IFRS Proposes General Improvements to the Taxonomy for 2018
IFRS proposed the Taxonomy Update 2/2018, which covers general improvements including changes to the content and technical structure of the IFRS taxonomy. The proposed improvements are designed to improve the quality of data reported using the IFRS taxonomy and to make it easier to use the IFRS taxonomy. Comments are requested by February 04, 2019.
The consultation document contains a table that summarizes the proposed changes against the objective of the proposed change. The proposed IFRS taxonomy update:
- Introduces implementation notes that explain how to use specific IFRS taxonomy elements and avoid tagging errors
- Introduces the duration element type for reporting information about a period of time to achieve more consistent tagging
- Removes entry points without documentation labels to make it easier to access the IFRS taxonomy
General Improvements are changes to the IFRS Taxonomy other than those resulting from changes to IFRS standards and from analysis of common reporting practices. General improvements include improvements to data models to support consistent tagging or improvements to better reflect presentation and disclosure requirements in IFRS standards.
Comment Due Date: February 04, 2019
Keywords: International, Accounting, General Improvements, Taxonomy, Reporting, IFRS Taxonomy, IFRS
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
ESMA Publishes Report on Trends, Risks, and Vulnerabilities in EURelated Articles
ESAs Publish Reporting Templates for Financial Conglomerates
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.
EBA Publishes Report on Asset Encumbrance of Banks in EU
EBA published the annual report on asset encumbrance of banks in EU.
US Agencies Publish Updates for Call Reports, FFIEC 101, and FR Y-9C
FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.
EBA Proposes Guidelines for Establishing Intermediate Parent Entities
EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.
EC Adopts Financial Reporting Changes Arising from Benchmark Reforms
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HMT Updates List of Post-Brexit Equivalence Decisions in UK
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.
EBA Issues Erratum for Technical Package on Reporting Framework 3.0
EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.
APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets
APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.
ECB Letter Sets Out Strategies to Address Issue of Nonperforming Loans
ECB published a letter from Andrea Enria, the Chair of the Supervisory Board of ECB, answering questions raised by the President of the Bundestag (the German federal parliament) on how ECB assesses the financial stability of the euro area in the context of the significant level of nonperforming loans.
