The IFRS Foundation has published a guide for companies using the IFRS taxonomy, explaining how to tag information in financial statements prepared in accordance with IFRS standards
The IFRS says tagging enables investors to find, process and analyse data quickly and cost-effectively.
The guide is designed to help companies understand the IFRS Taxonomy content, and so improve the quality and consistency of the tagging applied to financial statements. Through the use of examples, it answers frequently asked questions on the use of the IFRS taxonomy.
The guide forms part of a set of documents produced by the IFRS Foundation to support the use of the IFRS Taxonomy around the world by regulators, companies and other users of financial information.
Hans Hoogervorst, chairman of the International Accounting Standards Board, said: 'Regulators are increasingly starting to mandate the use of IFRS Taxonomy. This guide helps companies understand the taxonomy.’
Using the IFRS Taxonomy A preparer’s guide is here.
Report by Pat Sweet
