We are considering using International Financial Reporting Standards (IFRS) for our consolidated reports. Can XBRL GL be helpful in migrating to that standard?
Differences between IFRS and other standards such as US GAAP are driven in part by specific transactions or journal entries being reported in different ways. Since XBRL GL allows for tagging single transactions or journal entry in multiple ways, including multi-GAAP recording, it facilitates the rollup of detail information under different reporting standards, as well as providing the means to produce necessary reconciliations (see FAQ # 38 below).
