IFRS Taxonomy Proposed Update, Disclosure of Accounting Policies and Definition of Accounting Estimates [Completed]
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Effective Date: |
All of the amendments apply to annual reporting periods beginning on or after January 1, 2023. Earlier application of the amendments, and therefore earlier use of the IFRS Accounting Taxonomy elements, is permitted. |
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Last updated: |
February 2022 |
Overview
The International Accounting Standards Board (IASB) issued a proposed IFRS Taxonomy Update, "IFRS Taxonomy 2021 Proposed Update 1 — Disclosure of Accounting Policies and Definition of Accounting Estimates".
The proposed taxonomy update includes changes to the IFRS Taxonomy elements to reflect new and amended disclosure requirements in:
- Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
- Definition of Accounting Estimates (Amendments to IAS 8).
On February 15, 2022, the International Accounting Standards Board (IASB) issued IFRS Accounting Taxonomy 2021 — Update 1 Disclosure of Accounting Policies and Definition of Accounting Estimates.
The taxonomy update includes changes to elements to reflect new and amended disclosure requirements in Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) and Definition of Accounting Estimates (Amendments to IAS 8).
Review the press release and the update on the IASB’s Web site.
Other developments
February 2022
On February 15, 2022, the IASB issued IFRS Accounting Taxonomy 2021 — Update 1 Disclosure of Accounting Policies and Definition of Accounting Estimates.
December 2021
On December 17, 2021, the IASB staff updated the work plan to indicate that the IASB plans to issue the IFRS Taxonomy Update in February 2022.
October 2021
On October 29, 2021, the IASB staff updated the Work Plan to indicate that the Board plans to issue the IFRS Taxonomy Update in December 2021.
September 2021
On September 27, 2021, the IASB staff updated the Work Plan to indicate that the Board plans to issue the IFRS Taxonomy Update in November 2021.
July 2021
On July 23, 2021, the IASB staff updated the Work Plan to indicate that the Board plans to issue the final Taxonomy Update in Q4/2021.
April 2021
On April 21, 2021, the IASB issued a proposed IFRS Taxonomy Update, "IFRS Taxonomy 2021 Proposed Update 1 — Disclosure of Accounting Policies and Definition of Accounting Estimates". Comments are requested by June 21, 2021.