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    IFRS Proposes General Improvements to the Taxonomy for 2018

    December 06, 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

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