IASB Proposes Updates to IFRS Taxonomy for 2019
IASB proposed to update the IFRS taxonomy for 2019 in the context of the interest rate benchmark reform. The proposed update includes IFRS taxonomy elements to reflect the new disclosure requirements introduced by the amendments to IFRS 7, IFRS 9, and IAS 39. IASB issued these new disclosure requirements September 2019. IAS 39 is the old standard on financial instruments, IFRS 9 is the new standard of financial instruments, and IFRS 7 is the standard on disclosures of financial instruments. The deadline for submitting comments is December 13, 2019. The amendments apply to annual periods beginning on or after January 01, 2020. Earlier application of the amendments, and therefore earlier use of the IFRS taxonomy elements, is permitted.
The amendments, which IASB issued in September 2019, require qualitative and quantitative disclosures to enable users of financial statements to understand how an entity’s hedging relationships are affected by the uncertainty arising from interest rate benchmark reform. IASB proposes to add six new elements to the IFRS taxonomy, as described in paragraph 3 of the proposed update. In addition, the Board proposes to add documentation labels for all the new elements and an implementation note for one new monetary element, as described in paragraphs 8–10 of the proposed update. The IFRS taxonomy files are not being provided for this proposed update because the changes are narrow in scope. However, a final IFRS taxonomy update will be released after the IASB approval.
Comment Due Date: December 13, 2019
Keywords: International, Accounting, Banking, IFRS 9, IAS 39, Financial Instruments, Disclosures, Interest Rate Benchmarks, IBOR, IFRS 7, IFRS Taxonomy, Reporting, IASB
Featured Experts

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.

Masha Muzyka
CECL, IFRS 9, and IFRS 17 expert; credit risk and insurance risk specialist; strategic planning and credit analytics solutions consultant

María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Previous Article
FSB Finalizes and Publishes the Cyber LexiconRelated Articles
EBA Finalizes Templates for One-Off Climate Risk Scenario Analysis
The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.
EBA Mulls Inclusion of Environmental & Social Risks to Pillar 1 Rules
The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.
BCBS Consults on Disclosure of Crypto-Asset Exposures of Banks
As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.
BCBS and EBA Publish Results of Basel III Monitoring Exercise
The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.
PRA Updates Timeline for Final Basel III Rules, Issues Other Updates
The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.
US Treasury Sets Out Principles for Net-Zero Financing
The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.
EC Launches Survey on G7 Principles on Generative AI
The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.
ISSB Sustainability Standards Expected to Become Global Baseline
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.
IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance
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.
BCBS Assesses NSFR and Large Exposures Rules in US
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.