The document provides an overview of the International Financial Reporting Standards (IFRS) Taxonomy, which is an XBRL representation of IFRS that allows financial information to be automatically accessed, extracted, and processed. The IFRS Foundation launched the IFRS XBRL initiative in 2001 to develop the IFRS Taxonomy and improve access to financial information. The IFRS Foundation XBRL Team maintains the IFRS Taxonomy and works with the IASB and two external committees to achieve consistent adoption of IFRS through XBRL.
The document discusses results-based financing mechanisms like Output Based Aid (OBA). It provides examples of OBA being used to expand access to basic infrastructure and energy in developing countries. Specifically, it outlines a successful OBA project in Bangladesh that financed solar home systems, leveraged private sector financing, and verified outputs to ensure quality of service.
This document discusses business integration and value. It defines service as facilitating outcomes customers want without ownership of costs and risks. Value exists when used by consumers and varies over time. There are different types of customers - internal who share objectives and external with different objectives. Value is realized when outcomes are enabled for customers, not where money is spent internally. IT must link services to where value is realized for customers, not just where value is added, to demonstrate value to the business.
This white paper discusses renovations to the Center for Financial Innovation (CFFI) to incorporate new dialogue banking concepts. The CFFI was originally developed in 2002 by VRA architects and GRFI to test new branch designs and relationship building elements. It has since been used by various financial institutions to pilot new branch concepts. The recent renovations to the CFFI included additions like remote teller drive-ups and updated electronic merchandising. The CFFI continues to be available for other institutions to study innovative branch implementations and automation technologies.
Jan Duffy - UK/Canada: L'esperienza degli Shared Services Centers in UK e in ...innoforum09
This document discusses shared services in the UK and Canada. It provides an overview of shared services, including definitions, frameworks, trends, examples and lessons learned. Key points include that shared services aim to improve efficiency by combining common functions across organizations, while major trends show growing interest in client-facing shared services and innovative sourcing models. Examples highlighted shared services initiatives in the UK and Canadian governments for finance, HR and other back office functions. The document concludes with guidance for implementing shared services successfully.
Transnet aims to align its supplier development activities with South Africa's economic objectives through its Corporate Social Development Plan. It will focus on developing local tier 1 and tier 2 suppliers in related industries to increase employment, skills development, and black economic empowerment. By using its sphere of influence over large original equipment manufacturers, Transnet can help direct more spending to local supplier development and job creation. This shared vision between Transnet's objectives and those of the South African government will promote inclusive economic growth.
The document discusses Imperial College Consultants' role in managing projects funded by the European Union's FP7 framework. ICON acts as a consortium manager, coordinating non-research activities like budgeting, reporting, dissemination, and intellectual property planning. As the manager, ICON recruits staff, organizes meetings, communicates between partners, handles finances, and sets up websites and document sharing systems. The document outlines ICON's involvement from the proposal through execution phases of FP7 projects and notes some best practices and lessons learned for effective consortium management.
Impediments for implementing a sound asset management system rev 2Bob Prieto
The document summarizes Bob Prieto's perspective on impediments to implementing a sound asset management system. Some key impediments discussed include an inadequate definition of asset management, lack of executive support and vision setting, challenges establishing an asset management organization, and tactical issues such as cost and customization of asset management software and agreeing on metrics and condition assessments. Tactical challenges also include integrating systems, user training, and ensuring quality data entry. Private sector best practices highlighted include proactive maintenance, coordination across asset classes, and training those making asset management decisions.
This document outlines the goals and activities of the California Success Network (CA SN) to improve student outcomes in basic skills courses at California community colleges. The CA SN will establish a statewide coordinating center and support the development of regional networks to provide professional development opportunities for administrators, faculty and staff. This will include a summer leadership institute to develop campus leaders and promote models of effective practices. The goal is to increase student learning, success, persistence and ultimately completion rates, especially for historically underrepresented groups.
The document discusses results-based financing mechanisms like Output Based Aid (OBA). It provides examples of OBA being used to expand access to basic infrastructure and energy in developing countries. Specifically, it outlines a successful OBA project in Bangladesh that financed solar home systems, leveraged private sector financing, and verified outputs to ensure quality of service.
This document discusses business integration and value. It defines service as facilitating outcomes customers want without ownership of costs and risks. Value exists when used by consumers and varies over time. There are different types of customers - internal who share objectives and external with different objectives. Value is realized when outcomes are enabled for customers, not where money is spent internally. IT must link services to where value is realized for customers, not just where value is added, to demonstrate value to the business.
This white paper discusses renovations to the Center for Financial Innovation (CFFI) to incorporate new dialogue banking concepts. The CFFI was originally developed in 2002 by VRA architects and GRFI to test new branch designs and relationship building elements. It has since been used by various financial institutions to pilot new branch concepts. The recent renovations to the CFFI included additions like remote teller drive-ups and updated electronic merchandising. The CFFI continues to be available for other institutions to study innovative branch implementations and automation technologies.
Jan Duffy - UK/Canada: L'esperienza degli Shared Services Centers in UK e in ...innoforum09
This document discusses shared services in the UK and Canada. It provides an overview of shared services, including definitions, frameworks, trends, examples and lessons learned. Key points include that shared services aim to improve efficiency by combining common functions across organizations, while major trends show growing interest in client-facing shared services and innovative sourcing models. Examples highlighted shared services initiatives in the UK and Canadian governments for finance, HR and other back office functions. The document concludes with guidance for implementing shared services successfully.
Transnet aims to align its supplier development activities with South Africa's economic objectives through its Corporate Social Development Plan. It will focus on developing local tier 1 and tier 2 suppliers in related industries to increase employment, skills development, and black economic empowerment. By using its sphere of influence over large original equipment manufacturers, Transnet can help direct more spending to local supplier development and job creation. This shared vision between Transnet's objectives and those of the South African government will promote inclusive economic growth.
The document discusses Imperial College Consultants' role in managing projects funded by the European Union's FP7 framework. ICON acts as a consortium manager, coordinating non-research activities like budgeting, reporting, dissemination, and intellectual property planning. As the manager, ICON recruits staff, organizes meetings, communicates between partners, handles finances, and sets up websites and document sharing systems. The document outlines ICON's involvement from the proposal through execution phases of FP7 projects and notes some best practices and lessons learned for effective consortium management.
Impediments for implementing a sound asset management system rev 2Bob Prieto
The document summarizes Bob Prieto's perspective on impediments to implementing a sound asset management system. Some key impediments discussed include an inadequate definition of asset management, lack of executive support and vision setting, challenges establishing an asset management organization, and tactical issues such as cost and customization of asset management software and agreeing on metrics and condition assessments. Tactical challenges also include integrating systems, user training, and ensuring quality data entry. Private sector best practices highlighted include proactive maintenance, coordination across asset classes, and training those making asset management decisions.
This document outlines the goals and activities of the California Success Network (CA SN) to improve student outcomes in basic skills courses at California community colleges. The CA SN will establish a statewide coordinating center and support the development of regional networks to provide professional development opportunities for administrators, faculty and staff. This will include a summer leadership institute to develop campus leaders and promote models of effective practices. The goal is to increase student learning, success, persistence and ultimately completion rates, especially for historically underrepresented groups.
