XII Recognised Taxonomies
XII has a multi-step Taxonomy Recognition Process that validates the conformance of the taxonomy to the XBRL specification, determines that a taxonomy has been correctly authored, has had sufficient input from the public and meets the needs for which it was created. It must be emphasized that this process does not specifically address issues such as ease-of-use or the completeness of accounting/reporting content.
Acknowledged Taxonomies are recognised by XBRL International as being in compliance with the XBRL Specification. Compliance is confirmed by testing a taxonomy in a defined range of XBRL applications which may be upgraded and changed from time to time. The Taxonomy Recognition process does not specifically address other issues such as ease-of-use or the completeness of accounting/reporting content.
Approved Taxonomies must meet a number of quality criteria. In summary, it must:
- Comply with the Financial Reporting Taxonomies Architecture (FRTA) document, which is published in the Taxonomy Guidance section.
- Have been used to create a number of instance documents which confirm it adequately covers the data it purports to represent.
- Have been through a period of open review following initial Acknowledgement.