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Clifford Chance

Briefings

SEC publishes IFRS taxonomy and proposes to require Inline XBRL

20 March 2017

The US Securities and Exchange Commission ("SEC") will require foreign private issuers that are subject to US public reporting requirements and that prepare financial statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") to comply with the SEC's XBRL reporting requirement for fiscal years ending on or after December 15, 2017.  To enable compliance, the SEC has published on its website a specific set of data labels, or XBRL tags (collectively referred to as a taxonomy), customized for IFRS as issued by the IASB. In addition, the SEC has proposed to amend its XBRL reporting requirement to mandate use of Inline XBRL.

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