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IASC Seeks XBRL Participants

April 22, 2010

The International Accounting Standards Committee Foundation (IASCF) through its standard-setting body, the International Accounting Standards Board (IASB), is seeking FPI participants for a pilot XBRL program. The IASCF sees itself as the independent, private and not-for-profit body responsible for developing a single set of high quality global financial reporting standards for use throughout the world. XBRL Pilot participants are being sought because the SEC’s rule on XBRL requires that Foreign Private Issuers (FPI’s) begin filing an XBRL formatted exhibit to form 20F for financial periods ending after June 15, 2011.

On 17 December 2008, the SEC published rules that require all FPIs to submit their financial reportsin Interactive Data format, SEC speak for XBRL. According to the rule, FPIs “using IFRS as issued by the IASB will be required to tag their financial information using the most recent list of tags for international financial reporting, as released by the IASCF and specified in the EDGAR Filer Manual”.

FPIs, which will be mandated to file with XBRL in IFRS from 15 June 2011, are invited to participate in a pilot initiative being coordinated by the IASC Foundation. The pilot will focus on FPI use of the 2010 IFRS Taxonomy to tag SEC filings in XBRL.

The purpose of the pilot is for FPIs to produce real XBRL filings that include block-tagged notes. The pilot is intended to test the validity of the IFRS Taxonomy to “determine and demonstrate that the IFRS Taxonomy is practical for filers and for users of filed XBRL content”. FPIs from all industries are welcome to participate.

The pilot initiative will start when the final IFRS 2010 Taxonomy is released (about the end of April 2010). Companies interested in joining this initiative are invited to express their interest by writing to Olivier Servais, Director of XBRL Activities

  • Mail: IASC Foundation: 30 Cannon Street, London EC4M 6XH
  • Email: oservais@ia sb.org

The IASCF will accept applications until 15 May 2010.

For more information on XBRL see http://xbrl.org/; http://xbrl.us/Pages/default.aspx and http://xbrlusa.wordpress.com/

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