The document discusses the use of XBRL (eXtensible Business Reporting Language) for financial reporting and business registers. It provides an overview of XBRL, including what it is, how the IFRS Foundation develops the IFRS taxonomy in XBRL format, and examples of how various jurisdictions and organizations have adopted the IFRS taxonomy for regulatory filings, banking reporting, and other uses. The presentation also touches on challenges and opportunities around the growing adoption of XBRL globally.
This document provides an introduction to using XBRL (eXtensible Business Reporting Language) for financial reporting according to International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). It explains what XBRL is, how it works, and the benefits it provides for the exchange of financial information. The document also outlines the contents of the book and conventions that will be used.
The document discusses a proof of concept involving two software vendor tools, DecisionSoft and Rivet, that successfully rendered IFRS text while the XBRL user worked with the IFRS taxonomy by including references to IFRS paragraphs in the taxonomy.
This document provides an overview of the IFRS-GP taxonomy, which expresses concepts presented or disclosed in financial statements prepared using International Financial Reporting Standards. It explores the fundamentals of the taxonomy to help users understand how to read, comprehend and use it. The taxonomy was created through collaboration between accounting experts and aims to provide a consensus-based method for electronically classifying financial reporting concepts, while not defining new standards or limiting professional judgment.
The document discusses XBRL (eXtensible Business Reporting Language), which is an interactive data format used to tag financial statements for easier analysis. It outlines what XBRL is, key terms, SEC requirements, best practices for tagging, the tagging process, validation checks, and deliverables. Vintage Filings provides full-service XBRL tagging and filing services to help companies comply with SEC mandates in a cost-effective manner.
The document discusses the production cycle, which includes four main activities: product design, planning and scheduling, production operations, and cost accounting. It outlines the objectives, key documents, and business rules for each activity. It also discusses controls that can help ensure the objectives of authorization, validity, recording, asset protection, and compliance are met throughout the production cycle. Automating aspects of the cycle through tools like computer-integrated manufacturing and RFID can help increase productivity, security, and performance.
This document is the guide for the International Financial Reporting Standards (IFRS) Taxonomy 2010. It provides an overview of the IFRS Taxonomy architecture and describes how to use the taxonomy for preparing and extending financial statements in XBRL format. The guide is intended for preparers, extenders, and users of financial information based on the IFRS standards. It explains key aspects of the taxonomy including its folder structure, schemas, linkbases, and new technologies like versioning and formulae. The document also offers best practices for mapping to the taxonomy, customizing extensions, and creating valid XBRL instance documents.
The document discusses Singapore's experience with adopting eXtensible Business Reporting Language (XBRL) for financial reporting. It provides an overview of Singapore's financial reporting process and the objectives of adopting XBRL, which include improving access to company financial data, reducing duplicative reporting requirements, and facilitating regulatory business reporting. It describes Singapore's approach to mandating XBRL filing, which includes a small initial taxonomy, options for partial or full XBRL filing, and providing a free XBRL preparation tool. The benefits of adopting XBRL are said to include streamlining financial information supply chains, enabling more value-added activities by information resellers, and providing interactive financial data to users. Future plans include unlocking
The document discusses Singapore's experience with adopting eXtensible Business Reporting Language (XBRL) for financial reporting. It provides an overview of Singapore's financial reporting process and the objectives of adopting XBRL, which include improving access to company data, reducing duplicative reporting, and facilitating regulatory business reporting. It describes Singapore's approach to mandating XBRL filing, which took a soft approach to encourage buy-in by providing a small taxonomy and free XBRL preparation tool. The benefits of adopting XBRL are said to include streamlining inefficiencies in supplying financial information and enabling more value-added analysis of company and industry data. Future plans include unlocking greater potential for business-to-business, government-
The document discusses integrated reporting and its role in value creation. It provides an overview of the Australian Business Reporting Leaders Forum and their work to promote integrated reporting in Australia. The document also summarizes feedback on the International Integrated Reporting Council's discussion paper and potential benefits of integrated reporting, such as improved capital allocation and more meaningful reports that articulate a company's business model and value creation.
This publication provides general information about IFRS and is not meant to provide specific professional advice. It should not be solely relied upon for any decisions without consulting a qualified professional. While efforts have been made to ensure accuracy, this cannot be guaranteed, and the publisher assumes no liability. All rights are reserved.
It contains an overview of Deloitte's IFRS publications and resources available, including their website, newsletter, e-learning modules, financial statement examples, and country-specific comparison guides. It also introduces the Global IFRS Office and seven regional centers established to support IFRS implementation for clients.
The document discusses the use of International Financial Reporting Standards (IFRS) as the basis for preparing financial statements. It defines IFRS as standards adopted by the International Accounting Standards Board to facilitate comparability and transparency. The document examines the meaning and importance of IFRS, benefits of adoption such as improved comparability and access to capital, and the relationship between IFRS and Nigerian accounting standards. It also outlines the steps to apply IFRS in preparing financial statements according to IFRS 1, including preparing an opening IFRS balance sheet and considering transitional provisions and effective standards.
The document discusses Singapore's transition to using XBRL (eXtensible Business Reporting Language) for collecting and distributing business financial reporting data. Key points include:
- All Singapore companies will be required to file financial statements in XBRL format starting in 2007, bringing efficiencies to financial data extraction and reporting.
- XBRL will transform business data collection by facilitating automated, standardized extraction and comparison of financial information from company filings.
- It will also transform data distribution by powering analytical tools that provide interactive, value-added access to company financials and industry trends for various stakeholders.
- Benefits include streamlining financial supply chains, facilitating regulatory work, and paving the way
The document discusses the relationship between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). It describes how the IASB was created to establish a single set of global accounting standards. It discusses the challenges both boards have faced in harmonizing standards due to differences in languages, cultures, and economic/political environments. It outlines some of the short-term goals agreed upon by both boards at the 2002 Norwalk Agreement to improve compatibility of financial reporting standards.
XBRL Adoption in Singapore: One Year On discusses Singapore's experience adopting XBRL for corporate financial filings over the past year. Key points include:
- XBRL allows financial data to be tagged and exchanged between systems, enabling efficient analysis. It was adopted to improve access to company financial data.
- Filings were required to be in full or partial XBRL format beginning in late 2007. After one year, about 25% of filings used full XBRL tagging while others provided minimum tagged data with PDF statements.
- The ACRA taxonomy was developed to tag financial elements according to Singapore and IFRS standards, and continues to be refined with stakeholder input.
The document discusses the challenges US companies face in transitioning from GAAP accounting standards to IFRS standards. It notes that the SEC has advocated for a single set of global accounting standards and has proposed a timeline for US public companies to adopt IFRS by 2016. The transition will require significant resources and affect many departments within a company. Hiring experienced contract staff who specialize in IFRS can help companies implement IFRS in a cost-effective way while minimizing disruptions to operations.
