Taxonomy   ...
Contact us                                                                      20 xbrl@ifrs.org +44 (0)207 246 6410 ww...
Questions or comments?                                                          21Expressions of individual viewsby member...
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The IFRS Taxonomy: Today & Tomorrow (Mr Olivier Servais, IFRS Foundation)

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The IFRS Taxonomy: Today & Tomorrow (Mr Olivier Servais, IFRS Foundation)

  1. 1. International Financial Reporting Standards IFRS and XBRL Corporate Registers Forum - Singapore 11 May 2011 Olivier Servais – Director, XBRL ActivitiesThe 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
  2. 2. Agenda 2• 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© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
  3. 3. International Financial Reporting Standards What is XBRL?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
  4. 4. in a nutshell 4• 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© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
  5. 5. XBRL - Taxonomy Development Training Washington DC 2008/10/14-15 taxonomy concept value context unit reportCopyright © 2006-2008 Business Reporting – Advisory Group Sp. z o.o.
  6. 6. 6 ?© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
  7. 7. International Financial Reporting Standards XBRL at the IFRS FoundationThe 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
  8. 8. XBRL governance 8 appoints Trustees of the IFRS Foundation oversee, review effectiveness,XBRL Advisory appoint and finance informs Council (strategic) consults consults IFRS Foundation IASB XBRL Team advises advisesXBRL QualityReview Team (technical) creates creates IFRSs in XBRL IFRSs / IFRS for SMEs reviews (IFRS Taxonomy) © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
  9. 9. What we provide 9• 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…© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
  10. 10. IFRS Taxonomy content model 10Sources IFRS Taxonomy Company concepts Local/regulatory concepts Common practice concepts Guidance and example concepts Core disclosure requirements concepts© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
  11. 11. International Financial Reporting Standards IFRS Taxonomy: some examples of its useThe 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
  12. 12. Around the world 12© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
  13. 13. Adoption of the IFRS taxonomy 13The 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 TaxonomyMost 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.© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
  14. 14. Other projects around the world 14© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
  15. 15. International Financial Reporting Standards XBRL for Business RegistersThe 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
  16. 16. XBRL for Business Registers 16• 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
  17. 17. Processing of the annual accounts Output Data XBRL XBRL loading98% PDF PDF Quality verification Paper Images database Data encoding Figures2% Paper Data Statistics Scanning 17
  18. 18. International Financial Reporting Standards Challenges and opportunitiesThe 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
  19. 19. Challenges & Opportunities 19• 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
  20. 20. Contact us 20 xbrl@ifrs.org +44 (0)207 246 6410 www.ifrs.org/xbrl © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
  21. 21. Questions or comments? 21Expressions of individual viewsby members of the IASB andits staff are encouraged.The views expressed in thispresentation are those of thepresenter. Official positions ofthe IASB on accounting mattersare determined only afterextensive due processand deliberation.© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

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