Foreign private issuers that file in the United States using International Financial Reporting Standards are likely to get a reprieve on a looming deadline to start using XBRL technology in their financial reports, as the Securities and Exchange Commission struggles to approve an XBRL taxonomy that can handle the more principles-based accounting world of IFRS.
News of a possible delay in the XBRL requirement for IFRS filers came in a letter from the SEC to the Center for Audit Quality. The letter—a response to CAQ's concerns that an IFRS taxonomy wouldn't be ready by the June 15 implementation deadline—acknowledges that IFRS ...