IFRS Taxonomy, Proposed Update 1, General Improvements and Common Practice [Completed]

Last up­dated: March 2023

Overview

On November 16, 2022, the IFRS Foundation has published Proposed Update 1, General Improvements and Common Practice, which amends the IFRS Accounting Taxonomy 2022.

The proposed changes aim to improve the quality of tagged data and to make the IFRS Accounting Taxonomy easier to use.

The proposed changes include: 

  • a change in the practice for deprecation of elements;
  • new common practice elements for antidilutive instruments, other comprehensive income, property, plant and equipment including right-of use assets and for reconciliation of the denominator used in calculating basic and diluted earnings per share;
  • deprecation of a duplicate element for right-of-use assets; and
  • replacing of broad text block elements with abstract elements and amended labels of other text block elements to clarify their intended use.

The deadline for submitting comments is December 16, 2022.

Following a review of the feedback from respondents, the proposed changes were incorporated into the 2023 IFRS Accounting Taxonomy which was issued on March 23, 2023.

Other De­vel­op­ments

November 2022

On November 28, 2022, the IASB staff updated the work plan to indicate that the Board plans to review the feedback in February 2023.

On November 16, 2022, the IFRS Foundation published Proposed Update 1, General Improvements and Common Practice, which amends the IFRS Accounting Taxonomy 2022. The deadline for submitting comments is December 16, 2022.

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.