SARAS signed a License Agreement with the IFRS Foundation to translate and publish IFRS Taxonomy

Under the decree №2396 of the Georgian Government, SARAS was authorized to sign the License Agreement with the IFRS Foundation to translate the IFRS Taxonomy and to make it available to users digitally. The License covers IFRS and also IFRS for SMEs taxonomies.

IFRS Taxonomy is developed by the International Accounting Standards Board in order to facilitate the electronic use and exchange of financial data which is prepared in accordance with IFRS Standards.

The IFRS Taxonomy improves communication between preparers and users of financial statements that comply with IFRS Standards. Preparers can use the IFRS Taxonomy's elements to tag required disclosures, making them more easily accessible to users of electronic reports.

The IFRS Taxonomy reflects the presentation and disclosure requirements of IFRS Standards and includes elements from the accompanying materials to the IFRS Standards such as implementation guidance and illustrative examples. In addition, it contains elements for disclosures not specifically required by IFRS Standards but commonly reported in practice.

IFRS Taxonomy is one of the reporting-area specific hierarchical dictionaries used by the XBRL community. XBRL is the open international standard for digital business reporting, aiming to support the high-quality tagging of information presented in primary financial statements, making the reporting process faster and easier. It is committed to improving reporting in the public interest. XBRL is used around the world, in more than 50 countries. 

Translation of IFRS taxonomy in the Georgian language is the first step to create a new environment for professionals representing the reporting field -  many leading countries effectively implemented IFRS Taxonomy and XBRL.