Electronic taxonomy updated for IFRS

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John Stokdyk
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The IASC Foundation has published the International Financial Reporting Standards (IFRS) Taxonomy 2010.  

The document is a significant step forward as it combines the full IFRSs with the new IFRS for Small and Medium-sized Entities (SMEs) into a single package based around XBRL, the eXtensible Business Reporting Language. Those organisations that have adopted IFRS will be able to output their statutory accounts electronically in compliance with the latest standards. In the US, the IASCF is consulting with the US Securities and Exchange Commission to confirm that the new taxonomy will work for its filers and see if any adjustments are required.  

According to the foundation, the new 2010 taxonomy contains “significant architectural improvements” and new analytical dimen...

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