IFRS Publishes Taxonomy 2020 and Taxonomy Formula Linkbase 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
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Previous Article
EC Finalizes Regulation on European Single Electronic FormatRelated Articles
OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks
The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
