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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