IFRS Taxonomy Update (Amendments to IFRS 17, IFRS 4 and IAS 16) [ED]
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Comment period ends on September 14, 2020 |
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Next steps: |
The IASB plans to issue the IFRS Taxonomy Update in March 2021 |
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Last updated: |
January 2021 |
Overview
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''. Comments are requested by September 14, 2020.
The proposed update includes elements to reflect
- amendments to the new and old insurance contracts Standard, IFRS 17 and IFRS 4, issued in June 2020; and
- amendments to IAS 16 regarding proceeds before the intended use issued in May 2020.
For more information, see the press release and proposed update on the IASB’s website.
Other developments
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''.