Xbrl The Future Of Financial And Business Reporting Presented By Liv Apneseth...Workiva
The document discusses XBRL (eXtensible Business Reporting Language), including:
1) XBRL allows for standardized electronic communication of business and financial data through defined taxonomies and metadata tags, making reporting more efficient.
2) Projects implementing XBRL in Macedonia and Nevada aim to reduce costs and risks for public institutions and businesses.
3) XBRL provides benefits like preventing errors, easier data analysis, and more accurate corporate reporting.
Agile FINANCIAL TIMES November 2009
CUSTOMER SPOTLIGHT - Reliance Mutual Fund
Business Intelligence in BFSI - by Sanjay Mehta, CEO, MAIA Intelligence P. Ltd.
SOLUTION SPOTLIGHT - 1KEY Agile BI Suite
Xbrl the future of financial reporting by ca. nirmal ghorawatNirmal Ghorawat
This document provides an introduction to XBRL (eXtensible Business Reporting Language) and its benefits. It discusses that XBRL allows for automated processing of business information through tagging individual data items, reducing errors and manual work. XBRL development is led by XBRL International consortium. The document also notes that India has mandated filing of annual reports for specified companies using XBRL, and that XBRL adoption is growing worldwide for financial reporting.
The document discusses the development and adoption of International Financial Reporting Standards (IFRS) as a single set of global accounting standards. It notes that increasing globalization and the need for comparability across countries led to the creation of IFRS by the International Accounting Standards Board. Many countries have now fully adopted IFRS or converged their national standards with IFRS. The document outlines benefits of IFRS such as improved comparability and transparency, but also challenges to implementation such as changes required to financial reporting systems and potential political influences on standard setting.
The document discusses the use of XBRL (eXtensible Business Reporting Language) for financial reporting and business registers. It provides an overview of XBRL, including what it is, how the IFRS Foundation develops the IFRS taxonomy in XBRL format, and examples of how various jurisdictions and organizations have adopted the IFRS taxonomy for regulatory filings, banking reporting, and other uses. The presentation also touches on challenges and opportunities around the growing adoption of XBRL globally.
This document provides an introduction to using XBRL (eXtensible Business Reporting Language) for financial reporting according to International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). It explains what XBRL is, how it works, and the benefits it provides for the exchange of financial information. The document also outlines the contents of the book and conventions that will be used.
The document discusses a proof of concept involving two software vendor tools, DecisionSoft and Rivet, that successfully rendered IFRS text while the XBRL user worked with the IFRS taxonomy by including references to IFRS paragraphs in the taxonomy.
This document provides an overview of the IFRS-GP taxonomy, which expresses concepts presented or disclosed in financial statements prepared using International Financial Reporting Standards. It explores the fundamentals of the taxonomy to help users understand how to read, comprehend and use it. The taxonomy was created through collaboration between accounting experts and aims to provide a consensus-based method for electronically classifying financial reporting concepts, while not defining new standards or limiting professional judgment.
The document discusses XBRL (eXtensible Business Reporting Language), which is an interactive data format used to tag financial statements for easier analysis. It outlines what XBRL is, key terms, SEC requirements, best practices for tagging, the tagging process, validation checks, and deliverables. Vintage Filings provides full-service XBRL tagging and filing services to help companies comply with SEC mandates in a cost-effective manner.
The document discusses the production cycle, which includes four main activities: product design, planning and scheduling, production operations, and cost accounting. It outlines the objectives, key documents, and business rules for each activity. It also discusses controls that can help ensure the objectives of authorization, validity, recording, asset protection, and compliance are met throughout the production cycle. Automating aspects of the cycle through tools like computer-integrated manufacturing and RFID can help increase productivity, security, and performance.
This document is the guide for the International Financial Reporting Standards (IFRS) Taxonomy 2010. It provides an overview of the IFRS Taxonomy architecture and describes how to use the taxonomy for preparing and extending financial statements in XBRL format. The guide is intended for preparers, extenders, and users of financial information based on the IFRS standards. It explains key aspects of the taxonomy including its folder structure, schemas, linkbases, and new technologies like versioning and formulae. The document also offers best practices for mapping to the taxonomy, customizing extensions, and creating valid XBRL instance documents.
The document discusses Singapore's experience with adopting eXtensible Business Reporting Language (XBRL) for financial reporting. It provides an overview of Singapore's financial reporting process and the objectives of adopting XBRL, which include improving access to company financial data, reducing duplicative reporting requirements, and facilitating regulatory business reporting. It describes Singapore's approach to mandating XBRL filing, which includes a small initial taxonomy, options for partial or full XBRL filing, and providing a free XBRL preparation tool. The benefits of adopting XBRL are said to include streamlining financial information supply chains, enabling more value-added activities by information resellers, and providing interactive financial data to users. Future plans include unlocking
The document discusses Singapore's experience with adopting eXtensible Business Reporting Language (XBRL) for financial reporting. It provides an overview of Singapore's financial reporting process and the objectives of adopting XBRL, which include improving access to company data, reducing duplicative reporting, and facilitating regulatory business reporting. It describes Singapore's approach to mandating XBRL filing, which took a soft approach to encourage buy-in by providing a small taxonomy and free XBRL preparation tool. The benefits of adopting XBRL are said to include streamlining inefficiencies in supplying financial information and enabling more value-added analysis of company and industry data. Future plans include unlocking greater potential for business-to-business, government-
The document discusses integrated reporting and its role in value creation. It provides an overview of the Australian Business Reporting Leaders Forum and their work to promote integrated reporting in Australia. The document also summarizes feedback on the International Integrated Reporting Council's discussion paper and potential benefits of integrated reporting, such as improved capital allocation and more meaningful reports that articulate a company's business model and value creation.
This publication provides general information about IFRS and is not meant to provide specific professional advice. It should not be solely relied upon for any decisions without consulting a qualified professional. While efforts have been made to ensure accuracy, this cannot be guaranteed, and the publisher assumes no liability. All rights are reserved.
It contains an overview of Deloitte's IFRS publications and resources available, including their website, newsletter, e-learning modules, financial statement examples, and country-specific comparison guides. It also introduces the Global IFRS Office and seven regional centers established to support IFRS implementation for clients.
The document discusses the use of International Financial Reporting Standards (IFRS) as the basis for preparing financial statements. It defines IFRS as standards adopted by the International Accounting Standards Board to facilitate comparability and transparency. The document examines the meaning and importance of IFRS, benefits of adoption such as improved comparability and access to capital, and the relationship between IFRS and Nigerian accounting standards. It also outlines the steps to apply IFRS in preparing financial statements according to IFRS 1, including preparing an opening IFRS balance sheet and considering transitional provisions and effective standards.
The document discusses Singapore's transition to using XBRL (eXtensible Business Reporting Language) for collecting and distributing business financial reporting data. Key points include:
- All Singapore companies will be required to file financial statements in XBRL format starting in 2007, bringing efficiencies to financial data extraction and reporting.
- XBRL will transform business data collection by facilitating automated, standardized extraction and comparison of financial information from company filings.
