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On 6 November 2023, the IFRS Foundation published for public comment IFRS Accounting Taxonomy 2023—Proposed Update 2 Common Practice for Financial Instruments, General Improvements and Technology Update.

This proposed update 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.

The deadline for submitting comments is 5 January 2024.

Stakeholders can respond to the Proposed Taxonomy Update by submitting a comment letter or survey.

Before submitting the survey, stakeholders can view a PDF of the survey in its entirety. The purpose of this document is to provide stakeholders with an overview of the survey only; please do not submit this document in response to the Proposed Taxonomy Update.