The International Accounting Standards Committee Foundation has published a guide to the Extensible Business Reporting Language version of International Financial Reporting Standards.
IFRS Taxonomy Guide 1.00 provides information about the XBRL version of the international accounting standards, which translates them into an interactive data format. The Securities and Exchange Commission is pushing for adoption of both XBRL and IFRS by public companies in the U.S. over the next several years.
The XBRL format promises to make financial statements from various companies easier for investors to analyze, while IFRS is being promoted as a way to make the financials of U.S. companies more easily comparable with those of foreign companies. Earlier this year, a codification in XBRL of U.S. generally accepted accounting principles was released (see XBRL Group Finalizes U.S. GAAP Taxonomies).
The IFRS Taxonomy Guide is aimed at financial statement preparers, supervisors, software developers and others who have a basic understanding of XBRL and familiarity with IFRS and its interpretations.
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