The International Accounting Standards Board (IASB) is to form a new staff group to work on its Disclosure Initiative, as part of a move to develop short- and medium-term strategies to address concerns about how financial information is disclosed.

The new team brings together members of the IASB's standard-setting team with the eXtensible Business Reporting Language (XBRL) team, in recognition of the increasing importance of electronic filing of financial information. The new team also includes seconded staff from the German national standard-setter, the DRSC.

The combined group will be led by Kristy Robinson, an IASB Technical Principal, who is a member of the Institute of Chartered Accountants in Australia with significant experience in the investment banking sector in Europe.

The integration of the XBRL team into the IASB's work programme is a component of the XBRL strategic review performed by IFRS Foundation Trustees. Olivier Servais, Director of XBRL Activities who has led XBRL and IFRS Taxonomy development for the last six and a half years, will be returning to his native Belgium.

Servais said: 'Integrating XBRL and our taxonomy development with the mainstream standard-setting processes is a significant and positive milestone. Now that the IFRS taxonomy is becoming widely adopted and implemented, it makes a perfect time for me to move on.'

IASB chairman Hans Hoogervorst said: 'The disclosure initiative is an important development for us. We are determined to improve how financial information is communicated, including working with regulators on electronic filing requirements. Olivier can be very proud of his team's achievements over the last six years, and I would like to thank him for his contribution to the organisation.'