IFRS Taxonomy Update (General Improvements and Common Practice — Presentation of Information in Primary Financial Statements [ED]
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Comment period ended on January 5, 2021 |
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Next steps: |
The IASB plans to review the Proposed Update feedback in February 2021 |
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Last updated: |
December 2020 |
Overview
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".
The proposed update includes elements to reflect common reporting practice and new and amended labels to clarify the accounting meaning and intended use of some existing elements.
For more information, the press release and proposed update on the IASB’s website.
Other developments
December 2020 review the Proposed Update feedback in February 2021
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.