XBRL activities at IASB Jornadas Latinoamericanas de

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1 September 2013 International Financial Reporting Standards XBRL activities at IASB Jornadas Latinoamericanas de Capacitación IFRS y XBRL 5-6 September 2013 Amaro Luiz de Oliveira Gomes - Member of the Board Olivier i Servais Director of XBRL activities iti (by video) The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation.

2 Agenda 2 XBRL at the IASB The IFRS Taxonomy: the scope, the development process, and some materials. Audit and assurance. Adoption and implementation.

3 International Financial Reporting Standards XBRL at the IASB The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.

4 The IFRS XBRL initiative 4 Established by the Trustees in 2001 Part of the adoption and implementation of IFRSs; recognised that XBRL could: Become the de facto standard for electronic reporting Support the presentation of financial statements Support convergence through the codification of concepts Improve access to financial information Increase the range of users of financial information (ie translation) Ease IFRS conversion, understanding and implementation The mission of the XBRL team is to create and provide a framework for the consistent adoption and implementation of IFRSs with a high quality IFRS Foundation-developed IFRS Taxonomy in the same languages and at the same time as the IFRSs

5 What we provide 5 A licence-free IFRS Taxonomy consistent with the IFRSs and the IFRSs for SMEs, with effective standards and standards for early adoption Translations of the IFRS Taxonomy available in more than 10 languages Support materials IFRS Taxonomy Illustrated, presents a simplified view of the Taxonomy in an easy to read, visual format, with non-technical language xifrs (IFRSs with XBRL), ),presents a view of the electronic IFRSs with embedded XBRL available for both the IFRSs and the IFRS for SMEs Illustrative examples in XBRL and ixbrl, presents case studies for statements prepared with IFRS taxonomy available for both the IFRSs and the IFRS for SMEs IFRS Taxonomy Guide, a technical guide for issuers and preparers, analysts, accountants, regulators, software vendors and service providers Other activities including Taxonomy tests (TMS), Outreach to national jurisdictions, regulators and supervisors, issuers and preparers, software vendors

6 International Financial Reporting Standards The IFRS taxonomy: o content and scope The views expressed in this presentation are those of the presenter, The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation

7 Content and Scope of the IFRS Taxonomy 7 The IFRS taxonomy is consistent with XBRL technical specifications and is designed to properly reflect the International Financial Reporting Standards (IFRSs) as issued by IASB The 2013 version released on 27 March reflects the IFRSs as at 1 st January 2013 and has been issued after a thorough h due process While over 120 countries have already adopted IFRS, many of them are now implementing XBRL and the IFRS taxonomy

8 International Financial Reporting Standards The IFRS taxonomy: development process The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation

9 What do we consider when creating tags? 9 IFRS authoritative document (IFRS Bound Volume) Part A: IFRSs (IASs, IFRSs, SICs, IFRICs) and their Application Guidance, including the Conceptual Framework; and, Part B: accompanying documents (illustrative examples, basis for conclusions, guidance on implementing). What does IFRS financial reporting mean in practice: Illustrative financial statements (Big 4 firms); Companies financial statements, by way of empirical analysis, interaction with all stakeholders (issuers, regulators, users of financial statements); and any other type of relevant information.

10 Decision tree 10 Does the element impact an IFRS financial report? Y N Is the element coming from the IFRS Bound Volume? NOT IN SCOPE Y N IN SCOPE Is the element commonly reported in IFRS financial reports? Y N Y N Disclosure Example Does the element infringe IFRS reporting requirements? NOT IN SCOPE Y N NOT IN SCOPE Common & Industry practice

11 International Financial Reporting Standards The IFRS taxonomy content: disclosure requirements The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation

12 What to disclose? 12 IAS The financial statements shall disclose (...) for (...) property, plant and equipment: a) the gross carrying amount and the accumulated depreciation (aggregated with accumulated impairment losses) at the beginning and end of the period; and b) a reconciliation of the carrying amount at tthe beginning i and end of fthe period showing: i. additions; ii. assets classified as held for sale or included in a disposal group classified as held for sale in accordance with IFRS 5 and other disposals; iii. acquisitions through business combinations; iv. increases or decreases resulting from revaluations under paragraphs 31, 39 and 40 and from impairment losses recognised or reversed in other comprehensive income in accordance with IAS 36; v. impairment losses recognised in profit or loss in accordance with IAS 36; vi. impairment losses reversed in profit or loss in accordance with IAS 36; vii....

13 How it appears in the IFRS Taxonomy 13

14 What to tag from the face FS? 14 Disclosure (IAS 1.54 (h)) Industry common practice General common practice Example (IAS 1.78 (e))

15 What to tag from the notes? 15 Example (IAS (b)) General common practice Industry common practice Disclosure (IAS 16.73)

16 International Financial Reporting Standards The IFRS taxonomy content: In summary The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation

17 The IFRS Taxonomy: Building Blocks for Preparers 17 Revenue Core disclosure requirement concepts Operating profit Guidance and example concepts Sales &Marketing Common/Industry practice Expense concepts Proved oil Local/regulatory reserves concepts Software revenue Company concepts

18 Statistics 18 Number of taxonomy items Final 2013 Final 2012 Final 2011 Final 2010 taxonomy* taxonomy** taxonomy taxonomy Total 3,805 3,769 2,545 2,027 Full IFRS (excluding the IFRS for SMEs) 3,643 3,659 2,426 1,936 IFRS for SMEs 1,142 1,138 1,128 1,026 Disclosure requirements (part A of the Bound Volume) 2,225 2,272 1,851 1,688 Examples (part B of the Bound Volume) Common Practice Elements *also includes 424 technical elements without reference. **also includes 416 technical elements without reference.

