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IFRS Foundation Releases Proposed 2013 IFRS XBRL Taxonomy

On January 18, 2013, the IFRS Foundation released the 2013 IFRS XBRL draft taxonomy for comment. The updated 2013 taxonomy consolidates all IFRS taxonomy interim releases published in 2012 and reflects industry practices derived from an analysis of financial statements prepared by companies’ representatives from the banking, insurance, and extractive industries. [More]

"Start Early on XBRL," Experts Tell Companies Mulling a Secondary Offering.

Tier 3 companies that have just begun detail tagging in XBRL either because of their size or because they recently completed an IPO will face additional XBRL challenges if they’re planning a secondary offering opportunity. Not only must they fill out a slew of paperwork to complete an S-1, but they must also furnish all required financial statements, notes, and schedules within the registration statement in detail-level tagging for XBRL. [More]

Last Chance: Comments on the 2013 XBRL Taxonomy Due Monday

The beauty of XBRL is that it’s built to evolve over time and to accommodate new financial reporting requirements. That’s also one of the inevitable challenges of the system for anyone who tags in XBRL. Just as the taxonomy becomes familiar, FASB (the Financial Accounting Standards Board) introduces a new version of the taxonomy and a fresh learning curve begins. [More]

SEC Rule to Help Halt War in Congo Means More XBRL Tagging for Oil, Gas, and Mining Companies

In late August 2012, the Securities and Exchange Commission (SEC) issued the final rules for conflict mineral disclosures, including the disclosure of payments by resource extraction issuers, as part of a U.S. foreign policy push to help stop the deadly war in the Democratic Republic of the Congo. [More]