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
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 ArticleHM Treasury Outlines Proposals to Improve Regulatory Coordination
The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.
Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.
The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.
At the global level, supervisory efforts are increasingly focused on addressing climate risks via better quality data and innovative use of technologies such as generative artificial intelligence (AI) and blockchain.
The finalization of the IFRS sustainability disclosure standards in late June 2023 has brought to the forefront the themes of the harmonization of sustainability disclosures
The European Banking Authority (EBA) recently issued several regulatory publications impacting the banking sector.
The Basel Committee on Banking Supervision (BCBS) launched a consultation on revisions to the core principles for effective banking supervision, with the comment period ending on October 06, 2023.
The U.S. banking agencies (FDIC, FED, and OCC) recently proposed rules implementing the final Basel III reforms, also known as the Basel III Endgame.
The Financial Stability Board (FSB) recently published the second annual progress report on the July 2021 roadmap to address climate-related financial risks.
The recognition of climate change as a systemic risk to the global economy has further intensified regulatory and supervisory focus on monitoring of the environmental, social, and governance (ESG) risks.