19 Development Timeline 19 End of annual taxonomy development cycle Taxonomy development* XBRL Quality Review Team review Exposure draft IFRS Taxonomy IFRS Bound Volume Final IFRS Taxonomy New / improved IFRSs IFRS Taxonomy interim releases NOVEMBER DECEMBER JANUARY FEBRUARY/ MARCH MARCH APRIL to OCTOBER 18 January: Exposure draft 18 March: End of consultation 28 March: Release of the final version

20 International Financial Reporting Standards The IFRS taxonomy : Other materials The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation

21 Translations 21 The IFRS taxonomy 2013 is available in Arabic, English and Spanish The IFRS taxonomy 2012 is available in Arabic, English, Hungarian, Japanese, Korean, Spanish and Ukrainian Previous versions of the IFRS taxonomy are also available in Arabic, English, Chinese (simplified and traditional), Dutch, French, German, Hungarian, Italian, Japanese, Korean, Portuguese, Spanish and Ukrainian Arabic Spanish

22 IFRS Taxonomy Illustrated IFRS Foundation. 30 Cannon Street London EC4M 6XH UK.

23 Versioned IFRS Taxonomy Illustrated 23

24 xifrs

25 Illustrative Examples 16 Illustrative Examples available (XBRL and inline XBRL) Examples include: Statements of Financial Position, Comprehensive Income, Changes in Equity and Cash Flows. Financial instruments. Operating segments. First-time adoption of IFRS. Share-based payments. Business combinations. Property, plant and equipment. Fair value measurement. Illustrative financial statements for IFRS for SMEs. 25

26 International Financial Reporting Standards IFRS Taxonomy: o Audit and assurance The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation

27 The assurance for XBRL 27 What are we talking about? The What? or the assurance topics The Why? or the audit objectives The How? or the tests methods Potential topics of assurance: The instance document the XBRL file containing the data The taxonomy, including extensions The presentation (rendering) of the data, with style-sheet sheet (XSLT), inline XBRL

28 The assurance for XBRL c d cd 28 Objectives of audit: Correctness of taxonomy (and extensions) used Completeness of mapping of the data in the financial statements to the taxonomy Accuracy of data input into the instance document Technical correctness of prepared files Timing of filing with the regulator Levels of assurance: Agreed-upon procedures (AUP) an auditor performs a set of procedures agreed with a client and issues a report describing nature of procedures and findings Review an auditor performs a set of analytical procedures and issues a negative assurance report Audit an auditor performs full examination of XBRL data and issues an audit opinion

29 International Financial Reporting Standards IFRS Taxonomy: o Some examples of its use The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation

30 The adoption of the IFRS taxonomy 30 Countries in the process to implement the IFRS Taxonomy Countries who have adopted XBRL and the IFRS Taxonomy Please note that the information is provided to the best of our knowledge and might not be fully accurate

31 Adoption of the IFRS taxonomy 31 The following are examples of organisations that have adopted the IFRS taxonomy: Corporate/securities filing: Accounting and Corporate Regulatory Authority of Singapore ACRA Taxonomy; Danish Chamber of Commerce Association, Denmark; DART System of the Financial Supervisory Service, Korea; Financial Services Agency of Japan EDINET; Israel Securities Authority MAGNA platform; Ministry of Finance, PR of China Chinese Accounting StandardsTaxonomy; Standard Business Reporting Program in Australia and The Netherlands; Superintendencia de Valores y Seguros información del Mercado de Valores of Chile; Johannesburg Stock Exchange, South Africa SA Taxonomy; Comisión Nacional del Mercado de Valores of Spain; UK HRMC and Companies House UK-IFRS Taxonomy; Emirates (UAE) Securities and Commodities Authority (SCA) UAE taxonomy; Financial Supervisory Commission of the Executive Yuan (Taiwan) & the Taiwan Stock Exchange Banking/Insurance regulation: EBA (European Banking Authority) Financial Reporting framework taxonomy; Bermuda Monetary Authority Solvency II XBRL Taxonomy and IFRS for Insurance XBRL Taxonomy EIOPA-Solvency II Solvency II XBRL Taxonomy and IFRS for Insurance XBRL Taxonomy Microfinance Information exchange MIX Microfinance Taxonomy Other XBRL (not IFRS and/or non financial) initiatives that are consistent with our development: Carbon Disclosure, WICI, GRI Most countries that have adopted IFRSs are also considering whether to adopt XBRL and the IFRS taxonomy. These countries include Brazil, Canada, India, Indonesia, Italy, Korea, Luxembourg, Malaysia, Mexico, Panama, Peru, Poland, Switzerland, Ukraine and others. 31

32 Adoption 32 by region 7% 3% 10% Australasia Americas 24% Asia (& ME) 28% Europe Africa 28% Global by type of reporting Securities 27% 32% Other Tax 0% 7% Banking Insurance 12% 10% 12% Stats Business reg

33 The adoption of the IFRS taxonomy 33

34 Focus 34 Our focus today is to: Support the regulators (primary users) who have already implemented Facilitate the decision for new adopters Foster the consumption by users Seek/strive for interoperability with other initiatives iti by way of outreach activities: conferences, webinars, education, faceto-face meetings 34

35 Thank you 35