Country and Currency code taxonomies confirmed as Proposed Recommendations
We are pleased to announce that the XBRL International Standards Board (XSB) has elevated the new Country Code and Currency Code taxonomies to Proposed Recommendation status. These taxonomies furnish lists of ISO codes for countries and currencies, simplifying the incorporation of standard codes in XBRL reports, as mandated in various regulatory filings.
By using the Currency and Country taxonomies, implementers can benefit from automatic updates of ISO code changes, reducing the risk of using outdated information and minimising maintenance costs. This streamlines the regulatory process, relieving regulators of the burden of defining and managing these lists in their taxonomies, while enhancing the consistency and comparability of XBRL reports.
Moving forward, the country and currency code taxonomies will be updated in alignment with updates to the underlying ISO currency or country code list. To accommodate such changes swiftly, two versions of the taxonomies are available. The ‘current’ versions facilitate automatic updates without necessitating version changes at the user’s end, while the ‘dated’ versions require manual updates, offering full control of the process.
This latest iteration has already made it out into the wild, with the recently released draft EFRAG taxonomy incorporating the Proposed Recommendation version of the country code taxonomy, underscoring its relevance and applicability. Future taxonomy designers take note!
For more information and access to the taxonomies and supporting documents, please visit the following links:
- Country Code Taxonomy Version 1
- Country Code Taxonomy Version 2
- Currency Code Taxonomy Version 1
- Currency Code Taxonomy Version 2
For further information, please see the Architecture Document, check out this sample report, or take a look at our guidance which accompanies these taxonomies.
