IASB publishes Proposed Taxonomy Update

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Jul 16, 2020

On July 16, 2020, the IFRS Foundation published a Proposed Taxonomy Update, 'IFRS Taxonomy 2020 — 'Amendments to IFRS 17', 'Extension of the Temporary Exemption from Applying IFRS 9' and 'Property, Plant and Equipment — Proceeds before Intended Use''. Comments are requested by September 14, 2020.

The proposed update includes elements to reflect

  • amend­ments to the new and old insurance contracts Standard, IFRS 17 and IFRS 4, issued in June 2020; and
  • amend­ments to IAS 16 regarding proceeds before the intended use issued in May 2020.

For more in­for­ma­tion, see the press release and proposed update on the IASB’s website.

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