- It will also transform data distribution by powering analytical tools that provide interactive, value-added access to company financials and industry trends for various stakeholders.
- Benefits include streamlining financial supply chains, facilitating regulatory work, and paving the way
The document discusses the relationship between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). It describes how the IASB was created to establish a single set of global accounting standards. It discusses the challenges both boards have faced in harmonizing standards due to differences in languages, cultures, and economic/political environments. It outlines some of the short-term goals agreed upon by both boards at the 2002 Norwalk Agreement to improve compatibility of financial reporting standards.
XBRL Adoption in Singapore: One Year On discusses Singapore's experience adopting XBRL for corporate financial filings over the past year. Key points include:
- XBRL allows financial data to be tagged and exchanged between systems, enabling efficient analysis. It was adopted to improve access to company financial data.
- Filings were required to be in full or partial XBRL format beginning in late 2007. After one year, about 25% of filings used full XBRL tagging while others provided minimum tagged data with PDF statements.
- The ACRA taxonomy was developed to tag financial elements according to Singapore and IFRS standards, and continues to be refined with stakeholder input.
The document discusses the challenges US companies face in transitioning from GAAP accounting standards to IFRS standards. It notes that the SEC has advocated for a single set of global accounting standards and has proposed a timeline for US public companies to adopt IFRS by 2016. The transition will require significant resources and affect many departments within a company. Hiring experienced contract staff who specialize in IFRS can help companies implement IFRS in a cost-effective way while minimizing disruptions to operations.
Xbrl The Future Of Financial And Business Reporting Presented By Liv Apneseth...Workiva
The document discusses XBRL (eXtensible Business Reporting Language), including:
1) XBRL allows for standardized electronic communication of business and financial data through defined taxonomies and metadata tags, making reporting more efficient.
2) Projects implementing XBRL in Macedonia and Nevada aim to reduce costs and risks for public institutions and businesses.
3) XBRL provides benefits like preventing errors, easier data analysis, and more accurate corporate reporting.
Agile FINANCIAL TIMES November 2009
CUSTOMER SPOTLIGHT - Reliance Mutual Fund
Business Intelligence in BFSI - by Sanjay Mehta, CEO, MAIA Intelligence P. Ltd.
SOLUTION SPOTLIGHT - 1KEY Agile BI Suite
Xbrl the future of financial reporting by ca. nirmal ghorawatNirmal Ghorawat
This document provides an introduction to XBRL (eXtensible Business Reporting Language) and its benefits. It discusses that XBRL allows for automated processing of business information through tagging individual data items, reducing errors and manual work. XBRL development is led by XBRL International consortium. The document also notes that India has mandated filing of annual reports for specified companies using XBRL, and that XBRL adoption is growing worldwide for financial reporting.
The document discusses the development and adoption of International Financial Reporting Standards (IFRS) as a single set of global accounting standards. It notes that increasing globalization and the need for comparability across countries led to the creation of IFRS by the International Accounting Standards Board. Many countries have now fully adopted IFRS or converged their national standards with IFRS. The document outlines benefits of IFRS such as improved comparability and transparency, but also challenges to implementation such as changes required to financial reporting systems and potential political influences on standard setting.
The document discusses the development and adoption of International Financial Reporting Standards (IFRS) as a single set of global accounting standards. It notes that increasing globalization and the need for comparability across countries led to the creation of IFRS by the International Accounting Standards Board. Many countries have now adopted or converged their standards with IFRS. While IFRS adoption has benefits like improved comparability and investment, it also presents challenges for countries in implementation due to changes required and lack of IFRS expertise. Overall the document examines both the rationale for a single global standard and the ongoing challenges associated with widespread IFRS adoption.
This document provides an overview of the International Accounting Standards Board (IASB) framework for financial reporting and standards.
It begins with an introduction to the IASB and the need for a common set of global accounting standards to improve comparability. It then discusses key aspects of the IASB conceptual framework, including its purpose and status, users and objectives of financial reporting, qualitative characteristics of useful financial information, and the elements of financial statements.
The document also provides a high-level summary of experiences with IFRS adoption in Canada and the US. It concludes with a brief look ahead at ongoing projects by the IASB and FASB to further improve and converge accounting standards internationally.
This document provides an overview of International Financial Reporting Standards (IFRS) and their adoption in India. Some key points:
- IFRS are a set of global accounting standards developed by the International Accounting Standards Board to increase capital flow across borders. Over 100 countries have adopted or are adopting IFRS.
- India has decided to adopt IFRS for listed and large public interest companies starting April 1, 2011. The Institute of Chartered Accountants of India and Ministry of Corporate Affairs are overseeing the convergence of Indian accounting standards with IFRS.
- Adopting IFRS is expected to improve financial reporting quality and comparability in India, helping lower the cost of capital and attract
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This document summarizes the services provided by BSF, including part-time CFO consulting, audit and taxation services, corporate learning in finance programs, and finance professional recruitment. BSF offers customized consulting packages to assess a company's finance department needs, implement solutions, and provide ongoing support. They provide external and internal auditing according to legal standards. Learning programs cover various finance and accounting topics through workshops and courses. BSF also assists with recruiting qualified finance professionals. The goal is to help companies improve their financial operations and reporting.
Recording of Special Transactions of Accounting in Saparate books, includes :
1."Cash Book" for Cash, Bank & Discount transactions
2. "Purchase Book" for Credit purchases of goods
3. "Returns Outward Book" for Return of Credit purchases goods
4. "Sales Book" : Credit Sale of goods
5."Return Inwards Book" for Return of Credit Sold goods; 6. "Bills Receivable" book: Details of Bills drawn &
7. "Bills Payable" Book.
8. "Journal Proper": for the remaining Transactions.
For more information visit - http://www.takshilalearning.com or call +91-8800999280
Humans can make unintentional errors, but in Accounting, there is an option to make a Rectification entry for the errors.
Some errors affect the Trial Balance, some not
Rectification of errors depends on the timing of its detection:
1.Errors detected before preparation of Trial Balance are corrected by
"Writing a Narration" for Single Sided Errors &
" Rectified entry for Double Sided Error"
2. Errors detected after Trial Balance : by
" Opening Suspense A/C for Single Sided Errors"
" Rectification Entry"
3. Errors detected in Next accounting period :
Through P&L Adjustment Accounts
Recording of Special Transactions of Accounting in Saparate books, includes :
1."Cash Book" for Cash, Bank & Discount transactions
2. "Purchase Book" for Credit purchases of goods
3. "Returns Outward Book" for Return of Credit purchases goods
4. "Sales Book" : Credit Sale of goods
5."Return Inwards Book" for Return of Credit Sold goods; 6. "Bills Receivable" book: Details of Bills drawn &
7. "Bills Payable" Book.
8. "Journal Proper": for the remaining Transactions.
For more information visit - http://www.takshilalearning.com or call +91-8800999280
After the preparation of Trial Balance, in the final stage of summarizing, Final accounts of the business are prepared which includes Trading, Profit & Loss A/c & Balance Sheet. Preparation of these statements & the various adjustments therein have been discussed here.
