IFRS Foundation publishes proposed general improvements to the IFRS Taxonomy
Dec 06, 2018
On December 6, 2018, the IFRS Foundation published "IFRS Taxonomy 2018 — Proposed Update 2 "General Improvements''". Comments are requested by February 4, 2019.
The proposed changes aim to improve the quality of tagged data and to make the IFRS Taxonomy easier to use by:
- introducing implementation notes that explain how to use specific IFRS Taxonomy elements and avoid tagging errors;
- introducing the duration element type for reporting information about a period of time to achieve more consistent tagging; and
- removing entry points without documentation labels to make it easier to access the IFRS Taxonomy.
Review the press release and proposed update on the International Accounting Standards Board’s website.