ifrs and xbrl working together lisbon, 8 february 2007 josef macdonald iasc foundation xbrl practice...

IFRS and XBRL Working Together

Lisbon, 8 February 2007

Josef MacdonaldIASC Foundation XBRL Practice Fellow

2IFRS and XBRL Working Together

Contents

Introduction

IASB and XBRL

IFRS Taxonomy

Implementations

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Portuguese IFRS Taxonomy Translation Team

Coordinators

Fernando Melo, as representative for Comissão de Normalização Contabilîstica (Portuguese Accounting Standards Board)

Translators

Joel Vicente, IASC Foundation XBRL Team - now with CoreFiling

Margarida Silva Martins, First degree in Economics, Universidade do Minho and presently undertaking a Master in Accounting and Auditing, Universidade do Minho; Auditor (Portuguese Certified Public Auditors Firm)

Hugo Alexandre Alves, First degree in Accounting, Instituto Superior Politécnico de Contabilidade do Porto, Universidade do Porto, and presently undertaking a Master in Accounting, Faculdade de Economia, Universidade do Porto; Chartered Accountant

Ana Christina Costa Silva, University of Edinburgh

Reviewers

Ordem dos Revisores Oficiais de Contas

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Contents

Introduction

IASB and XBRL

IFRS Taxonomy

Implementations

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Question: Who owns the IFRS taxonomy?

XII - XBRL International ?

IASB - International Accounting Standards Board?

IASCF - International Accounting Standards Committee Foundation?

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Board (14)

Steering Committees

& Other Advisors

Staff

IFRIC (12)

SAC (52)

Trustees (19)

IASC Foundation: Organisation

Trustees (19)Trustees (19)

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Contents

Introduction

IASB and XBRL

IFRS Taxonomy

Implementations

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Company Specific Extensions

Jurisdiction Specific Extensions

Industry Extensions

Bound Volume

The IFRS-GP Taxonomy “Space”

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IAS 1 para 1:“The objective of this Standard is to prescribe the basis for presentation of general purpose financial statements, to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. To achieve this objective, this Standard sets out overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. The recognition, measurement and disclosure of specific transactions and other events are dealt with in other Standards and in Interpretations.”

Approach:

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Traditional Taxonomy Architecture

Elements (Schema)

Label

Calculation

Definition

Reference

Presentation

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Current Modularity

Elements (Schema)

Calculation

Definition

Presentation

Elements (Schema)

Label

Reference

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ifrs-gp-lab-2005-05-15.xml

ifrs-gp-2005-05-15.xsd

Basic Layer •All References

• All Labels (En)

• Basic Schema (All Concepts)

IFRS Taxonomy

“instantiation”

ifrs-gp-ref-2005-05-15.xml

ifrs-gp-roles-2005-05-15.xsd

restatedLabel.xsd•All Linkroles

•Will disappear with the LRR implementation

ifrs-gp-types-2005-05-15.xsd

• Schema Types

Calculation

Presentation

Linkbase Modularity

Layer

ifrs-gp-pre-(...).xml

ifrs-gp-fi-pre-(...).xml

ifrs-gp-fi-cal-(...).xml

ifrs-gp-cal-(...).xml

• 14 Separate Linkbase files

• 7 Separate Linkbase files

• 13 Separate Linkbase files

• 6 Separate Linkbase files

User chooses the

Linkbase © IASCF 2005

Labels• 3 Separate Linkbase

files

ifrs-gp-lab-(...).xml

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IFRS Taxonomy Modules Manager

Its purpose is to allow the user to easily create an XBRL Schema or XBRL Instance file fitting individual requirements (e.g. selecting a language or modules of your choice).

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ABRA IFRS Taxonomy Viewer

Official ABRA IFRS Taxonomy Viewer - open source online ABRA viewer

Languages:Portuguese

German

Italian

Japanese

Spanish

Dutch

being prepared: Polish, Hebrew, Hungarian, etc.

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Phase 1: (a) IFRS-GP Taxonomy Maintenance

Accounting Updates Revisions for 2006 IFRS amendments, new standards and interpretations (that is, standards approved by the IASB as at 1 January 2007)

Revisions for feedback received with each iterative release

Technical Update Modularisation of the Explanatory Notes Disclosure section

Address issues of taxonomy versioning

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Phase 1: (b) IFRS-SME Taxonomy Construction

Exposure Draft Due for release very soon by IASB

Will be closely followed by construction of a prototype stand-alone taxonomy

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Phase 2: Taxonomy Enhancements

Restructuring the taxonomy to simplify its use

Content Additions

Update Taxonomy for New XBRL Specifications (Dates  subject to XBRL International release)

Preparer Guidance

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Trustee Recommended Approach

The IASC Foundation retains ownership of and key responsibility in the development of the IFRS XBRL taxonomy in order to maintain control of quality, avoid the development of diverging IFRS taxonomies, and address a demand created by regulatory organisations.

The IASC Foundation establishes an appropriate collaborative structure, where the IASC Foundation has a professional XBRL staff and utilises volunteers to ensure quality.

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Contents

Introduction

IASB and XBRL

IFRS Taxonomy

Implementations

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ECCBSO

European Committee of Central Balance Sheet Data Offices (ECCBSO)

XBRL-Enabled IFRS Standard Format

The ECCBSO has developed a standardised common digital reporting format based on International Financial Reporting Standards (IFRS) - using MS Excel and the eXtensible Business Reporting Language (XBRL)

Prototype IFRS-GP extension and instance creation  using real company data

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FINREP

Committee of European Banking Supervisors (CEBS)

CEBS is supporting the development of two taxonomies as record in the XBRL standard. The COREP taxonomy (Basel II) defines common reporting of the solvency ratio and the FINREP taxonomy (based on IFRS) serves as a common reporting framework for financial data

FINancial REPorting is designed for credit institutions that use IAS/IFRS for their published financial statements and that have to provide similar information in the periodic prudential reports they are required to submit to their supervisory authorities

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Other Projects

Dutch Taxonomy Project

Frankfurt Stock Exchange Financials in XBRL

XBRL Taxonomy for Belgian Credit Institutions

Taxonomy for Reporting of Financial Information of Credit Institutions in Spain

MPS Group Financial Statements in XBRL Format (Italy)

Australian IFRS extension and Australian Stock Exchange extension

Israel Securities Authority

Portugal ?

IFRS and XBRL Working Together

Lisbon, 8th February 2007Josef Macdonald

IASC Foundation XBRL Practice Fellow