The document discusses the key financial statements prepared for a sole proprietorship business, including the trading account, profit and loss account, and balance sheet. It explains that the trading account shows direct revenues and expenses related to goods sold, while the profit and loss account includes indirect expenses and incomes. Finally, the balance sheet presents the accumulated assets and liabilities of the business over time based on the accounting equation of assets equaling liabilities plus owner's equity.
Depreciation accounting involves allocating the cost of a fixed asset over its useful life. Common methods for calculating depreciation include straight line, reducing balance, units of production and annuity. The cost basis for depreciation includes expenses for acquisition, installation and commissioning of the asset. Revaluation of assets, upward or downward, affects the depreciation calculation and associated accounting entries.
Here we have discussed the Future estimates made by business, the meaning of future probable inflow of benefits i.e. Contingent Assets & future probable obligations i.e. Contingent liabilities . The Disclosure in Accounting of Contingencies (as per Full Disclosure Concept) has been discussed. The difference between Provisions & Contingent liabilities is not to be ignored.
Treatment of a Transaction depends on the duration of its effect, i.e Long term or short term. The long term effect transaction i.e Capital Transactions & the short term
A bank reconciliation statement is prepared to reconcile the differences between the balances as per the cash book and as per the bank statement/pass book. It identifies timing differences in recording transactions as well as errors in the cash book or pass book. When preparing a bank reconciliation statement, all errors and omissions in the cash book as well as timing differences between the two statements are taken into consideration.
This topic will provide you the Basic meaning of accounting. The Definitions of Accounting, Transactions & Events has been discussed. The Accounting process/cycle has been explained elaborately. The accounting users, Characteristics of Accounting, its limitations & its sub fields have been discussed.
The laws/framework behind the Accounting that explains the Procedure of Accounting in different scenarios, that brings the Uniformity in Accounting i.e Accounting Standards have been discussed. The objectives, benefits & limitations of Accounting standards has also been discussed.
The document discusses accounting standards in India. It provides definitions, objectives, benefits and limitations of accounting standards. It notes that accounting standards are issued by the Institute of Chartered Accountants of India and are mandatory for companies. It lists 31 accounting standards and provides brief descriptions of some key standards including AS-1 on disclosure of accounting policies, AS-2 on valuation of inventories, AS-3 on cash flow statements, and AS-9 on revenue recognition. It also discusses converged Indian accounting standards (Ind AS) applicable to certain companies.
Accounting Standards are Rules and Regulation of Financial Accounting set by ICAI (Institute of Chartered Accountant of India) which Cover the Treatment, Recognition, Measurement, Disclosure etc. It include the Objective, Benefits and Limitation of AS (Accounting Standard)
Total 32 Accounting Standards are issued by ICAI.
The document provides information about the Financial Risk Manager (FRM) certification program, which involves passing two exams to demonstrate knowledge of financial risk management. It details the requirements to obtain the FRM charter, including work experience and education qualifications. Key details are provided around the exam dates and locations, registration fees, course structure and duration, and payment options for an upcoming training program in India to prepare candidates for the FRM exams.
Takshila provides a variety of finance and business-related courses through both in-person and virtual formats. It was established in 2009 by professionals from IT, telecom, and education to provide cutting-edge training solutions. Courses include those in finance, accounting, taxation, soft skills, and more for students, professionals, and corporate clients. Takshila aims to help trainees achieve their career goals through qualified faculty and innovative learning approaches like virtual live classes. They strive for excellence through values like ethics, innovation, and passion.
The document discusses the Certified Public Accountant (CPA) qualification from the United States. Some key points include:
- The CPA is the highest accounting qualification in the world, similar to the CA qualification in India. It is administered by the American Institute of Certified Public Accountants (AICPA).
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- Takshila provides end-to-end support for students pursuing a CPA, including visa assistance, airport pickup, accommodation in the US, and both face-to-face and online classes
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Takshila Learning Provide Best Coaching for Dip.IFRS it Include:- 1). 9 Full Days Classes(Only on Sundays), 2. Also 72 hrs Online Revision Class, 3). Face to Face or Online Classes both, 4) Faculty with IFRS Implementation exp. 5) ACCA Platinum Approved GTG Study Material, 6) Faculty OWN Notes, 7.) Documentation Support, 8.) 1 Day Practical Training on IFRS.
The document describes a training program to help finance and accounting students transition to working in an ERP-based accounting environment. The program covers key finance and accounting concepts, ERP systems and processes like accounts payable, accounts receivable, and record to report. It aims to help candidates gain the skills and knowledge needed to get an entry-level job in companies like multinational corporations or financial outsourcing firms. The training includes hands-on exercises, mock interviews and assessments to evaluate participants and provide certification. The goal is to reduce the gap between academia and industry expectations to benefit both job seekers and employers.
The document provides information about the Certified Public Accountant (CPA) designation, which is the highest accounting qualification in the world administered by the American Institute of Certified Public Accountants. It describes the CPA qualification process, including details about the 4-part Uniform CPA Examination, exam structure and format, and the skills assessed. The document also discusses the career opportunities and benefits of obtaining the CPA designation globally.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
How to Add Chatter in the odoo 17 ERP ModuleCeline George
In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
1. March 2011
International Financial Reporting Standards (IFRSs®)
Snapshot: the IFRS® Taxonomy
This snapshot is a brief
introduction to XBRL
(eXtensible Business
Reporting Language)
and the XBRL
representation of the
IFRSs, known as the IFRS
Taxonomy.
The snapshot has been prepared by staff and is not
an official technical document of the IASB or IFRS
Foundation.
2. The IFRS XBRL initiative
The goal of the IFRS Foundation and its In the current economic climate where XBRL works in such a way that it allows XBRL can also easily handle language
independent standard-setting body, the transparency in financial reporting is financial information to be automatically differences and therefore ease the burden
International Accounting Standards Board regarded as vital, the regulatory and accessed, extracted and processed by associated with information translation.
(IASB), is to provide the world’s integrating investment community are requiring more, computers. The need to manually re-key
It is estimated that the use of XBRL could
capital markets with a common language increasingly complex business information to information to adapt it to specific needs is
reduce the time spent analysing a single
for financial reporting. be reported with greater accuracy and speed. removed.
financial statement by 15 - 30 per cent, and
XBRL (eXtensible Business Reporting This demand places additional pressure on Issuers are able to compile financial reports this is without considering the improved
Language) was developed to provide a those who prepare, compile and analyse this more speedily and with less chance of error. accuracy of the data.
common, electronic format for business and information. However, the majority of this This in turn gives users access to more timely
The IFRS Foundation recognised the
financial reporting. Because both IFRSs and work continues to involve manual and accurate data, thereby enabling them to
potential impact that XBRL could have on
XBRL are intended to standardise financial processing and is therefore prone to time make better, more informed decisions and to
financial reporting. The Foundation also
reporting in order to promote transparency delay and (human) error, and is cost- produce more accurate reports in less time.
realised that if XBRL were applied in
and to improve the quality and intensive.
