The SEC recently approved and published the International Financial Reporting Standards (IFRS) taxonomy so foreign private issuers can begin submitting their financial reports to EDGAR using XBRL. Requirements for foreign private issuers to use XBRL were originally adopted in 2009 with the caveat that such requirements would not go into effect until the IFRS taxonomy was available. Now that the taxonomy has been published on the SEC’s website, issuers may begin using it to submit financial statements.
Monday, March 20. 2017
SEC Publishes IFRS Taxonomy
Existing Rule 405 requires that foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB must submit financial data in XBRL upon publication of the taxonomy (which was published on March 1, 2017). However, the SEC is providing notice that issuers may first submit financial data in XBRL with their first annual report on Form 20-F or 40-F for a fiscal period ending on or after December 15, 2017.
Filers interested in viewing the IFRS taxonomy or in preparing their statements using the IFRS taxonomy can do so using GoFiler Complete or GoXBRL. The IFRS taxonomy is already available for use in both applications with additional tools in development to streamline the process of preparing reports using IFRS. For more information on GoFiler and IFRS, please contact us.
The IFRS taxonomy is available at the SEC’s website here: https://www.sec.gov/page/dera_taxonomies.
Sources:
SEC Posts Notice of Availability of IFRS Taxonomy (www.sec.gov)
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