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Current stage

The project’s objective is to assess, using empirical evidence, whether improvements to the IFRS Accounting Taxonomy are needed to support high-quality tagging of information presented and disclosed in the financial statements prepared using IFRS Accounting Standards.

To identity potential improvements to the IFRS Accounting Taxonomy, we are reviewing the financial statements and researching the taxonomy elements created by companies (‘extensions’) in the tagged financial statements prepared using IFRS Accounting Standards under the US Securities Exchange Commission (SEC) interactive filing requirements.

This project includes:

  • a common practice review of extensions relating to the presentation of financial instruments in digital financial statements prepared by banking institutions using IFRS Accounting Standards;
  • general improvements to support the high-quality tagging of financial information, including proposed changes to the tagging of reconciliation of property, plant and equipment, including right-of-use assets and the introduction of categorical elements to the IFRS Accounting Taxonomy; and
  • changes to the IFRS Accounting Taxonomy’s technology.

A proposed update to the IFRS Accounting Taxonomy was published for public comment on 6 November 2023.

The deadline for submitting comments is 5 January 2024.

Next milestone

IFRS Taxonomy Update