Because XBRL is adaptable and is not conjunction with IFRSs, it could improve
comparability of business information, the
XBRL could potentially solve - or at least restricted to particular formats or tools, XBRL access for users to financial information and
two form a perfect partnership.
mitigate - these problems. information can be transmitted to users in a could also support IFRS adoption and
variety of ways. Furthermore, the implementation.
information contained within an XBRL report
The IFRS Foundation therefore launched the
allows for increased comparability and
IFRS XBRL initiative in 2001 and the IFRS
therefore improved analysis.
Foundation XBRL Team was created.
2 | Snapshot: IFRS® Taxonomy
3. The IFRS Foundation XBRL Team
The mission of the IFRS Foundation XBRL The IFRS Foundation XBRL Team maintains appoints
Team is to: create and provide a framework an ongoing dialogue with the IASB through Trustees of the IFRS Foundation
for the consistent adoption and the XBRL Board Advisory Group, which is
implementation of IFRSs with a high-quality composed of six IASB members, the oversee, review effectiveness,
XBRL Advisory informs
IFRS Foundation-developed IFRS Taxonomy Director of Technical Activities and the appoint and finance
Council
that is consistent with IFRSs. This mission is Chief Operating Officer. The team consults (strategic) consults consults
part of the adoption and implementation the Board Advisory on a broad range of IFRS Foundation
IASB
strategy of the IFRS Foundation and is strategic issues relating to the XBRL Team
advises advises
integrated with the development of IFRSs. implementation of IFRSs with XBRL. XBRL Quality
Review Team
(technical) creates creates
The IFRS Foundation XBRL Team is supported The team also consults with IASB technical
by two external committees: the XBRL staff and provides input on the structure
Advisory Council (XAC) and the XBRL Quality and modelling of IFRS disclosure IFRSs in XBRL
(IFRS Taxonomy) IFRS
Review Team (XQRT). requirements. reviews
The XAC provides strategic advice on the IFRS In the future, it is likely that XBRL will Illustration: XBRL governance at the IFRS Foundation.
Foundation’s XBRL activities, while the XQRT come to play an increasingly significant
reviews developed taxonomies in order to role in the IASB's standard-setting process.
achieve the highest level of quality by
providing input and offering practical
recommendations on the usability of the
IFRS Taxonomy from the perspectives of both
XBRL technology and financial reporting
Snapshot: IFRS® Taxonomy | 3
4. The IFRS Foundation’s XBRL activities
Taxonomy development Support materials • The IFRS Taxonomy Guide, a technical guide
for users of the IFRS Taxonomy.
The IFRS Foundation develops a licence-free The IFRS Foundation produces a number of By providing the IFRS
• The IFRS Taxonomy Modules Manager, an
taxonomy known as the IFRS Taxonomy, support materials to facilitate the use and
online tool that guides users though the Taxonomy, the IFRS
that is consistent with IFRSs issued by the understanding of the IFRS Taxonomy,
IASB. It is developed in accordance with a including:
process of navigating and customising the Foundation seeks to
IFRS modules that make-up the IFRS
thorough, open, participatory and
• XBRL illustrative examples, which Taxonomy.
address the demand
transparent due process.
illustrate the use of the IFRS Taxonomy in for an electronic
By providing the IFRS Taxonomy, the IFRS financial statements, in accordance with Translations standard to transmit
Foundation seeks to address the demand for the XBRL architecture outlined in The IFRS
an electronic standard to transmit IFRS Taxonomy Guide.
Translations of the IFRS Taxonomy are IFRS financial
provided into key languages, in order to
financial information.
• xIFRS (IFRSs with XBRL), an online tool support users of IFRSs and the IFRS information
that supports viewing and understanding
Global outreach Taxonomy whose primary language is not
of the IFRS Taxonomy. xIFRS presents a English.
The IFRS Foundation makes a concerted view of the electronic IFRSs with
To date, the IFRS Taxonomy has been
effort to promote the use of XBRL in embedded XBRL.*
translated into more than 10 languages,
conjunction with IFRSs around the world.
• The IFRS Taxonomy Illustrated, a document including Arabic, Chinese, Dutch, French,
The IFRS Foundation also encourages
that presents the structure of the IFRS German, Italian, Japanese, Korean and
co-operation and communication with
Taxonomy in a simplified, visual format Spanish.
stakeholders of the IFRS Taxonomy.
that does not require knowledge of XBRL.
* eIFRS (the electronic IFRSs) is the IFRS Foundation’s online subscription service that contains the electronic consolidated editions of the IFRSs and accompanying documents. It can be accessed from the IFRS website at
http://eifrs.ifrs.org/.
4 | Snapshot: IFRS® Taxonomy
5. What is XBRL?
XBRL is a data-rich dialect of XML (Extensible A typical business report on an Internet page A business report that has been prepared
Markup Language), the universally preferred is a closed and self-contained document. using XBRL is known as an instance document,
language for transmitting information via Although it can be viewed and transmitted and it is different to a standard business XBRL was developed
the Internet. using the Internet, its format and content is report. The information contained in the specifically to
fixed; neither the format nor the content can instance document is not closed and does
It was developed specifically to communicate
be changed unless you change the Internet not have a predefined, fixed format. The data
communicate
information between businesses and other
users of financial information, such as
page. can be used interactively because it can be information between
analysts, investors and regulators. As a result, to extract the information from
accessed, extracted and processed businesses and other
automatically by computers. This
XBRL provides a common, electronic format
such a report for computerised analysis
interactiveness is made possible by the use of users of financial
requires exporting or re-keying the data into
for business reporting. It does not change
a format that can be handled by computer
tags. information, such as
what is being reported. It only changes how
it is reported.
software. analysts, investors and
regulators
Snapshot: IFRS® Taxonomy | 5
6. About XBRL tags
In XBRL, information is not Because XBRL tags are formed in a The right-hand side excerpt displays the Users would only encounter an XBRL report
universally-accepted way, they can be read same information from the same statement. as it appears in the left-hand side excerpt (ie
treated as a static block of and processed by any computer that has However, the formatting has been removed the human-readable version). This is because
text or set of numbers. XBRL software. to reveal the computer-readable XBRL tags XBRL tags are read and processed by
concealed beneath the human-readable computers, behind the computer screen.
