Global Country, Currency Taxonomies for Comment
The XBRL International Standards Board (XSB) has approved for release as a public working draft, a working group note of the proposed architecture and workflow arrangements for the release of global XBRL taxonomies for ISO country and currency code lists as well as draft taxonomies for inspection, testing and comment.
This initiative involves direct use of the official public ISO codes released from time to time and simply makes it easy to use the most up to date code lists within XBRL reporting arrangements. It will mean that multiple regulators around the world will no longer need to manually prepare and publish their own versions of the code lists, something which happens right around the globe today. Central banks and securities regulators in particular require the use of ISO codes in a wide range of regulatory filings. While these codes don’t change very frequently, when they do, regulatory taxonomies need to be rapidly updated. These new global taxonomies can be imported into regulatory arrangements directly, lowering costs and improving quality and consistency. They can be used in a number of ways, including as dimension members and as extensible enumerations (aka ‘pick lists’).
The architecture document explains:
- how the taxonomies can be referenced to enable use of the codes on their own, or with official English language labels.
- how regulators or national jurisdictions can prepare localised translations of code labels, and submit them to XBRL International for reuse.
- how versioning and deprecation will be managed
You are encouraged to review this public working draft and provide comments and suggestions via email to firstname.lastname@example.org. Members, of course, can add issues directly to the issues list in our gitlab repository.