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IFRS Taxonomy Update (Amendments to IFRS 17, IFRS 4 and IAS 16) [ED]

Comment period ends on September 14, 2020

Next steps:

The IASB plans to issue the IFRS Taxonomy Update in March 2021

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''.

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.