The International Accounting Standards Committee (IASC) Foundation has released the latest version of the International Financial Reporting Standards (IFRS) Taxonomy 2009, in which IFRS is translated into eXtensible Business Reporting Language (XBRL).
XBRL is a web-based data standard which allows financial information to be defined and exchanged.
The language also means that companies, regulators, investors and analysts can easily file, access and compare financial data.
Amendments from IFRS Taxonomy 2008 generally reflect changes in reporting standards, although the IASC Foundation has said improvements in syntax have led to an improvement in size and download time.
Last year, the Securities and Exchange Commission passed a new rule requiring public companies in the US to file their financial reports using XBRL.
Greg Zegarowski, president of Financial Leadership Corp, told itbusinessedge.com this week that the standard could "revolutionise" business information.
He added that the move would give smaller companies the opportunity to have their data analysed.
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