Summary Document

Israeli Annual and Periodic Reports General Purpose Financial Reporting, extension for International Financial Reporting Standards (IL-IFRS-GP).

Purpose and Scope | The purpose of this taxonomy is to enable companies listed on the Tel Aviv Stock Exchange to file Israeli annual and periodic financial reports This taxonomy, which is based on the IFRS-GP taxonomy, provides all the elements for Israeli public companies to file annual and periodic financial reports according to Israeli securities legislation and according to the requirements of the Israel Securities Authority (ISA).
Owner(s) | Israel Securities Authority
Date | 2007-09-01
Version | 1.0
Approval Level | XBRL International Acknowledged
Specification version | XBRL Specification Version 2.1, dated 2003-12-31 plus errata corrections dated 2006-12-18
Contact | Natan Hershkovitz (xbrl@isa.gov.il)
Comments | This taxonomy is based on the IFRS-GP taxonomy and adds the other elements needed for annual and periodic reporting to the ISA according to the Israeli Securities Law 1968.
Languages: | This taxonomy has labels in both Hebrew and English. The English labels which are part of the IFRS taxonomy are those created by the IFRS. The Hebrew labels which are translations of the IFRS labels have been translated by the Israel Accounting Standards Board (IsASB) pursuant to an agreement with the IASB. Both English and Hebrew labels of the ISA extension taxonomy have been created by the ISA.
Namespace | http://www.xbrl.org/il/fr/ifrs/gp/2007-09-01
Namespace prefix | il-ifrs-gp
Physical location of taxonomy files | http://www.xbrl.org/il/ifrs/gp/2007-09-01/il-ifrs-base-2007-09-01.xsd (Schema) (This is the IFRS taxonomy as used by the ISA.) http://www.xbrl.org/il/ifrs/gp/2007-09-01/il-ifrs-gp-2007-09-01.xsd (Schema) (This is the main entry point for the ISA taxonomy itself.) http://www.xbrl.org/il/ifrs/gp/2007-09-01/il-ifrs-gp-2007-09-01-label-en.xml (Label linkbase - English) http://www.xbrl.org/il/ifrs/gp/2007-09-01/il-ifrs-gp-2007-09-01-label-he.xml (Label linkbase - Hebrew) http://www.xbrl.org/il/ifrs/gp/2007-09-01/il-ifrs-gp-2007-09-01-presentation.xml (Presentation linkbase) http://www.xbrl.org/il/ifrs/gp/2007-09-01/il-ifrs-gp-2007-09-01-reference.xml (Reference linkbase)
Sample Instance Document | http://www.xbrl.org/il/ifrs/gp/2007-09-01/File2007-01-123456.xbrl
Summary document | http://www.xbrl.org/il/ifrs/gp/2007-09-01/il-ifrs-gp-2007-09-01-summary.doc (doc format) http://www.xbrl.org/il/ifrs/gp/2007-09-01/il-ifrs-gp-2007-09-01-summary.htm (html format) http://www.xbrl.org/il/ifrs/gp/2007-09-01/il-ifrs-gp-2007-09-01-summary.pdf (pdf format)
References to other taxonomies | International Financial Reporting Standards General Purpose Financial Reporting for Profit-Oriented Entities, Incorporating Additional Requirements for Banks and Similar Financial Institutions (IFRS-GP) 2006 http://xbrl.iasb.org/int/fr/ifrs/gp/2006-08-15/summary_page.html
Zip files | Zip archive containing all documentation, taxonomy and sample files: http://www.xbrl.org/il/ifrs/gp/2007-09-01/il-ifrs-gp-2007-09-01-summary.zip
Physical location of supporting files: | Legislation: http://www.xbrl.org/il/legislation/CompaniesLaw5759-1999.pdf http://www.xbrl.org/il/legislation/DraftMagnaRulesEdithev-jan07.pdf http://www.xbrl.org/il/legislation/DraftSecuritiesRegulationsAnnualFinStatements.pdf http://www.xbrl.org/il/legislation/DraftSecuritiesRegulationsPeriodicImmediateStatements-jan07.pdf http://www.xbrl.org/il/legislation/DraftXBRLTagsExplanations-30012007.pdf http://www.xbrl.org/il/legislation/SecuritiesLaw-03jan2006.pdf http://www.xbrl.org/il/legislation/legislation.zip (contains all the legislation pdf files)
Technical Compliance: | This taxonomy is compliant with the XBRL Specification Version 2.1, dated 2003-12-31 plus errata corrections dated 2006-12-18 The taxonomy has been validated using the following validators: - Fujitsu - True North - UBMatrix
