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The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation. International Financial Reporting Standards Update on the IFRS taxonomy Eurofiling, Frankfurt 12 December 2012 Rita Ogun-Clijmans – IASB XBRL team © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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Agenda The XBRL activities at the IASB – a brief reminder Changes to IFRS Taxonomy 2012 and planned for 2013 IFRS taxonomy files – some key features Versioning of the IFRS taxonomy Formulae Use of the Data Point Model (DPM) for the IFRS taxonomy Planned activities for the next 6 to 12 months © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org 2
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International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation The XBRL activities at the IASB
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4 XBRL activities at the IASB Core Objective / Activity Development and maintenance of a lexicon enabling intelligent tagging of as reported IFRS financial statements facilitating its consumption by users Other Activities / Deliverables Supporting translations of the IFRS Taxonomy available in more than 10 languages Outreach with investors, regulators, preparers,.. Interaction with numerous bodies including XBRL International, EBA/Eurofiling, ESMA, ECCBSO and many others Taxonomy supporting and educative materials, including IFRS Taxonomy Illustrated, IFRS Taxonomy Guide, illustrative examples, versioning… © IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation Changes to the IFRS taxonomy 2012 and planned for 2013
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Changes to the IFRS taxonomy There were no significant architectural amendments between IFRS Taxonomy 2011 and IFRS Taxonomy 2012 and there will be no architecture amendment in the IFRS Taxonomy 2013 Focus was and currently is on content maintenance and development Maintenance of IFRSs - changes relating to annual improvements and new and revised standards issued by the IASB General common practice elements – from 2012 taxonomy Industry specific common practice elements – from 2013 taxonomy 2013 – review of banks, insurance and extractive industries 6
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International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation IFRS taxonomy files key features
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IFRS Taxonomy Files tt http://www.ifrs.org/XBRL/Resources/Documents/ITGGuide2012fina l.pdfhttp://www.ifrs.org/XBRL/Resources/Documents/ITGGuide2012fina l.pdf © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org 8
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IFRS Taxonomy Files IFRSs are financial reporting requirements for transactions and activities across industries. Separate IFRSs exist for SMEs IFRSs => Three main entry points Full, IFRSs for SMEs and combined. No activity specific entry point. Deprecated entry point. Concepts –Main core schema for element declarations –Secondary schema for deprecated elements –No Tuples –Naming scheme detailed in Taxonomy Guide Linkbase set Presentation, calculation, definition, reference. Versioning and formula as separate physical files. Table not in use at the moment © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org 9
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IFRS Taxonomy Files Linkbase set Linkbases are modularized according to IFRSs and further modularized into primary financial statements versus notes IFRSs do not prescribe an uniform reporting format => presentation supports easy viewing and navigation of the taxonomy Reference linkbase: link to the specific standards, issues/effective dates and element content type Labels –All items have a standard label, –English and foreign language files –Roles used include total/net labels, negated, terse, deprecated and period start & end –Generic label for extended link roles –Label style guide © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org 10
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International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation Versioning
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Versioning in the IFRS taxonomy How? –File names by date –Namespace (main namespace & roles) by date Two sets of versioning information are created –Changes between current and previous annual/interim release of the taxonomy (current and comparison dates are provided in the files) –Changes between final and exposure draft of a taxonomy release 12
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Versioning in the IFRS taxonomy Two sets of files are produced –XML files – versioning report –HTML visualisation using colour codes, underline, strikethrough, © 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org 13
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International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation Formulae
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Formulae in the IFRS taxonomy The IFRS Foundation has developed formula linkbase as a prototype –To estimate market demand and to receive feedback on the business and technical aspects from the public Formulae should be considered as educative supporting materials –Guidance to regulators – IFRSs does not specify how elements roll up of should be validated –Provide additional semantics to better understand the structure of the IFRS taxonomy –Separate physical files not included within the IFRS taxonomy entry point schema After a first set of Formula released in 2011, the IASB released in August the Formula 2012 based on the IFRS taxonomy 2012 and on the XBRL International Formula specifications 1.0 (*). 15 (*) 2009-06-22 including errata corrections as of 2011-03-10
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Formula in the IFRS taxonomy Formula cover six areas split into three categories: –Correctness: Cross period validations, Axis aggregation validations –Consistency: EPS, positive / negative fact validations & Percentage warnings –Integrity: facts equivalence. Formulae categories and documentation can be found at: –http://www.ifrs.org/tools/Documents/Formula%20documentation_Public%20(2).pdfhttp://www.ifrs.org/tools/Documents/Formula%20documentation_Public%20(2).pdf New formula categories might be added in the coming IFRS taxonomy 2013 16
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International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation Use of the DPM for the IFRS taxonomy
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DPM and the IFRS taxonomy These preliminary considerations on using DPM for the IFRS taxonomy are subject to review and only express the author’s humble opinion. Stability of the IFRS taxonomy Applicability of DPM for an open reporting system. IFRSs are principle-based standards, under which preparers have the flexibility in how to present and structure data elements Benefits and drawbacks to consider for the IFRS taxonomy Users can more easily discover the relevant data points and relationships Means to ensure that ‘company specific extensions’ are not lost to the user But how can we render the financial information in a paper or excel based environment? Concerns about using DPM for investors Need to consider multiple and possible conflicting business requirements? 18
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DPM and the IFRS taxonomy For now, multi-dimensional modelling will continue to be applied in selected areas of the IFRS taxonomy. Our general principles are then: Do not apply to primary financial statements Apply to standards which have less flexible requirements – for example “fair value measurement” Reporting table where a set of categories / classes is required Explicit dimensions only July 2011 - IFRS XBRL update 19
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International Financial Reporting Standards The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation Planned Activities for the next 6 to 12 months
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21 Planned activities for the next 6-12 months Taxonomy Content development and maintenance –New IFRS standards and common practice elements for other industries –Additional industries? IASB strategic review Interaction with stakeholders: regulators, preparers, investors,.. –Feedback on content and ease of using the IFRS taxonomy We will continue to monitor DPM and other initiatives such as the updated versioning specifications. © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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Thank you 22 © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
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