The IFRS Foundation published the IFRS Taxonomy 2018—Proposed Update 2 General Improvements for public consultation. The Proposed IFRS Taxonomy Update:
- introduces implementation notes that explain how to use specific IFRS Taxonomy elements;
- introduces the duration element type for reporting information about a period of time;
- removes entry points without documentation labels to make it easier to access the IFRS Taxonomy.
The proposed improvements are designed to improve the quality of data reported using the IFRS Taxonomy and to make it easier to use the IFRS Taxonomy. Refer to the ‘About’ section for more information on general improvements.