Instead, information is broken down into To demonstrate how XBRL tags work, an
report. Rendering software is then used to convert
unique items of data (eg total liabilities = 100). example excerpt from a typical company’s
the XBRL tags in an instance document to
These data items are then assigned mark-up statement of financial position that has been An example of a statement line item and the
present the information in a human-readable
tags that make them computer-readable. For filed using IFRS and XBRL is displayed corresponding XBRL tag has been
format, such as a statement of financial
example, the tag <Liabilities>100</Liabilities> opposite. highlighted.
position or a cash flow statement.
enables a computer to understand that the
On the left-hand side excerpt, the company’s
item is liabilities, and it has a value of 100.
current assets are listed as six line items of
<ifrs:CurrentAssets contextRef="AsOf2009"
Computers can treat information that has text as they would appear in a statement, Assets unitRef="EUR">671629000</ifrs:CurrentAssets>
been tagged using XBRL ‘intelligently’; they starting with Assets, Current assets, Cash, etc, Current assets <ifrs:Cash contextRef="AsOf2009"
can recognise, process, store, exchange and and ending with Total current assets. Cash 28,700 unitRef="EUR">28700000</ifrs:Cash>
analyse it automatically using software. Trade and other current <ifrs:TradeAndOtherCurrentReceivables
receivables 585,548 contextRef="AsOf2009" unitRef="EUR">585548000</ifrs:Tr
Inventories 57,381 adeAndOtherCurrentReceivables>
<ifrs:Inventories contextRef="AsOf2009"
Total current assets 671,629 unitRef="EUR">57381000</ifrs:Inventories>
Left-hand side: example excerpt from a typical Right-hand side: the same example excerpt, but now
(human-readable) statement of financial position. displaying the computer-readable XBRL tags.
6 | Snapshot: IFRS® Taxonomy
7. About XBRL taxonomies
XBRL tags are defined and As a result, taxonomies enable computers Taxonomies differ according to reporting
with XBRL software to: purposes, the type of information being
organised using reported and reporting presentation For a company
• understand what the tag is (eg whether it
categorisation schemes is a monetary item, a percentage or text);
requirements. Consequently, a company reporting in IFRS, the
may use one taxonomy when reporting to a
called taxonomies. • what characteristics the tag has (eg if it stock exchange, but use a different
IFRS Foundation
Taxonomies are the computer-readable has a negative value); taxonomy when reporting to a securities publishes tags for all
‘dictionaries’ of XBRL. Taxonomies provide
• its relationship to other items (eg if it is regulator. IFRS disclosures.
definitions for XBRL tags, they provide
information about the tags, and they
part of a calculation). Taxonomies are available for most of the These tags are
major national accounting standards around
organise the tags so that they have a This additional information is called
the world. For a company reporting in IFRS,
organised and
meaningful structure. meta-data. When information that has been
tagged with XBRL is transmitted, the the IFRS Foundation publishes tags for all contained within the
meta-data contained within the tags is also IFRS disclosures. These tags are organised
IFRS Taxonomy.
transmitted. and contained within the IFRS Taxonomy.
Snapshot: IFRS® Taxonomy | 7
8. The IFRS Taxonomy
The IFRS Taxonomy is the XBRL The two are then combined and the result is a By publishing interim releases, the IFRS This ensures transparency and compliance
representation of the IFRSs, including set of XBRL computer files which make up the Foundation aims to support the early with best practice, and also provides quality
International Accounting Standards (IASs), IFRS Taxonomy. adoption of IFRSs by providing taxonomy assurance and opportunities to engage with
Interpretations, and the IFRS for Small and items for new IFRSs once they are published stakeholders in order to understand their
This year, the financial reporting content
Medium-sized Entities (SMEs), issued by the by the IASB, which eliminates the need for concerns and the impact that the IFRS
scope of the IFRS Taxonomy has been
IASB. early-adopting entities to create their own Foundation’s decisions will have.
expanded to include IFRS application and
taxonomy items.
The IFRS Taxonomy is an open core taxonomy, implementation guidance and illustrative
which means that it has been developed to examples that are commonly used by entities. The IFRS Taxonomy is developed through a
allow companies to tailor it to their specific This is intended to reflect IFRSs more formal system of due process and broad
needs by adding their own tags. Company- comprehensively, thereby supporting international consultation.
specific tags that are added to a taxonomy are preparers of IFRS financial statements in XBRL
End of annual taxonomy
known as taxonomy extensions. format. development cycle
Like the IFRS Bound Volume*, the IFRS In addition to the core taxonomy the IFRS
XBRL
Taxonomy is released once a year to Foundation, beginning in 2010, has also Quality Further Exposure IFRS New /
IFRS
Taxonomy Final IFRS Taxonomy
incorporate new IFRSs, improvements to started to publish IFRS Taxonomy extensions development*
Review taxonomy Draft IFRS Bound
Taxonomy
improved
Interim
Team development Taxonomy Volume IFRSs
existing IFRSs, and also changes in XBRL following the publication of new IFRSs by the releases
review
technology. IASB. These extensions are known as IFRS
Taxonomy interim releases. They contain
The annual development cycle of the IFRS
additional taxonomy items that reflect new or NOVEMBER DECEMBER JANUARY FEBRUARY MARCH APRIL MAY to OCTOBER
Taxonomy involves the construction of an
improved IFRSs which are not included in—
XBRL technology framework (known as an *including consolidation of IFRS Taxonomy interim releases
and are therefore supplementary to—the core
architecture) and the implementation of
IFRS Taxonomy. Illustration: the annual development cycle of the IFRS Taxonomy.
up-to-date IFRS disclosure and presentation
requirements (ie financial reporting content).
* The IFRS Bound Volume is the printed consolidated text of the IASB's authoritative pronouncements and the accompanying documents—illustrative examples, implementation guidance, bases for conclusions and
dissenting opinions—as issued by the IASB at the beginning of a calendar year. The IFRS Bound Volume is available from the IFRS e-shop at http://buy.ifrs.org.
8 | Snapshot: IFRS® Taxonomy
9. Due process guiding considerations
Business considerations Functional considerations Usability Technical considerations
Consistency with IFRSs Stability The IFRS Taxonomy is usable throughout the Compliance
financial reporting supply chain in all
The IFRS Taxonomy reflects and is consistent The IFRS Taxonomy is intended for use scenarios and geographic regions where IFRSs The IFRS Taxonomy is compliant with all
with IFRSs at all times. Common-practice or throughout the financial reporting supply are implemented, thereby improving market specifications recommended by XBRL
industry-specific disclosures which are not chain. Consequently, the XBRL architecture transparency, supporting better analysis and International.
included in IFRSs are not included in the and financial reporting content of the IFRS reducing the reporting burden. New technologies and best practices
IFRS Taxonomy. Taxonomy are developed to ensure that the
taxonomy is stable and sustainable, although Interoperability The IFRS Foundation considers the impact of
Time line
alignment with IFRSs requires necessary The IFRS Taxonomy ensures that new XBRL technologies (specifications) and
The development time line of the IFRS amendments to the taxonomy from a interoperability between different software best practices developed by XBRL
Taxonomy is aligned with the IASB delivery financial reporting perspective. systems is possible. International.
timetable as closely as possible (ie with the
Extensibility
publication of the IFRS Bound Volume).
Users of the IFRS Taxonomy are permitted to
Availability
extend it for their specific needs.
The IFRS Taxonomy and all related files and
materials are freely available.
