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''.

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