IFRS Taxonomy 2021 now available in Japanese
Financial filers in Japan once again have the latest digital tags at their fingertips. The International Financial Reporting Standards (IFRS) Foundation has recently published the files for the IFRS Taxonomy 2021 in Japanese.
Further support to Japanese-speaking users is provided by the IFRS Taxonomy Illustrated (ITI), which offers a simplified view of the taxonomy in an easy-to-read visual format that does not require prior knowledge of XBRL. It also includes version information showing what has changed in the 2021 taxonomy compared to earlier versions.
The ability for consumers and compilers of reports to switch between tags in different languages at the click of a button is of course a huge advantage of XBRL-based reporting, enabling data to have a truly global reach. With Japan a key financial market and a leading implementer of digital reporting, these annual translations are an important contribution.
Recall that this works bidirectionally: more and more Japanese companies are adopting IFRS, which means that face financials disclosed in Japanese can be consumed by users who would prefer to consume them in other languages. Equally, IFRS face financials published in other languages supported by the IFRS taxonomy can be transformed into Japanese for users in that country.
Read more here.
