IFRS Taxonomy

Date recorded:

Oral Update

The staff provided a short update on the Proposed IFRS Taxonomy Update PTU/2020/1 Covid-19-related Rent Concessions. The Board received one comment letter from two academics at a Chinese university. The comment letter suggested more disclosure requirements when entities use the practical expedient provided through the May 2020 amendment to IFRS 16, however it did not propose any changes to the disclosure requirements included in the PTU. The staff therefore expect to finalise the PTU without significant changes. The final IFRS Taxonomy Update is expected for August 2020.

The Vice-Chair suggested talking to the big accounting firms to encourage them to provide comment letters for the PTUs. She was concerned that any errors in the IFRS Taxonomy Updates would go unnoticed. The staff replied that the PTUs are circulated among the IFRS Taxonomy Consultative Group members, of which some are representatives of the firms. However, it would be good to also hear from other stakeholders, so the staff shares the concerns about the lack of comment letters on PTUs.

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.