XSB Has Officially Elevated the New Country Code and Currency Code Taxonomies to Proposed Recommendation Status

XSB Has Officially Elevated the New Country Code and Currency Code Taxonomies to Proposed Recommendation Status

By Prathamesh 28 February, 2024

The XBRL International Standards Board (XSB) has promoted the new Country Code and Currency Code taxonomies to Proposed Recommendation status. These taxonomies provide lists of ISO codes for countries and currencies, facilitating the integration of standard codes into XBRL reports as required in regulatory filings.

By utilizing these taxonomies, users can enjoy automatic updates of ISO code changes, reducing the risk of using outdated information and minimizing maintenance costs. This advancement simplifies the regulatory process by relieving regulators of the task of defining and managing these lists, while improving the consistency and comparability of XBRL reports.

The taxonomies will be regularly updated in line with changes to the underlying ISO lists, with two versions available to accommodate different user needs: ‘current’ for automatic updates and ‘dated’ for manual updates. The EFRAG taxonomy draft has already incorporated the Proposed Recommendation version of the country code taxonomy, emphasizing its significance and relevance for future taxonomy designers. Access the taxonomies and supporting documents through the provided links for more information.

To find out more details please visit : https://www.xbrl.org/