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.
Digital Financial Reporting
XBRL-based structured digital financial reporting
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Digital Financial Reporting Using XBRL
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This web site provides information on how to use XBRL to help business professionals exchange business information. Business information incluldes both financial and nonfinancial information. Everything on this site made available to all under a Creative Commons License, Public Domain Dedication. Everything may be reused however one sees fit without attribution. We do ask that you give credit where credit is due. If you have any questions, comments, concerns, suggestions, ideas or other feedback, please contact charles.hoffman@me.com.
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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.