IASB Updates IFRS Taxonomy to Reflect Benchmark Reform Amendments
IASB issued an update to the IFRS Taxonomy 2020 to reflect the amendments introduced in phase 2 of the interest rate benchmark reform. The update includes IFRS taxonomy elements to reflect the new disclosure requirements introduced by the amendments issued in August 2020. The phase 2 of interest rate benchmark reform amended old and new standards on financial instruments (IAS 39 and IFRS 9), IFRS 7 on disclosures related to financial instruments, IFRS 4 on insurance contracts, and IFRS 16 on leases.
The amendments added disclosure requirements to IFRS 7 to enable users of financial statements to understand the effect of interest rate benchmark reform on an entity’s financial instruments and risk management strategy. Earlier application of the amendments is permitted. If an entity applies these amendments early, it shall disclose that fact. In this IFRS Taxonomy Update, changes to IFRS taxonomy elements have been shown in tables. New elements are shaded in green while the elements provided for context only (that is, to which no changes have been made) have been set out in grey text. The document does not provide the full list of XBRL properties for the IFRS taxonomy elements listed. The IFRS taxonomy includes documentation labels for elements in the IFRS taxonomy. Documentation labels describe, in text, the accounting meaning of each element. Documentation labels for new elements have been included in Appendix B.
Keywords: International, Banking, Insurance, Securities, Interest Rate Benchmark, IFRS 4, Insurance Contracts, Financial Instruments, IFRS Taxonomy, IFRS 9, IFRS 16, Disclosures, IASB
Featured Experts

Anna Krayn
CECL adoption expert; engagement manager for loss estimation, internal risk capability enhancement, and counterparty credit risk management

Masha Muzyka
CECL, IFRS 9, and IFRS 17 expert; credit risk and insurance risk specialist; strategic planning and credit analytics solutions consultant

Dieter Van der Stock
IFRS subject matter expert; LDTI subject matter expert; accounting authority; risk management specialist
Related Articles
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.