Find out more about Currency and Country Taxonomies

Posted on September 20, 2024 by Editor

Interested in taking a deep-dive into XBRL International's recently released Currency and Country Taxonomies? Paul Warren and Catalina Ibañes walk you through the details on this webinar.

Paul Warren, our Technical Director, and Catalina Ibañez, Chair of XBRL's Implementation Awareness Task Force, held a webinar over summer designed to walk you through the details. The session covered the taxonomy structures, outlined the benefits of incorporating currency and country taxonomies into XBRL reports, and explained the maintenance plans in place to ensure they stay up-to-date with ISO currency and country codes.

These taxonomies play a vital role in standardising how currency and country information is presented in XBRL reports. By incorporating ISO codes (ISO 4217 for currencies and ISO 3166 for countries), they ensure consistency and accuracy, reducing risks associated with outdated code lists. The taxonomies enable codes to be used either as fact values or as dimensions within the reporting context, which allows for a greater flexibility in implementation.

Taxonomies are kept current with ISO updates applied within 30 days of any changes. Implementers can choose between a "current" version, updated continuously, or a "dated" version, which provides control over when updates are applied, allowing for greater operational flexibility. Metadata and validation rules also enhance the quality of reports by preventing the use of outdated or invalid codes.

This approach helps cut down on the maintenance burden for taxonomy authors and ensure that code lists are valid and up-to-date, with the end result of improving overall data quality.

To jump into the technical details, check out the webinar on catch up here.