IFRS Foundation published the IFRS taxonomy for 2019, which compiles changes resulting from two final updates to the IFRS taxonomy for 2018. These changes concern an update on the common disclosure practices related to fair value measurement and an update on general improvements to the taxonomy.
The following is the overview of the two recent updates to the IFRS taxonomy for 2019:
- Update on Common Practices (IFRS 13 Fair Value Measurement). This update includes new elements and an enhanced taxonomy model that better reflect information companies commonly disclose about fair value measurement. The update includes changes to the IFRS Taxonomy 2018, reflecting common reporting practice on disclosure requirements in IFRS 13
- Update 2 on General Improvements. This update includes changes that are intended to improve the quality of data tagged using the IFRS Taxonomy and to make it easier to navigate the IFRS taxonomy. It includes general improvements to the IFRS taxonomy, including introduction of implementation notes and duration type elements and removal of entry points without documentation labels.
Keywords: International, Accounting, Banking, IFRS Taxonomy, General Improvements, Reporting, Taxonomy, IFRS 13, Disclosures, IFRS
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EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.