Taxonomy filing system owners set the rules or guidelines that preparers must follow when tagging IFRS financial statements using the IFRS Taxonomy. These filing rules often refer to the accounting meaning of an IFRS Taxonomy element. This section describes the IFRS Taxonomy content a preparer can use to understand the accounting meaning of an element. Understanding the accounting meaning of an element helps a preparer select the correct elements when tagging IFRS financial statements.
What IFRS Taxonomy content is available?
Get introduced to the concept of element labels for IFRS Taxonomy elements. Electronic searching using element labels (with software or via the IFRS Taxonomy Illustrated or xIFRS) can help a preparer identify the required element. However, element labels alone may not provide enough information to enable preparers to understand the accounting meanings of elements. Preparers need to consider all the following IFRS Taxonomy content:
(a) element labels, particularly in comparison to specific label descriptions used by an entity;
(b) documentation labels;
(c) references to IFRS Standards;
(d) effective and expiry dates; and
(e) other element attributes, such as ‘instant’ or ‘duration’.
Each element in the IFRS Taxonomy has a standard label that provides a concise human-readable description reflecting the accounting meaning of the element. For elements that depict a disclosure requirement or an example, the standard label normally matches the wording used in IFRS Standards. For common practice content, the standard label normally reflects the wording most commonly used in practice.
The standard label of an element may not match exactly the wording a preparer uses in IFRS financial statements. For example, the standard label may be more detailed or may be phrased differently. However, if the accounting meaning of the element is the same as the disclosure in the financial statements, that element can be used to tag the information, unless a filing system owner requires otherwise. For example, a disclosure described by an entity as ‘Issue of share capital’ and presented in the statement of cash flows as a cash inflow, could be tagged to the IFRS Taxonomy line item with the standard label ‘Proceeds from issuing shares’.
Along with the standard label, some IFRS Taxonomy elements have additional labels that provide more specific descriptions. These labels may indicate, for example, a total, or may distinguish between opening and closing balances. These labels do not alter the accounting meanings of elements but are used for presentation purposes when displaying IFRS Taxonomy content. The IFRS Taxonomy Illustrated displays the ‘period start’, ‘period end’ and ‘total’ labels instead of the element standard labels.
USING THE IFRS TAXONOMY: A PREPARER'S GUIDE
THIS GUIDE HELPS PREPARERS UNDERSTAND THE CONTENT OF THE IFRS TAXONOMY. UNDERSTANDING THE STRUCTURE OF THE IFRS TAXONOMY AND HOW IT IS INTENDED TO BE USED CAN IMPROVE THE QUALITY AND CONSISTENCY OF THE DATA TAGGING APPLIES TO IFRS DISCLOSURES.
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Preview for XBRL for IFRS Webinar - Tips and Tricks for First Time Users
- Understanding the big picture
- Identifying areas of risk including situations associated with inaccurate or untimely submissions
- Time saving review tips and tricks
- Industry best practice discussion