FRTA Validation and the use of Magna | This taxonomy is based on that of the IFRS. Because the IFRS uses Restated Labels, which are not in the LRR, it is not FRTA-compliant, and neither is this taxonomy. These are the only MUST FRTA rules that are violated by this taxonomy. This taxonomy only uses a small portion of the IFRS taxonomy, therefore there will be empty tuples. Only the IFRS elements used in this taxonomy have Hebrew labels. The ISA requires corporations to supply material information to the public, so that information is available to all investors at the same time. This is accomplished by requiring member organizations—corporations, mutual fund managers, trustees, investment consultants, portfolio managers and underwriters—to regularly submit reports via the Internet to ISA's Magna electronic distribution system. Magna is Israel's answer to EDGAR, the SEC's online financial information database, for the Tel Aviv Stock Exchange companies. The primary purpose of the Magna system, like the EDGAR system, is to increase the efficiency and fairness of the securities market for the benefit of investors, corporations, and the economy by providing access to and analysis of all the data that a public company is required to disclose. Aside from distributing reports to the public in an orderly, regulated manner, ISA works to prevent or detect securities fraud, use of inside information, the withholding of material information from investors, misuse of accounting rules, and more. Magna will only accept financial information that fits into the taxonomy.
The Israel Accounting Standards Board (IsASB): | The Israel Accounting Standards Board (IsASB) was established in 1997 following the agreement between the Israel Securities Authority (ISA) and the Institute of Certified Public Accountants in Israel (ICPAs) and is associated as a non-profit private company limited by guarantee and financed by those two bodies. In accordance with its founding agreement, it is the IsASB that today, and since 1997, is responsible for issuing accounting standards (The ISA and ICPAs, the directors of the IsASB, agreed not to engage in accounting standard setting after the formation of the IsASB and that all accounting standard setting in Israel will be made only through the IsASB). Although the IsASB was not founded by law, in a number of items of legislation that have been enacted or amended after it was set up, lawmakers have recognized its activities. The IsASB consists of three distinct bodies: a. The Board - Seven voting Board members including the Chairman of the Board. In addition to the board members, there are eight non-voting observers, jointly selected by ISA and ICPAs, who participate in the meetings. The Chairman of the Board may invite additional participants in order to provide expert professional opinions on special issues. b. The Council - a Supervisory Council of 17 members oversees the activities of the Board. c. The Board of Directors - consists of two members - the Chairman of the ISA and the President of ICPAs. A limited professional staff assists the IsASB in its activities. The professional staff participates in the Board meetings, generates working papers, and co-ordinates Ad Hoc professional teams. The IsASB is engaged, as aforesaid, in the setting of Accounting Standards on an ongoing basis, with the objective of raising the level of Accounting Standards in Israel, both quantitatively and qualitatively, as well as improving the quality and reliability of the information included in financial statements. This ongoing activity includes the issue of new Accounting and Reporting Standards, the updating, amendment or cancellation of existing Accounting and Reporting Standards and the issuance of temporary guidelines and professional clarifications. The use of IFRS will be mandatory for listed companies staring from January 1, 2008 (though IFRS have been voluntarily used starting from August 2006) and the IsASB is the organization in Israel responsible for setting up the translation committee which provides the translation of IFRS from their Source Language version (English) into the Target Language (Hebrew) using a mutually agreed translation process, as agreed between The IsASB and IASB.
