Overview

On November 28, 2022, International Accounting Standards Board (IASB) has published a proposed update to the IFRS Accounting Taxonomy 2022 to reflect two recent amendments to IFRS Accounting Standards:

• Lease Liability in a Sale and Leaseback, which amended IFRS 16 Leases and was issued in September 2022; and
• Non-current Liabilities with Covenants, which amended IAS 1 Presentation of Financial Statements and was issued in October 2022.

The Proposed IFRS Taxonomy Update includes changes to the IFRS Accounting Taxonomy elements to reflect the new and amended disclosure requirements introduced by these amendments.

For further details refer to the proposed update on the IASB’s website: IFRS Accounting Taxonomy 2022—Proposed Update 2 Lease Liability in a Sale and Leaseback and Non-current Liabilities with Covenants.

The dead­line for sub­mit­ting com­ments is De­cem­ber 28, 2022.

Following a review of the feedback from respondents, the proposed changes were incorporated into the 2023 IFRS Accounting Taxonomy which was issued on March 23, 2023.

Other De­vel­op­ments

February 2023

On February 27, 2023, the IASB staff updated the work plan to indicate that the IASB plans to issue the IFRS Taxonomy Update in March 2023.

December 2022

On December 19, 2022, the IASB staff updated the work plan to indicate that the Board plans to review the feedback in January 2023.

November 2022

On No­vem­ber 28, 2022, the IFRS Foun­da­tion pub­lished Pro­posed Up­date 2, Lease Liability in a Sale and Leaseback and Non-current Liabilities with Covenants. The dead­line for sub­mit­ting com­ments is De­cem­ber 28, 2022.