IFRS Taxonomy Prepare´s guide

Today has been published a new guide for the IFRS Taxonomy. This guide tries to assist the way to use the electronic tagging of their financial statements for the companies.

In the IFRS Foundation words:

The updates to the preparer’s guide come in response to requests for clarifications from stakeholders and include:

  • a new section that provides more detail on how to communicate company-specific information;

  • new examples illustrating how to find the correct element when tagging the primary financial statements; and

  • other clarifications and improvements.”

The IFRS Taxonomy, defining codes, elements, and so on; attempts to simplify the construction and usage of IFRS electronic financial statements. Using this electronic format and tagged information; qualifies stockholders to look for, understand and analyse the whole numeric information in an easy way.

Here you can find the “Using the IFRS Taxonomy—A preparer’s guide

IFRS Foundation produces a set of documents to encourage and improve the use of the IFRS Taxonomy around the world by regulators, companies and users of financial information.

Click here to link IFRS website.

You can create your own taxonomy based on IFRS using our Taxonomy Builder. Our Taxonomy Builder allows the creation of a taxonomy from an Excel Data Model. Contact us for further details.