What is a taxonomy?

A taxonomy is a classification system of some kind of knowledge or business domain. The content of a taxonomy is designed to accurately reflect the presentation and disclosure requirements of standards as issued by a regulatory body. Its content also includes elements from the accompanying materials and elements for disclosures that are not required, but that are commonly reported in practice by entities (Common Practice). Taxonomy building is conducted after technological evaluation to provide consistency with the current standards and to assure its compatibility with the tools available on the market. 

A version of a framework identified by a reference to the underlying normative legislation (name and version of information requirements) plus a date stamp (taxonomy publication date). A taxonomy consists of one or more tables that are usually gathered in table groups and further referenced from modules. It is possible that a taxonomy refers to and reuses tables from previous versions of a framework.

Taxonomy development is one of the core services offered by BR-AG, its content is designed to accurately reflect the requirements issued by a regulatory bodies. 

The Interoperable Taxonomy Architecture (ITA) is commonly used by financial reporting and tax reporting XBRL taxonomies that need to facilitate textual data and disclosures, are extensible due to principles of underlying accounting standards and may be extended by reporting entities. The IFRS XBRL Taxonomy is built according to the ITA rules. The IFRS Taxonomy is the global standard issued  by the IFRS Foundation to mark-up electronic IFRS financial statements. By providing the IFRS Taxonomy, the IASB can ensure that the taxonomy used is an accurate representation of International Financial Reporting Standards (IFRS Standards). The IFRS Taxonomy Updates occur throughout the year in line with the publication of new or amended Standards issued by the IASB. Updates may also be released as a result of common practice projects or technology updates. Each year an annual compilation of all updates is produced (the Annual IFRS Taxonomy).