Need to build an XBRL Taxonomy? Start here!

Posted on December 10, 2023 by Editor

There is a lot of incredibly useful guidance available on developing XBRL taxonomies, but that same richness of information can also be a little overwhelming when first setting out. We are delighted to announce that XBRL International’s Best Practices Board (BPB) has published a review draft of its new XBRL Taxonomy – Quick Start Guide.

The new guide will help new taxonomy builders through the process and the typical series of decisions they need to make.

This guide is aimed at data collectors – including taxonomy owners, architects, and authors –who have made the decision to collect reports in XBRL and are looking for guidance on how to develop a taxonomy. XBRL taxonomies are the foundations of digital reporting, providing the standardised dictionary of digital definitions for the facts being collected, their attributes and their interrelationships.

For each of the key questions involved in the taxonomy development process, the guide provides a list of aspects to consider – linking where possible to further detailed guidance at each step. We hope that the guide will be a highly useful resource for organisations such as regulators, central banks and others setting it out on the digital reporting journey for the first time.

The guide draws on the practical experience of BPB members in taxonomy development, alongside feedback they have received from other users.

Your comments on this review draft are very welcome. Read it here.

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