IASC Foundation publishes IFRS Taxonomy 2009

The IASC Foundation has announced the release of the near final version of the IFRS Taxonomy 2009 for public comment. The IFRS Taxonomy 2009 is a translation of IFRS as issued at December 31, 2008 into XBRL. (Read the Press Release.)

SEC Votes to Finalize XBRL Filing Rules

The US Securities and Exchange Commission (SEC) has voted to adopt new rules that would require public companies to provide an XBRL version of their SEC filings. Under the new rules, the 500 largest US public companies and foreign private issuers listed with the SEC would be required to provide financial information using XBRL beginning June 15, 2009. Smaller companies, depending on their size and filing status, would begin reporting in XBRL in 2010 or 2011, with all public companies filing in XBRL within three years. (Read the online Journal of Accountancy article.)

IBM Data Governance Council - XBRL for Risk Reporting

In a move to provide businesses worldwide with consistent tools for measuring aggregate risk in the financial world and provide a real-time view of market exposure, the IBM Data Governance Council is seeking input from banks and financial institutions, corporations, vendors and regulators to create an XBRL approach to risk reporting. (For more information, visit the Data Governance Council website and read the Q&A.)

IFAC launches webpage on The Global Financial Crisis

Accountancy organizations, regulatory bodies, standard setters and other international organizations have developed guidance on issues related to the global financial crisis. The International Federation of Accountants (IFAC) has launched a new webpage on The Global Financial Crisis. It serves as an international clearinghouse of programs, articles, speeches and other initiatives undertaken by IFAC, its independent standard-setting boards, members, associates and others that are relevant to professional accountants both in public practice and in business.

Global accountancy leaders address credit crisis

The International Federation of Accountants (IFAC) has released the results of its 2008 Global Leadership Survey. The survey summarizes the views of leaders of 110 accountancy bodies worldwide on the credit crisis and other top issues for the profession. The majority of these organizations have been actively engaged in identifying and executing appropriate responses to the crisis, supporting their members in understanding applicable international standards and working with regulators, business groups and others to find solutions.