SEC© may be closer to approving IFRS Taxonomy

Published: Compliance Week

The SEC© may be getting closer to approving the latest IFRS Taxonomy to enable U.S. IFRS filers to begin submitting financial statements in XBRL.

The IFRS Foundation recently published its 2014 IFRS Taxonomy, a kind of dictionary to define specific tags that direct individual data points in financial statements to a machine-readable, interactive XBRL filing. The SEC© requires all U.S. filers to use an SEC-approved taxonomy to submit financial statements in XBRL, but foreign-private issuers who file under IFRS have been relieved of the XBRL filing requirement since it first took effect for that population of U.S. registrants in 2011.