Posted on Friday, December 7, 2018

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.

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