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IFRS Taxonomy Update (General Improvements and Common Practice — IAS 19, Employee Benefits) [Completed]

Last up­dated:

March 2021

Overview

In March 2021, the IFRS Foundation issued IFRS Taxonomy 2020—Update 5 General Improvements and Common Practice—IAS 19 Employee Benefits.

The Update introduces:

  • new elements reflecting common reporting practice—for example, new line items for disclosures related to the fair value of plan assets, maturity profile of defined benefit obligations, reconciliation of the net defined benefit liability and disaggregation of income and expense arising from defined benefit plans; and
  • new and amended labels to clarify the accounting meaning and intended use of some existing elements.

 

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.

February 2021

On February 19, 2021, IASB staff updated the Work Plan to indicate that the Board plans to issue the IFRS Taxonomy Update in March 2021.

December 2020

On December 18, 2020, the IASB staff updated the Work Plan to indicate that the Board plans to review the Proposed Update feedback in February 2021.

November 2020

On November 24, 2020, the International Accounting Standards Board (IASB) published "IFRS Taxonomy 2020"- General Improvements and Common Practice - IAS 19, Employee Benefits". Comments are requested by January 26, 2021.

 

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.