IASB and XBRL Eurofiling seminar 31 May 2012

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Presentation transcript:

IASB and XBRL Eurofiling seminar 31 May 2012 Olivier Servais – Director of XBRL Activities 1

Agenda The IFRS taxonomy: model, adoption, due process & time line The future of XBRL Q&A © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

The IFRS Taxonomy

The IFRS Taxonomy: Building Blocks for Preparers Core disclosure requirement concepts Revenue Guidance and example concepts Operating profit Common / Industry practice concepts Sales &Marketing Expense Proved oil reserves Local/regulatory concepts Software revenue Company concepts © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

What to disclose? 73 The financial statements shall disclose (...) for (...) property, plant and equipment: the gross carrying amount and the accumulated depreciation (aggregated with accumulated impairment losses) at the beginning and end of the period; and a reconciliation of the carrying amount at the beginning and end of the period showing: additions; assets classified as held for sale or included in a disposal group classified as held for sale in accordance with IFRS 5 and other disposals; acquisitions through business combinations; increases or decreases resulting from revaluations under paragraphs 31, 39 and 40 and from impairment losses recognised or reversed in other comprehensive income in accordance with IAS 36; impairment losses recognised in profit or loss in accordance with IAS 36; impairment losses reversed in profit or loss in accordance with IAS 36; ... © IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Process and challenges for content identify a disclosure requirement decide how much detail is required by the disclosure requirement decide the type of disclosure consider labels for identified items provide a hierarchy indicate any relevant cross-standard disclosure requirements © IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

IFRS Taxonomy Due Process Input from: XBRL Advisory Council XBRL Quality Review Team XBRL international working groups Other taxonomy developers Regulators Software developers International groups: - preparers - financial institutions - analysts - users © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Number of taxonomy items Some statistics Number of taxonomy items Final 2012 taxonomy Final 2011 taxonomy Final 2010 taxonomy Total 3,769* 2,545 2,027 Full IFRS (excluding the IFRS for SMEs) (1) 3,659 2,426 1,936 IFRS for SMEs (2) 1,138 1,128 1,026 Disclosure requirements (part A of the Bound Volume) 2,272 1,851 1,688 Examples (part B of the Bound Volume) 399 281 2 Common Practices 682 112 114 *Also includes 416 technical elements without reference © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

IFRS Taxonomy: Development Timeline End of annual taxonomy development cycle Taxonomy development* XBRL Quality Review Team review Exposure draft IFRS Taxonomy IFRS Bound Volume Final IFRS Taxonomy New improved IFRSs IFRS Taxonomy interim releases NOVEMBER DECEMBER JANUARY FEBRUARY/MARCH MARCH APRIL to OCTOBER *including consolidation of IFRS Taxonomy interim releases © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Adoption of the IFRS taxonomy 10 10 The following are examples of organisations that have adopted the IFRS taxonomy: Corporate/securities filing: Accounting and Corporate Regulatory Authority of Singapore ACRA Taxonomy; Danish Chamber of Commerce Association, Denmark; DART System of the Financial Supervisory Service, Korea; Financial Services Agency of Japan EDINET; Israel Securities Authority MAGNA platform; Ministry of Finance, PR of China Chinese Accounting StandardsTaxonomy; Standard Business Reporting Program in Australia and The Netherlands; Superintendencia de Valores y Seguros información del Mercado de Valores of Chile; Johannesburg Stock Exchange, South Africa SA Taxonomy; Comisión Nacional del Mercado de Valores of Spain; UK HRMC and Companies House UK-IFRS Taxonomy; Emirates (UAE) Securities and Commodities Authority UAE taxonomy; Microfinance Information eXchange MIX Microfinance Taxonomy Banking/Insurance regulation: EBA (European Banking Authority) Financial Reporting framework taxonomy; Bermuda Monetary Authority Solvency II XBRL Taxonomy and IFRS for Insurance XBRL Taxonomy Other XBRL (not IFRS and/or non financial) initiatives that are consistent with our development: CDP taxonomy, GRI taxonomy, EIOPA-Solvency II… Most countries that have adopted IFRSs are also considering whether to adopt XBRL and the IFRS taxonomy. These countries include Brazil, Canada, India, Indonesia, Italy, Korea, Luxembourg, Malaysia, Mexico, Poland, Switzerland and others. 10

Activities for 2012 Update of the core taxonomy, with interim releases, and related tools, materials & translations Improvement of the common practice (DTTF) Industry related concepts (FI, insurance & extracting activities) Release of Documentation labels Outreach activities Webinar during ED IFRS Taxonomy Annual Convention (25th April 2012) F2F meetings (Australia, Malaysia, Singapore, US, Japan, China, UAE..) Website, quarterly newsletter… © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

The future of XBRL

Trends in … … leadership … enforcement … engagement … regional adoption … specs … filing format … tools & applications … content … filing requirements … user engagement And … one more thing © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Questions or comments? Expressions of individual views by members of the IASB and its staff are encouraged. The views expressed in this presentation are those of the presenter. Official positions of the IASB on accounting matters are determined only after extensive due process and deliberation. 14