International Accounting Standards Board publishes a proposed update to the IFRS Taxonomy 2020
July 30, 2020
The International Accounting Standards Board has published a proposed update to the International Financial Reporting Standards (IFRS) Taxonomy 2020 for public comment to reflect recent changes to IFRS Standards.
The proposed update includes amendments related to:
- the New and Old Insurance Contracts Standards, IFRS 17 and IFRS 4, issued in June 2020—Amendments to IFRS 17 and Extension of the Temporary Exemption from Applying IFRS 9; and
- IAS 16, issued in May 2020—Property, Plant and Equipment—Proceeds before Intended Use.
The public comment period will end on September 14, 2020.
Proposed updates to the IFRS Taxonomy are released throughout the year as changes to the IFRS, common practice elements, or taxonomy architecture take place, or as annual improvements, including improvements to data models to support consistent tagging or improvements to better reflect presentation and disclosure requirements in IFRS Standards, are made. After the comment period for each proposed update, a taxonomy update is issued. The annual IFRS Taxonomy, published in the first quarter of each calendar year, is a compilation of taxonomy updates released during the year. While each proposed update has a comment period, the annual IFRS Taxonomy has no public comment period.
Comments on this proposed update to the IFRS Taxonomy and the related support materials should be submitted directly to the IFRS Foundation. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured financial statements.
Only annual compilations of the IFRS Taxonomy that are specified on the Commission’s website may be used in SEC XBRL submissions. The availability for public comment of the Proposed IFRS Taxonomy Update to reflect changes to the 2020 IFRS Taxonomy resulting from annual improvements does not indicate Commission approval of any potential regulatory changes related to the EDGAR Filer Manual. Please refer to the SEC’s EDGAR webpage at https://www.sec.gov/edgar/filer-information/current-edgar-filer-manual for updated information on when the Commission approves changes, if any, related to the EDGAR Filer Manual.