Financial reporting taxonomy development
ASIC is the business owner of financial reporting taxonomy
ASIC is the business owner of the financial reporting taxonomy within SBR (the IFRS AU Taxonomy).
As a business owner, ASIC is responsible for ensuring that the taxonomy is relevant for all users and is compliant with applicable financial reporting requirements, including accounting standards. ASIC seeks to do this collaboratively with many stakeholders, including SBR program, the Australian Accounting Standards Board (AASB), the IFRS Foundation and the business community.
The IFRS AU Taxonomy 2015
In June 2015, SBR and ASIC released the IFRS AU Taxonomy 2015 which can be used for the lodgement of XBRL and iXBRL financial reports with ASIC for years ending on or after 30 June 2015. This taxonomy is based on the IFRS Taxonomy 2015 (as issued by the IFRS Foundation in March 2015) extended to include Australian specific disclosure requirements from the Corporations Act 2011, AASB accounting standards and ASX Listing Rules.
The IFRS AU Taxonomy has two entry points: one entry point to be used by entities presenting consolidated financial reports only and one to be used by entities presenting both consolidated and separate financial reports in accordance with ASIC class order 10/654 or by AFS licensees that are reporting entities.
In June 2015, we also released the formula linkbase for the IFRS AU Taxonomy 2015. This formula linkbase is based on the IFRS Formula linkbase as released by the IFRS Foundation in April 2015. Preparers are encouraged to use Formula linkbase to validate their XBRL financial reports to achieve the consistency of data reported and enhance the quality of their XBRL financial reports.
The IFRS AU Taxonomy is updated annually following the annual release of the IFRS Taxonomy issued by the IFRS Foundation. There can also be interim updates to reflect changes to accounting standards or Australian-specific disclosure requirements.
The Financial Reporting Working Group
ASIC chairs the Financial Reporting Working Group (the FRWG), which is one of the key forums for ASIC to receive comments and feedback from stakeholders about development of the taxonomy. The FRWG includes representatives from SBR, AASB, ASX, accounting bodies, accounting firms, software developers and companies.
The FRWG meets annually or on an ad-hoc basis when required.
This group continues to provide responsive consultation across various matters related to the SBR program, including the development of the IFRS AU Taxonomy.
ASIC, in conjunction with SBR, is currently working on the following future developments:
- participation in the IFRS Foundation's XBRL Industry Practice Project 2015 to develop common-practice elements of the IFRS Taxonomy as related to specific industries
- reviewing possible rendering solutions for XBRL financial reports, including feasibility for using a particular rendering format known as Inline XBRL (iXBRL), and
- on-going improvement of the IFRS AU Taxonomy.
Consultations in relation to the IFRS AU Taxonomy are not limited to the FRWG. We are open to all feedback and comments about the development of the IFRS AU Taxonomy, please email: firstname.lastname@example.org.