IFRS Taxonomy 2021 published in four new languages

Posted on December 3, 2021 by Editor

It’s good news for International Financial Reporting Standards (IFRS) users around the world, who can now deploy the most up-to-date digital tags in several additional languages. Files for the IFRS Taxonomy 2021 are available in Korean, Spanish, Turkish and Ukrainian.

XBRL taxonomies like the IFRS Taxonomy define the tags used in digital reporting, in this case financial disclosures prepared according to the IFRS standards. They ensure that tagging attaches consistent meanings to machine data. The availability of taxonomies in different languages unlocks the potential for users to automatically switch between languages to prepare, view, analyse and compare tabular data. This is straightforward for developers to implement, and is particularly important for companies operating internationally, or for regional regulators working in multiple languages. From our perspective multilingual tagging is a significant advantage of XBRL.

Alongside the translated 2021 taxonomies, the IFRS Foundation has also published versions in each language of the IFRS Taxonomy Illustrated (ITI), which provides a simplified view of the taxonomy in an easy-to-read visual format that does not require any knowledge of XBRL. Versioning information also shows how the 2021 taxonomy differs from previous years. Excellent work!

Read more here.

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