Currency Code and Country Code Taxonomies to Recommendation
We are pleased to announce that the new Country Code and Currency Code taxonomies have been promoted to Recommendation status. These taxonomies provide lists of ISO codes for countries and currencies, simplifying the incorporation of standard codes in XBRL reports, as mandated in various regulatory filings.
By using the Currency and Country taxonomies, implementers can benefit from automatic updates of ISO code changes, reducing the risk of using outdated information and minimising maintenance costs. This streamlines the regulatory process, relieving regulators of the burden of defining and managing these lists in their taxonomies, while enhancing the consistency and comparability of XBRL reports.
The move to Recommendation status indicates that the architecture of these taxonomies is now finalised and stable. The taxonomies will be updated in order to reflect changes in the underlying ISO code lists. The first such update is already in the pipeline, as on Thursday, an update to the ISO4217 code list was announced to add ZWG as a code for the Zimbabwe Gold currency.
Taxonomy authors have a choice of two versions for each taxonomy. The “current” versions provide updates to reflect codelist changes that use the same namespace and taxonomy location. There are also “dated” releases, that use a new namespace and location for each version, giving taxonomy authors control over when updates are incorporated into their taxonomy.
The taxonomies can be found in the XBRL Taxonomy Registry. An architecture document describing the taxonomies and the maintenance process can be found in our Specifications pages at specifications.xbrl.org.
