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    IFRS Updates Taxonomy to Reflect Changes to IFRS 9 and IFRS 17

    March 24, 2021

    IFRS published the IFRS Taxonomy 2021, which is based on IFRS standards as at January 01, 2021, including those issued but not yet effective. This version of the taxonomy includes changes to the IFRS Taxonomy 2020, reflecting amended standards on IFRS 16 (leases standard) and IFRS 17 (Insurance Contracts standard), extension of the temporary exemption from applying IFRS 9 (Amendments to IFRS 4), and amendments to IFRS standards under phase 2 of the Interest Rate Benchmark Reform. The taxonomy enables electronic reporting of financial information prepared in accordance with the IFRS standards.

    Keywords: International, Banking, Insurance, Securities, IFRS 17, IFRS 9, Insurance Contracts, Financial Instruments, IFRS 16, Leases Standard, Benchmark Reforms, Taxonomy, Reporting, IFRS

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