The IASB has published a Proposed IFRS Taxonomy Update: General Improvements, with a 60 day comment period ending on February 4, 2019.
Materials related to the draft taxonomy are available from Project News or the IFRS project webpage including:
- 20 minute webcast that provides a high level summary of the project and its proposals (accessed from Project News); and
- accompanying slide deck that provides simpler representation of our proposals.
Primary changes proposed:
- introduction of the implementation notes that explain how to use specific IFRS Taxonomy elements and avoid tagging errors;
- introduction of the duration element type for reporting information about a period of time to achieve more consistent tagging; and
- removal of entry points without documentation labels to make it easier to access the IFRS Taxonomy.
