IFRS Foundation Looking for Volunteers

In 2010 and 2011, the IFRS Foundation has been interacting with companies from various countries and industries to identify and develop extra concepts to the IFRS taxonomy reflecting common practices. The IFRS Foundation is now establishing a new project to examine and develop common industry practice concepts for the IFRS Taxonomy, and is looking to work directly with stakeholders across different industries and regions in order to increase comparability, reduce the number of XBRL extensions, and lower the burden on preparers. The process will be conducted by a joint program of empirical analysis and interaction with industry representatives.

For practical reasons, it has been decided to limit the project in 2012 to the following industries:

• Financial Institutions
• Insurance Entities
• Extractive Industries (ie, Mining, Oil & Gas)

Canada has a strong presence in these industries, particularly in the financial and extractive areas, and could make a significant contribution to this project. Those who are interested should check out this article and reach out to the contacts listed therein. Or else contact a representative of XBRL Canada.