IFRS Taxonomy Update (General Improvements and Common Practice — Presentation of Information in Primary Financial Statements [Completed]

Last up­dated:

March 2021


In March 2021, the IFRS Foundation issued IFRS Taxonomy 2020—Update 4 General Improvements and Common Practice—Presentation of information in primary financial statements.

The Update introduces:

  • elements reflecting common reporting practice, for example line items for disclosures related to earnings per share and the transition to new IFRS Standards; and
  • new and amended labels to clarify the accounting meaning and intended use of some elements.

The changes are designed to support the high-quality tagging of information presented in primary financial statements.


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.

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.

October 2020

On October 30, 2020, the IASB staff up­dated the Work Plan to in­di­cate that the Board plans to re­view the Pro­posed Up­date Feed­back in Q1/2021.

On October 29, 2020, the International Accounting Standards Board (IASB) published "Proposed IFRS Taxonomy Update 2020 — General Improvements and Common Practice — Presentation of information in Primary Financial Statements". Comments are requested by January 5, 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.