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Exposure Draft of 2008 IFRS Taxonomy Released

The IASCF has released an Exposure Draft of the 2008 IFRS Taxonomy.  The taxonomy can be downloaded here.

Posted on Monday, March 31, 2008 at 09:47AM by Registered CommenterCharlie in | Comments1 Comment

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Convergeance---proceeding apace

The IASC's XBRL team met their deadline of March 31st to release the near-final draft of the IFRS Taxonomy 2008---a complete translation of IFRS into XBRL which underwent extensive external review by a committee of 20 experts. Similar to the SEC process, there is a period for interested parties to send in their comments by May 30th---with the final version expected at the end of June.

When and if the IFRS and GAAP can come together and agree on final reporting standards, there should be rapid compliance and a dramatic increase in comparability and transparency of financial statements. Then, I suspect the analyst community will soup up the statements into interactive presentations which will give Disney a run for their money. As an example, check out the flashing box at http://xbrl.rienks@biz/. With wide compliance across companies and countries, I suspect that real-time XBRLized data will make for eye-poppin' content for the financial markets.
April 2, 2008 | Unregistered CommenterMiles Jennings

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