IFRS Foundation Publishes IFRS Taxonomy 2018
IFRS Foundation published the IFRS Taxonomy for 2018, which includes updates to the IFRS Taxonomy for 2017. The 2018 Taxonomy incorporates changes resulting from the updates on Annual Improvements and on Prepayments Features with Negative Compensation (Amendments to IFRS 9)—which were also published by IFRS. The IFRS Taxonomy for 2018 also incorporates the taxonomy update for IFRS 17 Insurance Contracts, which was published in January 2018.
Overall, the IFRS Taxonomy for 2018 also includes annual improvements to the IFRS Taxonomy such as an enhanced data model for reporting related to continuing and discontinued operations; changes to better reflect disclosures in IAS 19 on employee benefits and disclosures in IFRS 7 on Financial Instruments. The IFRS Taxonomy facilitates electronic reporting of financial statements that comply with IFRS Standards. It reflects the presentation and disclosure requirements in IFRS Standards and the accompanying materials to IFRS Standards. The IFRS Taxonomy also includes elements for disclosures not specifically required by IFRS Standards that companies commonly report. Updates to the IFRS Taxonomy are released during the year to reflect changes to IFRS Standards, common reporting practice by companies that apply IFRS Standards, general improvements to the IFRS Taxonomy or technology changes.
Keywords: International, Banking, Accounting, Insurance, IFRS Taxonomy, IFRS 9, IFRS 17, IFRS
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