This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IFRS Taxonomy Update (Amendments to IFRS 17, IFRS 4 and IAS 16) [Completed]

Last updated:

March 2021

Overview

In March 2021, the IFRS Foundation issued IFRS Taxonomy 2020—Update 3 Amendments to IFRS 17, Extension of the Temporary Exemption from Applying IFRS 9 and Property, Plant and Equipment—Proceeds before Intended Use.

The Update reflects the amendments to:

  • the new and old insurance contracts Standards, IFRS 17 and IFRS 4, issued in June 2020—Amendments to IFRS 17 and Extension of the Temporary Exemption from Applying IFRS 9; and
  • IAS 16, issued in May 2020—Property, Plant and Equipment—Proceeds before Intended Use.

 

Other developments

March 2021

On March 24, 2021, the IFRS Foundation issued its 2021 IFRS Taxonomy. The IFRS Taxonomy 2021 is consistent with IFRS Standards as issued by the IASB at January 1, 2021, including those issued but not yet effective.

January 2021

On January 29, 2021, the IASB staff updated the Work Plan to indicate that the Board plans to issue the IFRS Taxonomy Update in March 2021.

October 2020

On October 30, 2020, IASB staff updated the Work Plan to indicate that the Board plans to issue the IFRS Taxonomy Update in Q1/2021.  

September 2020

On September 28, 2020, IASB staff updated the Work Plan to indicate that the Board plans to review the Proposed Update Feedback in December 2020.

July 2020

On July 23, 2020, IASB staff updated the Work Plan to indicate that the Board plans to review the Proposed Update feedback in Q4/2020.

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''.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.