1. International Financial Reporting Standards
IFRS and XBRL
Corporate Registers Forum - Singapore
11 May 2011
Olivier Servais – Director, XBRL Activities
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation.
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

2. Agenda 2
• What is XBRL?
• XBRL activities at the IFRS Foundation and IASB
• Adoption of the IFRS Taxonomy
• XBRL for Business Registers
• Challenges and opportunities
• Q&A
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

3. International Financial Reporting Standards
What is XBRL?
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

4. in a nutshell 4
• Universal, XML-based, royalty-free standard to improve
publishing, exchange, analysis & comparison of
financial data and business information
• Dedicated to: regulators, companies, banks, insurance,
software vendors, analyst, auditors & accountants …
• Accounting principles translated (tagged) in an
electronic set of data (taxonomy)
• Adopted and implemented worldwide
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

5. XBRL - Taxonomy Development Training Washington DC
2008/10/14-15
taxonomy concept value context unit report
Copyright © 2006-2008 Business Reporting – Advisory Group Sp. z o.o.

6. 6
?
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

7. International Financial Reporting Standards
XBRL at the
IFRS Foundation
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

8. XBRL governance 8
appoints
Trustees of the IFRS Foundation
oversee, review effectiveness,
XBRL Advisory appoint and finance informs
Council
(strategic) consults consults
IFRS Foundation
IASB
XBRL Team
advises advises
XBRL Quality
Review Team
(technical) creates creates
IFRSs in XBRL
IFRSs / IFRS for SMEs
reviews (IFRS Taxonomy)
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

9. What we provide 9
• A licence-free IFRS Taxonomy consistent with the IFRSs and the IFRSs for SMEs
• Translations of the IFRS Taxonomy available for 2009 in Arabic, (Simplified) Chinese, Dutch,
French, German, Italian, Japanese, Korean and Spanish
• Support materials
– IFRS Taxonomy Guide, a technical guide for issuers and preparers, analysts, accountants,
regulators, software vendors and service providers
– IFRS Taxonomy Illustrated, presents a simplified view of the Taxonomy in an easy to read,
visual format, with non-technical language
– xIFRS (IFRSs with XBRL), presents a view of the electronic IFRSs with embedded XBRL
available for both the IFRSs and the IFRS for SMEs
– Illustrative examples, presents case studies for statements prepared with IFRS taxonomy
available for both the IFRSs and the IFRS for SMEs
– IFRS Taxonomy Modules Manager, an online tool which helps users to navigate and
customise the Taxonomy according to their requirements
• Outreach activities to national jurisdictions, regulators and supervisors, issuers and preparers,
software vendors…
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

10. IFRS Taxonomy content model 10
Sources IFRS Taxonomy
Company concepts
Local/regulatory concepts
Common practice concepts
Guidance and example
concepts
Core disclosure requirements
concepts
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

11. International Financial Reporting Standards
IFRS Taxonomy:
some examples of its use
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

12. Around the world 12
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

13. Adoption of the IFRS taxonomy 13
The adoption of the IFRS taxonomy includes (but is not limited to):
• Corporate/securities filing:
– Accounting and Corporate Regulatory Authority of Singapore ACRA Taxonomy;
– DCCA (Danish Chamber of Commerce Association), Denmark;
– DART System of the Financial Supervisory Service, Korea;
– Financial Services Agency of Japan EDINET;
– Israel Securities Authority MAGNA platform;
– Ministry of Finance, PR of China Chinese Accounting Standards (CAS) Taxonomy;
– Standard Business Reporting Program in Australia and The Netherlands;
– Superintendencia de Valores y Seguros información del Mercado de Valores of Chile;
– Johannesburg Stock Exchange, South Africa SA Taxonomy;
– CNMV (Comisión Nacional del Mercado de Valores) of Spain;
– UK HRMC and Companies House UK-IFRS Taxonomy;
– Securities & Commodities Agency, UAE
– Microfinance Information eXchange MIX Microfinance Taxonomy
• Banking/Insurance regulation:
– EBA (European Banking Authority) FINREP (FINancial REPorting framework) Taxonomy
– Bermuda Monetary Authority Solvency II XBRL Taxonomy and IFRS for Insurance XBRL Taxonomy
Most countries who have adopted IFRSs are also considering whether to adopt XBRL and the IFRS
Taxonomy. These include Brazil, Canada, India, Indonesia, Italy, Korea, Luxembourg, Mexico,
Poland, UAE and Switzerland.
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

14. Other projects around the world 14
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

15. International Financial Reporting Standards
XBRL for Business
Registers
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

16. XBRL for Business Registers 16
• On-going or emerging projects in Australia, Belgium, China, Italy,
Malaysia, Singapore, Spain, The Netherlands, UK…
• Different business models for the BR
• Interaction with other regulators: tax, securities regulation, statistics…
• Expected and observed benefits
– Savings in time & money for both, the filer and the agency
– Higher data accuracy
– Other : administrative burden reduction, credit risk analysis…
• Time to implement could be no more than 15 months
• Critical success factors
– Taxonomy
– Interaction with vendors
– Training and education
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

17. Processing of the annual accounts Output
Data XBRL
XBRL loading
98%
PDF
PDF Quality
verification
Paper
Images
database
Data encoding
Figures
2%
Paper
Data
Statistics
Scanning
17

18. International Financial Reporting Standards
Challenges and
opportunities
The views expressed in this presentation are those of the presenter,
not necessarily those of the IASB or IFRS Foundation
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

19. Challenges & Opportunities 19
• Broader scope for the IFRS Taxonomy
– taxonomy items to reflect common-practice and industry-specific
needs
– Non-financial reporting items, ie management commentary,
sustainability… in the context of integrated reporting
• Audit and assurance of XBRL filings, with the IFRS Taxonomy as
core component
• A continuous taxonomy (permanent update) consistent with the
IFRSs
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

20. Contact us 20
 xbrl@ifrs.org
 +44 (0)207 246 6410
 www.ifrs.org/xbrl
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

21. Questions or comments? 21
Expressions of individual views
by members of the IASB and
its staff are encouraged.
The views expressed in this
presentation are those of the
presenter. Official positions of
the IASB on accounting matters
are determined only after
extensive due process
and deliberation.
© 2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org