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IFRS Foundation Publishes Proposed Update to the IFRS Taxonomy 2018 on IFRS 13 Common Practice

The IFRS Foundation has published IFRS Taxonomy 2018—Proposed Update 1 Common Practice (IFRS 13 Fair Value Measurement) for public comment. The Proposed Update includes common reporting practice for disclosure requirements in IFRS 13, such as: 

  • sensitivity of fair value measurement to changes in unobservable inputs; and
  • quantitative information about significant unobservable inputs used in fair value measurement.

The public comment period will end on November 19, 2018.

This is one of proposed updates to the IFRS Taxonomy updates released throughout the year as changes to the International Financial Reporting Standards, common practice elements, or taxonomy architecture take place, or as annual improvements that may include improvements to data models to support consistent tagging or improvements to better reflect presentation and disclosure requirements in IFRS Standards.  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 2018 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 for updated information on when the Commission approves changes, if any, related to the EDGAR Filer Manual.

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