Preparer’s guide to the IFRS Taxonomy
Dec 14, 2017
On December 14, 2017, the IFRS Foundation released "Using the IFRS Taxonomy—A preparer’s guide" to help companies understand the IFRS Taxonomy content.
The IFRS Foundation points out that the IFRS Taxonomy facilitates the digital creation and consumption of financial information and improves investors’ access to financial information by listing and defining specific codes, or elements, that can be used to tag items of data.
For the years 2017-2021 the IASB has chosen "Better communication" as its central theme, and in addition to the primary financial statements project and the disclosure initiative this also includes the IFRS Taxonomy. This guide is therefore intended to support the use of the IFRS Taxonomy around the world by regulators, companies and other users of financial information.
Review the press release and guide on the IASB's website.
