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IFRS Roadmap Milestones: Part 3

May 22, 2009

This is week three of reviewing progress on the IFRS Roadman milestones. As a reminder, here is a list of the Milestones. The SEC will judge progress on these milestones as a pre-requisite for moving forward with a mandate for IFRS adoption.

IFRS Roadmap Milestones

  • Improving Specific Accounting Standards
  • Improving the Structure and Funding of the IASB
  • Facilitating the use of interactive data (XBRL) under IFRS
  • Updating the Education and licensing of U.S. Accountants
  • Evaluating the early adoption experiences of a limited group of companies
  • Timing of future rulemaking
  • Sequencing of companies required to use IFRS

Facilitating the use of interactive data (XBRL) under IFRS

Early this year the International Accounting Standards Committee Foundation (IASC Foundation) released the 2009 IFRS Taxonomy for comment. The comment period ended March 24. Development and approval of an IFRS Taxonomy is essential to being able to utilize XBRL for IFRS reporting. Taxonomies describe in detail the contextual information related to data tags used to describe and report business information.

The IASC Foundation also published an IFRS Taxonomy Module Manager with viewer functionality and an IFRS tool for use in open code environments (like Java, Groovy and Google Web Toolkit). XBRL is an open standard standard that is used to store and transport business information.

It is clear that the IASC Foundation is trying to facilitate the use of XBRL for IFRS reporting. Having issued a draft 2009 IFRS Taxonomy as well as a Taxomony Manager, IFRS tool and XBRL viewer for IFRS, the initial steps toward achieving the SEC’s third milestone are obviously underway. The IASC foundation is beginning to enable XBRL use for IFRS reporting.

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