XBRL International has released an updated and expanded Candidate Recommendation of a document on the design of taxonomies for financial reporting. After extensive work and review, it now enters the final stage of public review before achieving Recommended status.

The Financial Reporting Taxonomies Architecture (FRTA) 1.0 guides the creation and use of effective taxonomies. It sets out a recommended design architecture and establishes rules and conventions both for taxonomies and their corresponding instance documents. It will be a key reference for those who are producing or extending financial reporting taxonomies. It will also help in the comparison of taxonomies and the efficient consumption of XBRL-tagged data.

The FRTA document assumes use of the new XBRL 2.1 Specification. Financial reporting, as defined for the FRTA, includes disclosures based on authoritative financial reporting standards and other reports whose subject matter is related primarily to financial position and performance.

Announced by: Peter Calvert