IFRS proposed IFRS Taxonomy Update 1/2018 to reflect common reporting practice related to disclosure requirements in IFRS 13 on Fair Value Measurement. The proposed changes are designed to make it easier to analyze and compare information that companies commonly disclose about fair value measurement.Comments on the proposed taxonomy update must be submitted by November 19, 2018.
The consultation document contains a table that summarizes the proposed changes against the currently followed common practices. The proposed IFRS taxonomy update includes improvements to the IFRS Taxonomy 2018 reflecting common reporting practice related to disclosure requirements in IFRS 13, including:
- Sensitivity of fair value measurement to changes in unobservable inputs
- Quantitative information about significant unobservable inputs used in fair value measurement
IFRS 13 defines fair value, sets out a framework for measuring fair value whenever another IFRS standard requires or permits fair value measurements or disclosures, and requires disclosures about fair value measurements.
Comment Due Date: November 19, 2018
Keywords: International, Accounting, Fair Value Measurement, IFRS 13, Taxonomy, Reporting, IFRS
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