Copyright and License | Copyright ©09 2007-09-01, Israel Securities Authority Copyright © 2007, XBRL International This taxonomy and translations of it may be copied and furnished to others, and derivative works that comment on or otherwise explain it or assist in its implementation may be prepared, copied, published and distributed, in whole or in part, without restriction of any kind, provided that: 1. The above copyright notice and this paragraph are included on all such copies and derivative works. 2. A link or URL to the original taxonomy is included in all such copies and derivative works. However, this taxonomy itself may not be modified in any way, such as by removing the copyright notice or references to XBRL International or other organizations, except as required to translate it into languages other than English. Members of XBRL International and the taxonomy owners agree to grant certain licenses under the XBRL International Intellectual Property Policy (www.xbrl.org/legal). The name and trademarks of XBRL International may NOT be used in advertising or publicity pertaining to this document or its contents without specific, written prior permission. Title to copyright in this document will at all times remain with copyright holders. By using and/or copying this taxonomy, you (the licensee) agree that you have read, understood, and will comply with the terms and conditions set out in this document and in the Copyright, Intellectual Property and Trademarks documents on www.xbrl.org/legal This taxonomy and its associated files are provided on an "AS IS" basis and XBRL INTERNATIONAL AND THE OWNERS OF THE TAXONOMY DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY THAT THE USE OF THE INFORMATION HEREIN WILL NOT INFRINGE ANY RIGHTS OR ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Recipients of this taxonomy are invited to submit, with their comments, notification of any relevant patent rights and copyrights of which they are aware and to provide supporting documentation. The attention of users of this taxonomy is directed to the possibility that its use may require use of an invention covered by patent rights. XBRL International and the owners of the taxonomy shall not be responsible for identifying patents for which a license may be required by this taxonomy, or for conducting legal inquiries into the legal validity or scope of those patents that are brought to its attention. This taxonomy is prospective and advisory only. Prospective users are responsible for protecting themselves against liability for infringement of patents. XBRL International and the owners of this taxonomy takes no position regarding the validity or scope of any intellectual property or other rights that might be claimed to pertain to the implementation or use of the technology defined by implied by the taxonomy or the extent to which any license under such rights might or might not be available; neither do they represent that they has made any effort to identify any such rights. Members of XBRL International agree to grant certain licenses under the XBRL International Intellectual Property Policy (www.xbrl.org/legal). Warranty ALL PARTIES ACKNOWLEDGE THAT ALL INFORMATION PROVIDED AS PART OF THIS TAXONOMY OR ITS ASSOCIATED FILES IS PROVIDED "AS IS" WITH NO WARRANTIES WHATSOEVER, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, AND THE PARTIES EXPRESSLY DISCLAIM ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, NONINFRINGEMENT, OR TITLE, OR ANY WARRANTY OTHERWISE ARISING OUT OF ANY PROPOSAL, RECOMMENDATION, OR SAMPLE; OR ANY WARRANTY THAT THE USE OF THE CONTENTS OF THE TAXONOMY OR ITS ASSOCIATED FILES WILL NOT INFRINGE ANY THIRD PARTY PATENTS, COPYRIGHTS, TRADEMARKS OR OTHER RIGHTS. Limitation of Liability IN NO EVENT WILL XBRL INTERNATIONAL OR THE OWNERS OR AUTHORS OF THE TAXONOMY BE LIABLE TO ANY USER OR ANY THIRD PARTY FOR THE COST OF PROCURING SUBSTITUTE GOODS OR SERVICES, LOST PROFITS, LOSS OF USE, LOSS OF DATA OR ANY DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR SPECIAL DAMAGES, WHETHER UNDER CONTRACT, TORT, WARRANTY OR OTHERWISE, ARISING IN ANY WAY OUT OF THE USE OF THIS TAXONOMY OR ITS ASSOCIATED FILES, OR THE PERFORMANCE OR IMPLEMENTATION OF THE CONTENTS THEREOF OF ANY TYPE WHATSOEVER, WHETHER OR NOT SUCH PARTY HAD ADVANCE NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. This taxonomy and all related documentation (the "taxonomy") is made available as a public service only and on an "as is" basis only by the ISA and the IFRS Hebrew labels by the IsASB, and none of the ISA, the IsASB and any person, personally or legally with the creation or distribution of this taxonomy, to the fullest extent permitted by law, make any, and expressly disclaim all, representations, warranties and conditions, whether express or implied, regarding same, including without limitation regarding merchantability, non-infringement of third parties' rights, and fitness for particular purpose, and regarding the accuracy, reliability, or completeness of the taxonomy or results using same. For greater certainty, the ISA, the IsASB and any person, personal or legal associated with the creation or distribution of this taxonomy accept no liability for use of or reliance on the taxonomy, including without limitation, liability resulting from any claims for damages, whether direct, indirect, consequential, special, incidental or exemplary, howsoever caused, even if any of the above are advised of the possibility of such damages or such damages are foreseeable. By using the taxonomy, each user accepts sole responsibility and liability for their use of or reliance on, and the use of or reliance on by third parties, on the taxonomy. Neither the ISA, the IsASB nor any person, personal or legal associated with the creation or distribution of this taxonomy guarantee that they will correct errors in the taxonomy.