Snapshot: The IFRS® Taxonomy

XBRL (eXtensible Business Reporting Language) was developed in 1998 to provide a common, electronic format for business and financial reporting. It is intended to standardize financial reporting in order to promote transparency and to improve the quality and comparability of business information. The ongoing development of XBRL is coordinated by XBRL International, a not-for-profit consortium of approximately 550 companies, organizations and government agencies around the world. For public companies reporting under International Financial Reporting Standards (IFRS), the International Accounting Standards Board (IASB) and its oversight body, the International Accounting Standards Committee Foundation (to become the IFRS Foundation) publish tags for each IFRS disclosure. These tags are organized and contained within the IFRS Taxonomy. For more information, refer to the ongoing project on the IFRS Foundation website and the June 2010 document “Snapshot: The IFRS® Taxonomy.”