IFRS Publishes Taxonomy 2020 and Taxonomy Formula Linkbase 2020
The IFRS Foundation has published the IFRS Taxonomy 2020 and the IFRS Taxonomy formula linkbase 2020. The IFRS Taxonomy 2020 is based on the IFRS standards as at January 01, 2020, including those issued but not yet effective. The IFRS Taxonomy 2020 incorporates changes resulting from IFRS Taxonomy 2019—Update 1 Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39, and IFRS 7), which IFRS has been also published now.
The IFRS Taxonomy enables electronic reporting of financial information prepared in accordance with the IFRS standards. Preparers can use the IFRS Taxonomy to tag disclosures, making them easily accessible to investors that prefer to receive financial information electronically. This update includes new elements to enable users of financial statements reported electronically to understand how the uncertainty arising from interest rate benchmark reform affects the hedging relationships of an entity. The IFRS Taxonomy Update 2019—Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39, and IFRS 7) includes IFRS Taxonomy elements to reflect the disclosure requirements introduced by the Interest Rate Benchmark Reform (Amendments to IFRS 9, IAS 39, and IFRS 7), issued by the Board in September 2019. The new elements will enable users of financial statements reported electronically to understand how the uncertainty arising from interest rate benchmark reform affects the hedging relationships of an entity. The IFRS Taxonomy 2020 incorporates the changes resulting from this Update.
The IFRS Taxonomy formula linkbase 2020 accompanies the IFRS Taxonomy 2020 and can help to validate disclosures reported using the IFRS Taxonomy and the XBRL technical format. For example, it can help preparers to avoid reporting negative values for IFRS Taxonomy elements where positive values are expected. The linkbase has been updated from the IFRS Taxonomy formula linkbase 2019, mainly to reflect changes in the IFRS Taxonomy 2020 content.
Keywords: International, Accounting, Banking, Insurance, Securities, Interest Rate Benchmark, Benchmark Reforms, IFRS 9, IAS 39, Taxonomy, Taxonomy Formula Linkbase, Reporting, IFRS
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