ifrs and xbrl working together lisbon, 8 february 2007 josef macdonald iasc foundation xbrl practice...
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IFRS and XBRL Working Together
Lisbon, 8 February 2007
Josef MacdonaldIASC Foundation XBRL Practice Fellow
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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