Existing Rule 405 requires that foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the IASB must submit financial data in XBRL upon publication of the taxonomy (which was published on March 1, 2017). However, the SEC is providing notice that issuers may first submit financial data in XBRL with their first annual report on Form 20-F or 40-F for a fiscal period ending on or after December 15, 2017.

Filers interested in viewing the IFRS taxonomy or in preparing their statements using the IFRS taxonomy can do so using GoFiler Complete or GoXBRL. The IFRS taxonomy is already available for use in both applications with additional tools in development to streamline the process of preparing reports using IFRS. For more information on GoFiler and IFRS, please contact us.

The IFRS taxonomy is available at the SEC’s website here: https://www.sec.gov/page/dera_taxonomies.

Sources:

IFRS Taxonomy for Foreign Private Issuers That Prepare Their Financial Statements in Accordance with International Financial Reporting Standards as Issued by the International Accounting Standards Board (Release Nos. 33-10320; 34-80128, www.sec.gov)

SEC Posts Notice of Availability of IFRS Taxonomy (www.sec.gov)