Availability of the IFRS Taxonomy
On March 1, 2017 the Commission provided notice that the International Financial Reporting Standards (“IFRS”) Taxonomy was available on the Commission’s website. The notice is available at https://www.sec.gov/rules/other/2017/33-10320.pdf. Foreign private issuers may reference the taxonomy at https://www.sec.gov/info/edgar/edgartaxonomies.shtml.
When must issuers submit filings using the IFRS Taxonomy?
All FPIs that prepare their financial statements in accordance with IFRS as issued by the IASB and are subject to Rule 405 of Regulation S-T must submit their financial statements in XBRL using an IFRS Taxonomy specified on the Commission’s website as of their first annual report on Form 20-F or 40-F for a fiscal period ending on or after December 15, 2017. There is no phase-in based on issuer filer status.
Can I submit using any version of the IFRS Taxonomy?
Only versions of the IFRS Taxonomy that are listed on the Commission’s Standard Taxonomies webpage (https://www.sec.gov/info/edgar/edgartaxonomies.shtml) are acceptable in EDGAR.
Where are resources for preparing XBRL submissions in EDGAR?
The EDGAR Filer Manual provides certain technical requirements for filers to prepare, validate, and submit EDGAR-acceptable electronic filings in XBRL format. The EDGAR Filer Manual is available at https://www.sec.gov/info/edgar/edmanuals.htm. Staff in the Division of Economic and Risk Analysis has also provided responses to a number of frequently asked questions about interactive data disclosure, available at https://www.sec.gov/structureddata/FAQs.
Where can I find tags for financial statement and schedule disclosures the Commission requires that are not included in the IFRS Taxonomy?
XBRL tags that correspond to Commission financial statement and schedule disclosure requirements are available in the 2018 SEC Reporting taxonomy ("SRT") and the 2018 U.S. Generally Accepted Accounting Principles (U.S. GAAP) Taxonomy. Foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB are encouraged to refer to the 2018 SRT or the 2018 U.S. GAAP Taxonomy for those standard XBRL tags when preparing their XBRL submissions. For ease of reference, those standard XBRL tags reside in the following 2018 SRT and U.S. GAAP Taxonomy Disclosure Relationship Groups:
- Financial statement schedules required by Rules 5-04 and 7-05 of Regulation S‑X and prescribed by Article 12 of Regulation S-X: These standard XBRL tags are found in the U.S. GAAP Taxonomy Disclosure Relationship Groups numbered 991000, 993000, 993200, 993400, 993600, 993800, 994000, and 994200, and in the SRT Disclosure Relationship Groups numbered 991100, 993050, 993250, 993450, 993650, 993850, 994100, and 994250.
- Condensed consolidating financial information for guarantors required by Rule 3-10 of Regulation S-X: These standard XBRL tags are found in the U.S. GAAP Taxonomy Disclosure Relationship Group numbered 991000, and in the SRT Disclosure Relationship Group numbered 991100.
- Disclosures about oil and gas producing activities required by Instruction 2 to Item 18 of Form 20‑F: These standard XBRL tags are found in the U.S. GAAP Taxonomy Disclosure Relationship Group numbered 965000, and in the SRT Disclosure Relationship Group numbered 965100.
In addition, the SEC Reporting taxonomy includes dimensional elements whose underlying recognition and measurement is not specified by GAAP, including “Range [Axis],” “Geographical [Axis],” and Ownership [Axis]” and others. These XBRL tags are found in the SEC Reporting taxonomy Disclosure Relationship Group numbered 191000.
Will XBRL submissions prepared using the IFRS Taxonomy appear on the Commission’s website with other XBRL submissions?
Yes, all documents submitted in EDGAR can be searched for in the EDGAR system at https://www.sec.gov/cgi-bin/srch-edgar. In addition, XBRL data using the IFRS Taxonomy will be incorporated into the annual and quarterly financial statement data sets made available at https://www.sec.gov/dera/data/financial-statement-data-sets.html and the financial statement and notes data sets made available at https://www.sec.gov/dera/data/financial-statement-and-notes-data-set.html.
Who can I contact with questions on structuring disclosures using the IFRS Taxonomy?
You may email the Office of Structured Disclosure at StructuredData@sec.gov or leave a voice mail at 202-551-5494. You may also sign up to receive announcements from the Office of Structured Disclosure as they are posted, by email at https://www.sec.gov/structureddata/news or via RSS feed at https://www.sec.gov/structureddata/article/announcement.rss.
If you have questions of an accounting and/or reporting nature please refer to this page https://www.sec.gov/divisions/corpfin/cfreportingguidance.shtml on contacting staff for advice. If you have questions related to an EDGAR filing matter please refer to this page https://www.sec.gov/info/edgar/edgarcontact.htm on contacting the EDGAR filing team and/or the division that will review the filing. If you have legal questions, you may contact the Office of Chief Counsel in the Division of Corporation Finance by online form (https://www.sec.gov/forms/corp_fin_interpretive) or phone ((202) 551-3500).
Where can I find more information about the IFRS Taxonomy?
The IFRS Taxonomy is issued by the IFRS Foundation. Information regarding the IFRS Taxonomy is available at http://www.ifrs.org/issued-standards/ifrs-taxonomy/. The IFRS Foundation periodically publishes versions of the IFRS Taxonomy for public comment.