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

    HM Treasury Publishes Policy Statement Amending Benchmarks Regulation

    HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.

    October 21, 2020 WebPage Regulatory News
    News

    PRA Consults on Implementation of Certain Provisions of CRD5 and CRR2

    PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule to Reduce Impact of Large Bank Failures

    US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule on Net Stable Funding Ratio Requirements

    US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.

    October 20, 2020 WebPage Regulatory News
    News

    FSB Sets Out Effective Practices for Cyber Incident Recovery

    FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.

    October 19, 2020 WebPage Regulatory News
    News

    ECB Publishes Eleventh Issue of the Macroprudential Bulletin

    ECB published eleventh issue of the Macroprudential Bulletin, which provides insight into the ongoing work of ECB in the field of macro-prudential policy.

    October 19, 2020 WebPage Regulatory News
    News

    HM Treasury Seeks Views on Review of Solvency II Regime for Insurers

    HM Treasury issued a call for evidence seeking views to reform the prudential regulatory regime—also known as Solvency II—of the insurance sector in UK.

    October 19, 2020 WebPage Regulatory News
    News

    ESRB Responds to EC Consultation on Review of Solvency II

    ESRB responded to the EC consultation on review of Solvency II regime.

    October 19, 2020 WebPage Regulatory News
    News

    HM Treasury Consults on Phase II of Future Regulatory Framework Review

    HM Treasury launched a consultation on Phase II of the Future Regulatory Framework Review, with the comment period ending on January 19, 2021.

    October 19, 2020 WebPage Regulatory News
    News

    EC Publishes Work Program for 2021

    EC adopted the work program for 2021.

    October 19, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5991