Reporting Using IFRS (Within the US)
IFRS is becoming increasingly important around the world. This web site is intended to provide information relating to using IFRS within the United States, particulary when it is used in conjunction with XBRL. With the FASB/IASB convergance project, the signals being sent by the US Securities and Exchange Commission; it is clear that IFRS will be more and more a part of financial reporting within the United States.
The IFRS taxonomy can be obtained from the following location: http://www.iasb.org/xbrl/index.html
At the XBRL International Conference in Vancouver in December 2007, it became clear that regulators in Europe, the US, and in Japan are going to make 2008 the year XBRL becomes mandated. While no-one really knows for sure, the signals being sent seem rather clear.
Hopefully, the dialects of XBRL used for reporting in Europe, the US, and Japan will be more similar than different. This web site hopes to help make the US GAAP Taxonomy, the IFRS taxonomy and the taxonomy used by the FSA in Japan more similar than different. Stay tuned for more information!