Reusing taxonomies? Guidance now available
“Reusing an existing taxonomy” – does that make you think of software developers simply using preexisting functions from libraries? Think again! In fact, there is much more to it than recycling code.
The Taxonomy Architecture Guidance Task Force (TAGTF) working under XBRL International’s Best Practice Board has recently published draft guidance to explain the different aspects of “How to reuse an existing taxonomy,” such as when and how to reuse definitions, legal considerations, and maintenance impact. The guidance also explains how reusing a taxonomy can increase comparability and interoperability, benefiting all stakeholders.
The Task Force is actively seeking feedback on this draft guidance document and would like to hear from you if there are considerations not discussed that impact taxonomy reuse decisions. Please send your feedback and comments to the TAGTF.