The International Accounting Standards Committee Foundation's XBRL Team has released the near-final version of the IFRS Taxonomy 2008, translating International Financial Reporting Standards into Extensible Business Reporting Language.

The move follows the translation last year of U.S. generally accepted accounting principles into XBRL and the release of the GAAP taxonomy by the Securities and Exchange Commission and the American Institute of CPAs. GAAP and IFRS are on a path to convergence, and the SEC is pushing companies to file their financial statements in XBRL to make them easier for investors to analyze and compare.

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