Overview

On September 20, 2018, the IFRS Foundation published IFRS Taxonomy 2018—Proposed Update 1 Common Practice (IFRS 13 Fair Value Measurement) for public consultation. Those proposed changes result from the analysis of reporting practice relating to the disclosure requirements in IFRS 13, Fair Value Measurement.

The common practice elements in the IFRS Taxonomy reflect disclosures that companies applying IFRS Standards often include in their financial statements, but that are not explicitly required by the IFRS Standards. Including common practice content in the IFRS Taxonomy enables more consistent tagging of financial statements prepared applying IFRS Standards by reducing the need for companies and regulators to create their own taxonomy elements.

The Proposed IFRS Taxonomy Update 1/2018 includes changes to the IFRS Taxonomy 2018 reflecting common reporting practice for the disclosure requirements in IFRS 13, including: (i) sensitivity of fair value measurement to changes in unobservable inputs; and (ii) quantitative information about significant unobservable inputs used in fair value measurement.

This IFRS Taxonomy update was completed and included in the 2019 IFRS Taxonomy which was issued by the IASB Foundation on March 27, 2019.

Other developments

March 2019

On March 27, 2019, the IASB Foundation issued the 2019 IFRS Taxonomy which includes the final Update re this project.

January 2019

On January 25, 2019, the IASB® staff updated the work plan to indicate that the Board expects to issue the final Update in March 2019.

December 2018

On December 14, 2018, the IASB® staff updated the work plan to indicate that the Board will analyze the Exposure Draft feedback in the first half of 2019.

September 2018

On Sep­tem­ber 20, 2018, the IFRS Foundation published IFRS Taxonomy 2018—Proposed Update 1 Common Practice (IFRS 13 Fair Value Measurement) for public consultation. Comments are requested by November 19, 2018.