Snapshot: IFRS® Taxonomy | 9
10. Applying XBRL to financial statements
Step 1: choose a taxonomy Again, there are some cases when a company may not create an extension. For example, the
company is filing with an agency and the agency has prohibited the use of extensions. In these
In order to create an instance document, a company must first identify a taxonomy to use. In cases, the company must identify an element from the taxonomy provided.
some cases, a company may not have the choice of the taxonomy it uses. For example, the
company is filing with an agency and the agency has prescribed a specific taxonomy that Step 4: create tags and an instance document
must be used. If a taxonomy is not prescribed then a company must decide whether to use a
Once all line items and their equivalent elements have been identified (and/or created),
published taxonomy, or to create its own taxonomy, or do a combination of the two and use a
numeric facts (monetary, decimal or share values) or text facts from the statement are tagged
published taxonomy but add items that are specific to its own reporting needs.
using XBRL software. These tags associate the facts with the taxonomy (and extension)
Step 2: compare information elements, and are used to generate an instance document. The instance document should then
be reviewed and checked (validated).
Once the taxonomy is chosen, a company must compare the line items in their chart of
accounts or financial statements with the elements contained in the chosen taxonomy. The
company must then identify the taxonomy elements that are equivalent to these line items. IFRS Taxonomy 2010
For example, the statement may report the company's liabilities, and if the taxonomy [210000] Statement of financial position, current /
non-current - Consolidated financial statements
contains the element liabilities, then this element can be used by the company. This process is
Statement of financial position
known as mapping and can be done manually using a spreadsheet or using an XBRL viewing Assets
tool. Non-current assets
Property, plant and equipment IAS 1.54, IAS 16.73
Example excerpts from a typical company's statement of financial position and the IFRS Investment property IAS 1.54, IAS 40.76,
IAS 40.79
Taxonomy are displayed on the right-hand side (a statement line item and the corresponding Goodwill IAS 1.54, IAS 36.134,
IFRS Taxonomy element have been highlighted). IAS 36.135, IFRS 3.B67
Intangible assets other than goodwill IAS 1.54, IAS 36.134,
IAS 36.135, IAS 38.118
Step 3: create extensions Investments accounted for using equity method IAS 1.54,
IFRS 8.24, IFRS 8.28
If the company's financial statements contain line items that do not have equivalent
taxonomy elements, then a company must create its own element, known as a taxonomy Right-hand side: example excerpt from the IFRS
Left-hand side: example excerpt from a typical
extension. Taxonomy viewed using an XBRL tool.
statement of financial position.
10 | Snapshot: IFRS® Taxonomy
11. The origins of XBRL
XBRL is highly adaptable (extensible). Because XBRL was originally developed in 1998 by a There are currently almost thirty XBRL The growing number of XBRL jurisdictions
it is an open standard without licence fees, Certified Public Accountant to improve the jurisdictions around the world. Each reflects the growing emergence of the
XBRL is software and hardware independent. exchange, publication and analysis of jurisdiction is responsible for creating standard around the world.
As a result, data that has been tagged in XBRL business information, including financial taxonomies - generally for the main local
can be transmitted in a variety of formats and data. accounting standards - and for promoting and
using a variety of tools. XBRL’s adaptable facilitating the implementation of XBRL in
Today, the ongoing development of XBRL is
nature also means that it can be applied to that region.
coordinated by XBRL International, a not-for-
different languages.
profit consortium of approximately 550
Although XBRL’s most recognised and companies, organisations and government
common function is financial reporting, agencies around the world, including the
XBRL tags can be created and adapted to IFRS Foundation.
virtually all reporting needs and to support
all standard tasks involving both financial
and non-financial business data.
XBRL was originally developed by a Certified Public
Accountant to improve the exchange, publication
and analysis of business information
Illustration: XBRL jurisdictions around the world (source: XBRL International)
Snapshot: IFRS® Taxonomy | 11
12. The future of IFRSs and XBRL
Adoption of IFRSs around the world is In order to support a growing number of Yet despite a steadily rising number of users
growing. Since the formation of the IASB stakeholders and convergence of financial and stakeholders, and despite the success of
and IFRS Foundation in 2001, almost 120 reporting standards, new IFRSs and numerous individual initiatives and The IFRS Taxonomy
countries have required or permitted the improvements are being published. XBRL is projects, on a global scale XBRL remains in and all related
use of IFRSs. All remaining major also evolving with new, robust specifications the early adoption phase. The benefits of
economies have established time lines to being developed by international working XBRL adoption and implementation are
materials are freely
converge with, or adopt IFRSs in the near groups, and software solutions being being realised, but gradually. available from the
future, and few are doing so without also developed to harness these new
Consequently, while XBRL is in the early IFRS website at http://
considering XBRL and the IFRS Taxonomy. functionalities and to ease implementation.
phases of adoption, now is an opportune www.ifrs.org/XBRL
XBRL adoption is also growing of its own Combined with the lack of an alternative time to learn about XBRL and to prepare an
accord, with new jurisdictions and projects standard that is able to offer the same implementation plan.
emerging across the world. capabilities and benefits, XBRL is ideally
placed to become the de facto standard for
business reporting.
12 | Snapshot: IFRS® Taxonomy
13. Frequently asked questions (FAQs)
What is XBRL? What is the IFRS Taxonomy?
XBRL stands for eXtensible Business Reporting Language. It is a digital ‘language’ that was The IFRS Taxonomy is the XBRL representation of IFRSs issued by the IASB. The IFRS Taxonomy
developed specifically to communicate information between businesses and other users of contains tags for all IFRS disclosures.
financial information. In XBRL, mark-up tags are used to make business information computer-
readable and consumable. Why did the IFRS Foundation develop a taxonomy for IFRSs?
The IFRS Taxonomy was developed to address the demand for an electronic standard to
Does using XBRL change the information that is reported? transmit IFRS financial information.
No. XBRL provides a common, electronic format for business reporting. It does not change
what is reported. It only changes how it is reported. What is the relationship between IFRSs and XBRL?
The goal of the IFRS Foundation is to provide the world’s integrating capital markets with a
Does XBRL change financial reporting standards? common language for financial reporting. XBRL was developed to provide a common format
No. Financial reporting standards can be 'translated' into XBRL but their meaning and for business and financial reporting. Both IFRSs and XBRL are intended to standardise financial
disclosures remain unchanged. reporting, in order to promote transparency and to improve the quality and comparability of
business information.
Is XBRL restricted to financial reporting?
No. Although XBRL’s most recognised and common function is financial reporting, XBRL tags
can be created and adapted to virtually all business reporting needs. Useful links
IFRS Foundation: www.ifrs.org/xbrl XBRL International: www.xbrl.org
What is a taxonomy?
A taxonomy is a computer-readable 'dictionary' that defines and organises XBRL tags to give the
tags order and meaning.
Snapshot: IFRS® Taxonomy | 13
16. IFRS Foundation
30 Cannon Street | London EC4M 6XH | United Kingdom
Telephone: +44 (0)20 7246 6410 | Fax: +44 (0)20 7246 6411
Email: info@ifrs.org | Web: www.ifrs.org/xbrl
For further information about the IFRS XBRL initiative, please contact the IFRS
Foundation XBRL Team on telephone: +44 (0)20 7246 6410 or email: xbrl@ifrs.org
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