In a continued effort to educate on the development of XBRL technology in industries such as financial services (and beyond), Merrill Corporation will share articles and columns published on the topic.
As part of an update to the XBRL infrastructure of the 2011 IFRS Taxonomy, the IFRS has released a few interim releases in order to keep up to date with recent accounting standard changes.
These interim releases, instead of waiting for an annual Taxonomy update, will allow companies to gain access to new reporting tags. The IFRS hopes that this will prevent those companies from using out-of-date tags. The released tags affect:
Presentation of Items of Other Comprehensive Income (amendments to IAS 1) and IAS 19 Employee Benefits, both issued by the International Accounting Standards Board in June. Only a few weeks prior, the IFRS Foundation also published an interim release to provides tags related to IFRS 13 Fair Value Measurement and IFRS 12 Disclosure of Interests in Other Entities, issued by IASB in May.
These interim releases allow for electronic reporting, another initiative which may lead to a decrease in erroneous tag usage. The IFRS plans to include these interim changes in the 2012 IFRS Taxonomy, due in the first quarter of next year.
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