Featured Product

    IFRS Publishes Taxonomy 2020 and Taxonomy Formula Linkbase 2020

    March 17, 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

    Featured Experts
    Related Articles
    News

    EC Delegated Regulation on Specialized Lending Exposures Under CRR

    EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.

    April 14, 2021 WebPage Regulatory News
    News

    OSFI Consults on Minimum Qualifying Rate for Uninsured Mortgages

    OSFI is proposing new minimum qualifying rate for uninsured mortgages under the Guideline B-20.

    April 13, 2021 WebPage Regulatory News
    News

    OSFI Issues Letter on ICAAP Submission and Internal Audit of BCAR

    OSFI issued a letter to confirm that a formal Internal Capital Adequacy Assessment Process (ICAAP) submission is not required in 2021.

    April 12, 2021 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in April 2021

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities amounting to 115 as of the March 01, 2021 cut-off date.

    April 12, 2021 WebPage Regulatory News
    News

    ESMA Issues Notification Templates for STS Synthetic Securitizations

    ESMA published the interim simple, transparent, and standardized (STS) notification templates for synthetic securitizations, post the recent amendments to the Securitization Regulation.

    April 09, 2021 WebPage Regulatory News
    News

    EC Agrees to Prolong Scheme to Support NPL Reduction at Greek Banks

    EC has approved the prolongation of an existing Greek scheme aiming to support the reduction of nonperforming loans, or NPLs, of Greek banks on the basis that it remains free of any State aid.

    April 09, 2021 WebPage Regulatory News
    News

    EIOPA Study Examines Internal Model Market and Credit Risks Under SII

    EIOPA published a report presenting the results of its yearly study on the internal modeling of market and credit risks under the Solvency II Directive, also known as SII.

    April 09, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    EBA Updates Lists of Entities for Use in Capital Calculations under SA

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    FED Proposes to Automate Bank Stock Adjustment Using Call Report Data

    FED published a proposal to automate non-merger-related adjustments to member banks' subscriptions to Federal Reserve Bank capital stock.

    April 08, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6835